<SEC-DOCUMENT>0001019155-17-000217.txt : 20170721
<SEC-HEADER>0001019155-17-000217.hdr.sgml : 20170721
<ACCEPTANCE-DATETIME>20170721135231
ACCESSION NUMBER:		0001019155-17-000217
CONFORMED SUBMISSION TYPE:	F-6EF
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20170721
DATE AS OF CHANGE:		20170721
EFFECTIVENESS DATE:		20170721

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		F-6EF
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-219398
		FILM NUMBER:		17976272

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANK OF NEW YORK / ADR DIVISION
		CENTRAL INDEX KEY:			0001201935
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 8880 [8880]
		IRS NUMBER:				135160382
		STATE OF INCORPORATION:			NY

	FILING VALUES:
		FORM TYPE:		F-6EF

	BUSINESS ADDRESS:	
		STREET 1:		AMERICAN DEPOSITARY RECEIPTS DIVISION
		STREET 2:		101 BARCLAY STREET - 22WEST
		CITY:			NYC
		STATE:			NY
		ZIP:			10286
		BUSINESS PHONE:		212-815-4601

	MAIL ADDRESS:	
		STREET 1:		ATTN: THERESA BOTROS - 15EAST
		STREET 2:		101 BARCLAY STREET
		CITY:			NYC
		STATE:			NY
		ZIP:			10286

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANK OF NEW YORK/ADR DIVISION
		DATE OF NAME CHANGE:	20021028
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-6EF
<SEQUENCE>1
<FILENAME>grua927104f6.htm
<DESCRIPTION>FORM F-6 - RELOAD
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>As
filed with the Securities and Exchange Commission on&nbsp;&nbsp;July 21, 2017</B></FONT></TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Registration
    No.&nbsp;&nbsp;&nbsp;333-_________</B></FONT></TD></TR>
</TABLE>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.75pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">_______________________________</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM F-6</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">REGISTRATION STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">under</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE SECURITIES ACT OF 1933</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">For Depositary Shares</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>GRUPO TELEVISA, S.A.B.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of issuer of deposited securities
as specified in its charter)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>N/A</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of issuer's name into English)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">United Mexican States</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Jurisdiction of incorporation or organization
of issuer)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>THE BANK OF NEW YORK MELLON</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of depositary as specified in its
charter)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">225 Liberty Street New York, N.Y. 10286</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 495-1784</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of depositary's principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_______________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Bank of New York Mellon</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ADR Division</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>225 Liberty Street, 21st Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10286</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 495-1784</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of agent for service)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Brian D. Obergfell, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Emmet, Marvin &amp; Martin, LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>120 Broadway</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10271</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 238-3032</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">It is proposed that this filing become effective
under Rule 466</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 193.5pt; text-align: left"><FONT STYLE="font-family: MS Gothic, Helvetica, Sans-Serif">&#9746;</FONT>
immediately upon filing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 193.5pt; text-align: left"><FONT STYLE="font-family: MS Gothic, Helvetica, Sans-Serif">&#9744;</FONT>on
( Date ) at ( Time ).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">If a separate registration statement has been
filed to register the deposited shares, check the following box. <FONT STYLE="font-family: MS Gothic, Helvetica, Sans-Serif">&#9744;</FONT></P>

<P STYLE="font: 8pt Univers Condensed,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Title of each class of </B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities to be registered</B></P></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount to be registered</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Proposed maximum offering price per unit(1) </B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Proposed maximum aggregate offering price(1)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount of registration fee</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Global Depositary Shares representing Ordinary
        Participation Certificates</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">500,000,000</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Global Depositary Shares</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">$5.00</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">$25,000,000</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">$2,897.50</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ordinary Participation Certificates representing
        financial interests in shares of Grupo Televisa, S.A.B.</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">2,500,000,000 Ordinary Participation Certificates</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">$0(2)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">$0(2)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">$0(2)</P></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify; text-indent: -27.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">(1)</TD><TD STYLE="text-align: justify">For the purpose of this table only the term &quot;unit&quot; is defined as 100 Global Depositary
Shares or portion thereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">(2)</TD><TD STYLE="text-align: justify">There ae no fees or charges in connection with the registration of Ordinary Participation Certificates</TD></TR></TABLE>

<P STYLE="font: 8pt Univers Condensed,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 8pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 8pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 8pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 8pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The prospectus consists
of the proposed form of Global Depositary Receipt (&ldquo;Receipt&rdquo;) included as Exhibit A to the form of Amended and Restated
Deposit Agreement filed as Exhibit 1.1 to this Registration Statement, which is incorporated herein by reference.</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PART I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">INFORMATION REQUIRED IN PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item - 1.&#9;<U>Description of Securities to
be Registered</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Cross Reference Sheet</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-align: left"><U>Item Number and Caption</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Location in Form of Receipt<BR>
        <U>Filed Herewith as Prospectus</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<OL START="1" STYLE="margin-top: 0in; list-style-type: decimal">

        <LI STYLE="margin: 0 44.1pt 0 0; font-size: 10pt">Name and address of depositary</LI>
</OL>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0.25in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Introductory paragraph</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<OL START="2" STYLE="margin-top: 0in; list-style-type: decimal">

        <LI STYLE="margin: 0 44.1pt 0 0; font-size: 10pt">Title of the depositary shares and identity of deposited securities</LI>
</OL>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0.25in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Face of Receipt, top center</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-align: justify; text-indent: 0.5in">Terms of Deposit:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.5in; padding-bottom: 6pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;The amount of deposited securities represented by one unit of depositary shares</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Face of Receipt, upper right corner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.5in; padding-bottom: 6pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;The procedure for voting, if any, the deposited securities</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 15, 16 and 20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.5in; padding-bottom: 6pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;The procedure for collection and distribution of dividends</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 4, 5, 8, 14, 15 and 20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.5in; padding-bottom: 6pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(iv)&nbsp;&nbsp;The procedure for transmission of notices, reports and proxy soliciting material</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 4, 5, 8, 14, 15 and 20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.5in; padding-bottom: 6pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;The sale or exercise of rights</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 4, 5, 8, 14, 15 and 20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.5in; padding-bottom: 6pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(vi)&nbsp;&nbsp;The deposit or sale of securities resulting from dividends, splits or plans of reorganization</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 4, 5, 8, 14, 17 and 20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.5in; padding-bottom: 6pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(vii)&nbsp;&nbsp;Amendment, extension or termination of the deposit agreement</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 23 and 24</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.5in; padding-bottom: 6pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(viii)&nbsp;&nbsp;Rights of holders of depositary shares to inspect the transfer books of the depositary and the list of holders of depositary shares</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Article number 18</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.5in; padding-bottom: 6pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(ix)&nbsp;&nbsp;Restrictions upon the right to transfer or withdraw the underlying securities</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 1, 2 3, 4, 5 and 12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.5in; padding-bottom: 6pt; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(x)&nbsp;&nbsp;&nbsp;Limitation upon the liability of the depositary</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 14, 20 and &nbsp;21</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 44.1pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">3.&nbsp;&nbsp;Fees and Charges</FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 8 and 21</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item - 2.&#9;<U>Available Information</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Public reports furnished by issuer</FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Article number 13</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PART II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item - 3.&#9;<U>Exhibits</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">a-1.</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Form of Amended and Restated Deposit Agreement dated as of September 20, 2007 among Grupo Televisa, S.A.B., The Bank of New York, as Depositary, and all Holders and Beneficial Owners from time to time of Global Depositary Receipts issued thereunder. &ndash; Filed herewith as Exhibit 1.1.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">a-2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form of agreement dated November 22, 1993 between Emilio Azcarraga Milmo and Nacional Financiera, S.N.C., as trustee, and acknowledged by Grupo Televisa, S.A.B., as amended by the agreement dated February 14, 2000 between the estate of Emilio Azcarraga Milmo, Nacional Financiera, S.N.C., as trustee, Banco Nacional de Mexico, S.A., as common representative, and acknowledged by Grupo Televisa, S.A.B., together with an English translation. &ndash; Filed herewith as Exhibit 1.2.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">a-3.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form of public deed number 32,630 dated December 10, 1993, as amended by public deed number 36,607 dated February 21, 2000, which evidenced issuance of Ordinary Participation Certificates, together with an English translation. &ndash; Filed herewith as Exhibit 1.3.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">b.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form of letter from The Bank of New York to Grupo Televisa, S.A.B. relating to pre-release activities. &ndash; Filed herewith as Exhibit 2.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">c.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Every material contract relating to the deposited securities between the Depositary and the issuer of the deposited securities in effect at any time within the last three years. &ndash; See (a-1) and (b) above.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">d-1.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Opinion of Emmet, Marvin &amp; Martin, LLP, counsel for the Depositary, as to legality of the securities to be registered. &ndash; Filed herewith as Exhibit 4.1.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">d-2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; text-align: justify; text-indent: 0in">Opinion of Berenice Mart&iacute;nez Mej&iacute;a, Mexican counsel for Nacional Financiera, S.N.C., as to the legality of the securities to be registered. &ndash; Filed herewith as Exhibit 4.2.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">e.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Certification under Rule 466. &ndash; Filed herewith as Exhibit 5.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Item - 4.&#9;<U>Undertakings</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Depositary hereby undertakes to make available at the principal office of the Depositary
in the United States, for inspection by holders of the depositary shares, any reports and communications received from the issuer
of the deposited securities which are both (1) received by the Depositary as the holder of the deposited securities, and (2) made
generally available to the holders of the underlying securities by the issuer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If the amounts of fees charged are not disclosed in the prospectus, the Depositary undertakes
to prepare a separate document stating the amount of any fee charged and describing the service for which it is charged and to
deliver promptly a copy of such fee schedule without charge to anyone upon request. The Depositary undertakes to notify each registered
holder of depositary shares thirty days before any change in the fee schedule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that all the requirements
for filing on Form F-6 are met and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York, State of New York, on July&nbsp;21, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-align: justify">Legal entity created by the agreement
for the issuance of depositary shares representing Ordinary Participation Certificates representing financial interests in shares
of Grupo Televisa, S.A.B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 83%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">The Bank of New York Mellon</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;As Depositary</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Slawomir
        Soltowski</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Slawomir Soltowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that all the requirements
for filing on Form F-6 are met and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the Mexico City, Mexico, on July&nbsp;21, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-align: justify">Legal entity created by the agreement
for the issuance of Ordinary Participation Certificates representing financial interests in shares of Grupo Televisa, S.A.B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 83%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Nacional Financiera, S.N.C.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;As Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Karina
        Hern&aacute;ndez &Aacute;ngeles</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Karina Hern&aacute;ndez &Aacute;ngeles</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Trustee Delegate</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.75in; text-align: justify; text-indent: 4.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.75in; text-align: justify; text-indent: 4.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/90% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form F-6 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Mexico City, Mexico on July&nbsp;21,&nbsp;2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt; text-align: left"><B>GRUPO TELEVISA, S.A.B.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 52%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 83%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Salvi
        Rafael Folch Viadero</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Salvi Rafael Folch Viadero</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ Jorge
        Agust&iacute;n Lutteroth Echegoyen</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Jorge Agust&iacute;n Lutteroth Echegoyen</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Vice President &mdash; Corporate Controller</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><B>KNOW ALL MEN BY THESE PRESENTS</B>,
that each person whose signature appears below constitutes and appoints Salvi Rafael Folch Viadero and Jorge Agust&iacute;n Lutteroth
Echegoyen, and each of them (with full power to each of them to act alone), his or her true and lawful attorneys-in-fact and agents,
with full power of substitution and resubstitution for such person and in his or her name, place and stead, in any and all capacities,
to sign any and all amendments (including post-effective amendments) to this Registration Statement on Form F-6 and to file the
same with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing
requisite or necessary to be done in and about the premises, as fully and to all intents and purposes as he or she might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, and any of them, or their substitutes,
may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the
dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-right: 2.35pt; padding-left: 2.35pt; text-align: center; font-size: 8pt; text-decoration: underline"><FONT STYLE="font-size: 8pt; line-height: 93%"><B><U>Signature</U></B></FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-right: 2.35pt; padding-left: 2.35pt; text-align: center; font-size: 8pt; text-decoration: underline"><FONT STYLE="font-size: 8pt; line-height: 93%"><B><U>Title</U></B></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 2.35pt; padding-left: 2.35pt; text-align: center; text-decoration: underline"><FONT STYLE="font-size: 10pt; line-height: 93%"><B><U>Date</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 10pt/93% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">/s/ Emilio
        Fernando Azc&aacute;rraga Jean</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director, Chairman of the Board, </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Emilio Fernando Azc&aacute;rraga Jean</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">President and Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">(<I>Principal Executive</I> <I>Officer</I>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 93%">July 21, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 10pt/93% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">/s/ Alfonso
        de Angoitia Noriega</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 93%">July 21, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Alfonso de Angoitia Noriega</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 10pt/93% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">/s/ Alberto
        Baill&eacute;res Gonz&aacute;lez</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 93%">July 21, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Alberto Baill&eacute;res Gonz&aacute;lez</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 10pt/93% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">/s/ Jos&eacute;
        Antonio Bast&oacute;n Pati&ntilde;o</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 93%">July 21, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Jos&eacute; Antonio Bast&oacute;n Pati&ntilde;o</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 10pt/94% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">/s/ Francisco
        Jos&eacute; Chevez Robelo</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 93%">July 21, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Francisco Jos&eacute; Chevez Robelo</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 10pt/94% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">/s/ Jon
        Feltheimer</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 93%">July 21, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Jon Feltheimer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 94%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 94%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 10pt/94% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">/s/ Jos&eacute;
        Antonio Fern&aacute;ndez Carbajal</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 93%">July 21, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Jos&eacute; Antonio Fern&aacute;ndez Carbajal</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 10pt/94% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">/s/ Jos&eacute;
        Luis Fern&aacute;ndez Fern&aacute;ndez</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 93%">July 21, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Jos&eacute; Luis Fern&aacute;ndez Fern&aacute;ndez</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 10pt/93% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">/s/ Salvi
        Rafael Folch Viadero</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Chief Financial Officer </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 93%">July 21, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Salvi Rafael Folch Viadero</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">(<I>Principal Financial Officer</I>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 12pt/94% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Michael Thomas Fries</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 10pt/94% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">/s/ Marcos
        Eduardo Galperin</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 93%">July 21, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Marcos Eduardo Galperin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 12pt/93% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Bernardo G&oacute;mez Mart&iacute;nez</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 12pt/94% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Carlos Hank Gonz&aacute;lez</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 12pt/93% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Roberto Hern&aacute;ndez Ram&iacute;rez</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 10pt/93% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">/s/ Enrique
        Krauze Kleinbort</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 93%">July 21, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Enrique Krauze Kleinbort</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 10pt/93% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">/s/ Jorge
        Agust&iacute;n Lutteroth Echegoyen</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Corporate Controller </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 93%">July 21, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Jorge Agust&iacute;n Lutteroth Echegoyen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">(<I>Principal Accounting Officer</I>)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 10pt/93% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">/s/ Lorenzo
        Alejandro Mendoza Gim&eacute;nez</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 93%">July 21, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Lorenzo Alejandro Mendoza Gim&eacute;nez</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 10pt/93% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">/s/ Fernando
        Senderos Mestre</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><FONT STYLE="font-size: 10pt; line-height: 93%">July 21, 2017</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Fernando Senderos Mestre</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 12pt/93% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Enrique Francisco Jos&eacute; Senior Hern&aacute;ndez</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 12pt/93% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt">Eduardo Tricio Haro</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt">
        <P STYLE="font: 12pt/93% Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt; line-height: 93%">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left"><FONT STYLE="font-size: 10pt">David M. Zaslav</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.35pt; padding-left: 2.35pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right">&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9.5pt/11.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE OF AUTHORIZED REPRESENTATIVE</B></P>

<P STYLE="font: 9.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Grupo Televisa,
S.A.B., has signed this Registration Statement on Form F-6 in the City of Newark, State of Delaware on July 21, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: left; border-bottom: Black 0.5pt solid">/s/ Donald
        J. Puglisi</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Authorized Representative in the United States</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Donald J. Puglisi</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">INDEX TO EXHIBITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Exhibit</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Number </U></P></TD>
    <TD STYLE="vertical-align: bottom; width: 86%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-decoration: underline"><FONT STYLE="font-size: 10pt"><U>Exhibit</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form of Amended and Restated Deposit Agreement dated as of September 20, 2007 among Grupo Televisa, S.A.B., The Bank of New York, as Depositary, and all Holders and Beneficial Owners from time to time of Global Depositary Receipts issued thereunder. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form of agreement dated November 22, 1993 between Emilio Azcarraga Milmo and Nacional Financiera, S.N.C., as trustee, and acknowledged by Grupo Televisa, S.A.B., as amended by the agreement dated February 14, 2000 between the estate of Emilio Azcarraga Milmo, Nacional Financiera, S.N.C., as trustee, Banco Nacional de Mexico, S.A., as common representative, and acknowledged by Grupo Televisa, S.A.B., together with an English translation..</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">1.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form of public deed number 32,630 dated December 10, 1993, as amended by public deed number 36,607 dated February 21, 2000, which evidenced issuance of Ordinary Participation Certificates, together with an English translation.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form of letter from The Bank of New York to Grupo Televisa, S.A.B. relating to pre-release activities</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Opinion of Emmet, Marvin &amp; Martin, LLP, counsel for the Depositary, as to the legality of the securities to be registered.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Opinion of Berenice Mart&iacute;nez Mej&iacute;a, Mexican counsel for Nacional Financiera, S.N.C., as to the legality of the securities to be registered.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Certification under Rule 466.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>grupodepnrec.htm
<DESCRIPTION>FORM OF DEPOSIT AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: right">[Execution Copy]</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">GRUPO TELEVISA, S.A.B.<BR>
<BR>
AND<BR>
<BR>
THE BANK OF NEW YORK</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: center">As Depositary</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">AND</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">HOLDERS AND BENEFICIAL OWNERS FROM
TIME TO TIME OF<BR>
GLOBAL DEPOSITARY SHARES EVIDENCED BY GLOBAL DEPOSITARY RECEIPTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: center">Amended and Restated Deposit Agreement</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: center">Dated as of September 20, 2007</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: center">AMENDED AND RESTATED DEPOSIT AGREEMENT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt"><B>AMENDED AND RESTATED
DEPOSIT AGREEMENT</B>, dated as of September 20, 2007, among GRUPO TELEVISA, S.A.B., a limited liability public stock corporation
organized under the laws of the United Mexican States and its successors (the &ldquo;Company&rdquo;), THE BANK OF NEW YORK, a New
York banking corporation, and any successor as depositary hereunder (the &ldquo;Depositary&rdquo;), and all holders (the &ldquo;Holders&rdquo;)
and beneficial owners (the &ldquo;Beneficial Owners&rdquo;) from time to time of Global Depositary Shares evidence by Global Depositary
Receipts issued hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>W I T N E S S E T H&nbsp;&nbsp;&nbsp;THAT:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
the Company and JPMorgan Chase Bank entered into an amended and restated deposit agreement dated as of September 16, 2002 (the
&ldquo;Old Deposit Agreement&rdquo;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
pursuant to the terms of Section 5.05 of the Old Deposit Agreement the Company has removed JPMorgan Chase Bank as depositary and
has appointed The Bank of New York, as successor depositary thereunder;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
the Company and the Depositary now wish to amend and restate the Old Deposit Agreement pursuant to Section 6.01 of the Old Deposit
Agreement in the form of this Amended and Restated Deposit Agreement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
the Company desires to further provide, as hereinafter set forth in this Amended and Restated Deposit Agreement, for the deposit
of Shares (as hereinafter defined) of the Company from time to time with the Depositary (as hereinafter defined) or with the Custodian
(as hereinafter defined) as agent of the Depositary for the purposes set forth in this Amended and Restated Deposit Agreement,
for the creation of Global Depositary Shares representing the Shares so deposited and for the execution and delivery of Global
Depositary Receipts evidencing the Global Depositary Shares; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
the Global Depositary Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications
and omissions, as hereinafter provided in this Amended and Restated Deposit Agreement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
in consideration of the premises it is agreed by and among the parties hereto as follows:</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
I</FONT><BR>
DEFINITIONS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The following definitions
shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.01.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Beneficial Owner</U>&rdquo;</B>. The terms &ldquo;Beneficial Owner&rdquo; shall mean, as to any GDS (as hereinafter
defined), any person or entity having a beneficial interest deriving from the ownership of such GDS. A Beneficial Owner of GDSs
may or may not be the Holder of the GDR(s) evidencing such GDSs. A Beneficial Owner shall be able to exercise any right or receive
any benefit hereunder solely through the person who is the Holder of the GDR(s) evidencing the GDSs owned by such Beneficial Owner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.02.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Commission</U>&rdquo;</B>. The term &ldquo;Commission&rdquo; shall mean the Securities and Exchange Commission
of the United States or any successor governmental agency in the United States.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.03.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Common Representative</U>&rdquo;</B>. The term &ldquo;Common Representative&rdquo; shall mean the Fiduciary Division
of Banco Nacional de M&eacute;xico, S.A., member of Grupo Financiero Banamex, or any other Mexican banking institution or Mexican
brokerage firm which may be appointed from time to time as the common representative of the holders of CPOs, in accordance with
the Mexican General Law of Negotiable Instruments and Credit Transactions and the Mexican Securities Market Law.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.04.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>&ldquo;Company</U>&rdquo;</B>. The term &ldquo;Company&rdquo; shall mean GRUPO TELEVISA, S.A.B., a limited liability
public stock corporation (sociedad an&oacute;nima burs&aacute;til) organized and existing under the laws of the United Mexican
States, having its principal executive office at Avenida Vasco de Quiroga, No.&nbsp;2000, Colonia Santa&nbsp;Fe, 01210 M&eacute;xico,
D.F., M&eacute;xico, and its successors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.05.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>CPOs</U>&rdquo;</B>. The term &ldquo;CPOs&rdquo; shall mean the validly issued, fully paid and non-assessable
Certificados de Participaci&oacute;n Ordinarios (Ordinary Participation Certificates) issued by the CPO Trustee pursuant to the
Trust and shall include evidence of rights to receive CPOs; provided, however, that if there shall occur any split-up, consolidation
or any reclassification or, upon the occurrence of an event described in Section 4.09, an exchange or conversion in respect of
the CPOs, the term &ldquo;CPOs&rdquo; shall thereafter represent the additional and/or successor securities resulting from such
split-up, consolidation or reclassification or such exchange or conversion. Each CPO currently represents financial interests in,
and limited voting rights with respect to, 25 Series A Shares, 22 Series B Shares, 35 Series D Shares and 35 Series L Shares of
the Company which have been deposited in the Trust.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.06.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>CPO Deed</U>&rdquo;</B>. The term &ldquo;CPO Deed&rdquo; shall mean the public deed number 32,630 granted before
Luis Antonio Montes de Oca Mayagoitia and dated December 10, 1993 which evidences the issuance of CPOs by the CPO Trustee pursuant
to the Trust Agreement and which deed has been registered with and may be examined at the Public Registry of Commerce in Mexico
City, Federal District, as amended by public deed number 36,607 granted before Francisco Javier Mondrag&oacute;n Alarc&oacute;n,
dated February 21, 2000 and as further amended from time to time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.07.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>CPO Holders&rsquo; Meeting</U>&rdquo;</B>. The term &ldquo;CPO Holders&rsquo; Meeting&rdquo; shall have the meaning
set forth in the Trust Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.08.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>CPO Trustee</U>&rdquo;</B>. The term &ldquo;CPO Trustee&rdquo; shall mean Nacional Financiera, S.N.C., a national
credit institution and development bank organized under the laws of the United Mexican States, having its principal office at Insurgentes
Sur 1971, Col. Guadalupe Inn, Delegaci&oacute;n Alvaro Obreg&oacute;n, 01020 M&eacute;xico, D.F., M&eacute;xico, or its successor
which acts as trustee for the Trust.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.09.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Custodian</U>&rdquo;</B>. The term &ldquo;Custodian&rdquo; shall mean, as of the date hereof, Banco Inbursa, S.A.,
as custodian and agent of the Depositary for the purposes of this Deposit Agreement, and any other firm or corporation that may
be appointed by the Depositary pursuant to the terms of Section 5.07 as an additional or substitute custodian or custodians hereunder,
and the term &ldquo;Custodian&rdquo; shall mean any custodian individually or all custodians collectively, as the context requires.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>&ldquo;Deliver&rdquo;, &ldquo;Execute&rdquo; etc.</U></B> The terms &ldquo;d<U>eliver</U>&rdquo;, &ldquo;<U>execute</U>&rdquo;,
&ldquo;<U>issue</U>&rdquo;, &ldquo;<U>register</U>&rdquo;, &ldquo;<U>surrender</U>&rdquo;, &ldquo;<U>transfer</U>&rdquo; or &ldquo;<U>cancel</U>&rdquo;,
when used with respect to Direct Registration GDRs, shall refer to an entry or entries or an electronic transfer or transfers in
the Direct Registration System.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Deposit Agreement</U>&rdquo;</B>. The term &ldquo;Deposit Agreement&rdquo; shall mean this Amended and Restated
Deposit Agreement, as the same may be further amended and supplemented from time to time in accordance with the provisions hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.12.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Depositary</U>&rdquo;</B>. The term &ldquo;Depositary&rdquo; shall mean The Bank of New York, a New York banking
corporation, and any successor as depositary hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.13.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Deposited Securities</U>&rdquo;</B>. The term &ldquo;Deposited Securities&rdquo; as of any time shall mean (i)
all CPOs at such time deposited under this Deposit Agreement and (ii) any and all other securities, property and cash received
by the Depositary or the Custodian in respect or in lieu of such deposited CPOs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.14.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>&ldquo;Direct Registration System&rdquo;</U></B>. The term &ldquo;Direct Registration System&rdquo; shall mean means
the system for the uncertificated registration of ownership of securities established by DTC and utilized by the Depositary pursuant
to which the Depositary may record the ownership of GDRs without the issuance of a certificate, which ownership shall be evidenced
by periodic statements issued by the Depositary to the Holders entitled thereto. For purposes hereof, the Direct Registration System
shall include access to the Profile Modification System maintained by DTC, which provides for automated transfer of record ownership
between DTC and other Holders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.15.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Dollars; Pesos</U>&rdquo;</B>. The term &ldquo;dollars&rdquo; shall mean the lawful currency of the United States.
The term &ldquo;Pesos&rdquo; shall mean the lawful currency of the United Mexican States.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.16.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>DTC</U>&rdquo;. </B>The term &ldquo;DTC&rdquo; shall mean The Depository Trust Company, a national clearinghouse
and the central book entry-settlement system for securities in the United States and any successor thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.17.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Fifteenth Anniversary</U>&rdquo;</B>. The term &ldquo;Fifteenth Anniversary&rdquo; shall mean December 10, 2008.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.18.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Global Depositary Shares; GDSs</U>&rdquo;</B>. The term &ldquo;Global Depositary Shares&rdquo; or &ldquo;GDSs&rdquo;
shall mean the rights and the interests in the Deposited Securities granted to the Holders pursuant to the terms and conditions
of this Deposit Agreement. Each GDS shall represent the number of CPOs specified in Exhibit A to this Deposit Agreement until there
shall occur a distribution upon Deposited Securities referred to in Section 4.03 of this Deposit Agreement or a change in Deposited
Securities referred to in Section 4.09 of this Deposit Agreement with respect to which additional GDSs are not issued and delivered,
and thereafter each GDS shall represent the right to receive the Deposited Securities specified in such sections.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.19.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Holder</U>&rdquo;</B>. The term &ldquo;Holder&rdquo; shall mean the person or persons in whose name a Receipt
is registered on the register of the Depositary maintained for such purpose.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.20.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Indeval</U>&rdquo;</B>. The term &ldquo;Indeval&rdquo; shall mean S.D.<B> </B>Indeval Instituci&oacute;n para
el Dep&oacute;sito de Valores, S.A. de C.V., Instituci&oacute;n para el Dep&oacute;sito de Valores, a Mexican securities depository
institution or any successor thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.21.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Indeval Participant</U>&rdquo;</B>. The term &ldquo;Indeval Participant&rdquo; shall mean a participant of Indeval,
an authorized depository of Indeval or an institution that maintains an account with Indeval.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.22.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Mexican Holder</U>&rdquo;.</B> The term &ldquo;Mexican Holder&rdquo; shall have the meaning set forth in Section
4.08 of this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.23.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Mexico</U>&rdquo;</B>. The term &ldquo;Mexico&rdquo; shall mean the United States of Mexico.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.24.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Nominee</U>&rdquo;</B>. The term &ldquo;Nominee&rdquo; when used with respect to the Depositary shall mean such
nominee or nominees of the Depositary as it shall appoint from time to time to act on its behalf in connection with the performance
of its duties and obligations under this Deposit Agreement. The Nominee shall perform in whatever capacity and to whatever extent
under this Deposit Agreement as the Depositary designates in its appointment of the Nominee. Such appointment may be evidenced
by written agreement, letter, telegram, or facsimile transmission or orally with subsequent confirming written agreement, letter,
telegram, telex or facsimile transmission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.25.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Non-Mexican Holder</U>&rdquo;</B>. The term &ldquo;Non-Mexican Holder&rdquo; shall have the meaning set forth
in Section 4.08 of this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.26.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Old Deposit Agreement</U>&rdquo;</B>. &nbsp;The term &ldquo;Old Deposit Agreement&rdquo; shall have the meaning
given to such term in the preambles to this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.27.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Principal Office</U>&rdquo;</B>. The term &ldquo;Principal Office&rdquo;, when used with respect to the Depositary,
shall be the principal office of the Depositary in New York at which at any particular time its depositary receipts business shall
be administered and which at the date of this Deposit Agreement, is located at 101 Barclay Street, New York, New York 10286.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in"><B>SECTION
1.28.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>SECTION 1.28.</B> <B>&ldquo;<U>Receipts; GDRs</U>&rdquo;</B>. The term &ldquo;Receipts&rdquo; or &ldquo;GDRs&rdquo; shall
mean the Global Depositary Receipts issued hereunder, in substantially the form of Exhibit A annexed hereto, evidencing GDSs representing
CPOs, as such GDRs may be amended from time to time in accordance with the provisions of this Deposit Agreement. A Receipt or GDR
may evidence any number of GDSs. The term &ldquo;<U>Direct Registration GDR</U>&rdquo; means a GDR, the ownership of which is recorded
on the Direct Registration System. References to GDRs and Receipts shall include certificated GDRs and Direct Registration GDRs,
unless the context otherwise requires.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in">a.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>&ldquo;<U>Registrar</U>&rdquo;</B>. The term &ldquo;Registrar&rdquo; shall mean any bank or trust company having an office
in the Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to register Receipts and transfers
of Receipts as herein provided, and shall include any co-registrar appointed by the Depositary for such purposes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in">b.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>&ldquo;<U>Restricted Securities</U>&rdquo;</B>. The term &ldquo;Restricted Securities&rdquo; shall mean CPOs, Shares
or depositary shares representing such CPOs or Shares evidenced by depositary receipts which are acquired directly or indirectly
from the Company or an affiliate, or which are held by an officer, director (or persons performing similar functions) or other
affiliate of the Company, or CPO Trustee, or which would require registration under the Securities Act of 1933 or any applicable
securities laws of any state of the United States in connection with the offer, sale or deposit of such CPOs, Shares or depositary
shares representing such CPOs or Shares by the holder thereof in the United States, or which are subject to other restrictions
on sale or deposit under the laws of the United States, Mexico or any other applicable jurisdiction, or under a shareholder agreement,
the Trust Agreement or the by-laws of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in">c.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>&ldquo;<U>Securities Act of 1933</U>&rdquo;</B>. The term &ldquo;Securities Act of 1933&rdquo; shall mean the United
States Securities Act of 1933, as from time to time amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in">d.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>&ldquo;<U>Securities Exchange Act of 1934</U>&rdquo;</B>. The term &ldquo;Securities Exchange Act of 1934&rdquo; shall
mean the United States Securities Exchange Act of 1934, as from time to time amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in">e.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>&ldquo;<U>Series A Shares</U>&rdquo;</B>. The term &ldquo;Series A Shares&rdquo; shall mean validly issued, fully paid
and non-assessable common Series A Shares, without par value, of the Company as to which all preemptive rights have been irrevocably
and validly exercised or waived.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in">f.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>&ldquo;<U>Series B Shares</U>&rdquo;</B>. The term &ldquo;Series B Shares&rdquo; shall mean validly issued, fully paid
and non-assessable common Series B Shares, without par value, of the Company as to which all preemptive rights have been irrevocably
and validly exercised or waived.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in">g.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>&ldquo;<U>Series D Shares; Preferred Payment Shares</U>&rdquo;</B>. The term &ldquo;Series D Shares&rdquo; or &ldquo;Preferred
Payment Shares&rdquo; shall mean validly issued, fully paid and non-assessable Preferred Payment Shares, without par value, of
the Company as to which all preemptive rights have been irrevocably and validly exercised or waived.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in">h.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>&ldquo;<U>Series L Shares</U>&rdquo;</B>. The term &ldquo;Series L Shares&rdquo; shall mean validly issued, fully paid
and non-assessable limited voting Series L Shares, without par value, of the Company as to which all preemptive rights have been
irrevocably and validly exercised or waived.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in">i.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>&ldquo;<U>Shares</U>&rdquo;</B>. The term &ldquo;Shares&rdquo; shall mean the Series A Shares, Series B Shares, Series
L Shares and the Preferred Payment Shares; provided, however, that if there shall occur any change in par value, split-up or consolidation
or any other reclassification or, upon the occurrence of an event described in Section 4.09, an exchange, replacement or conversion
in respect of the Shares of the Company, the term &ldquo;Shares&rdquo; shall thereafter represent the successor securities resulting
from such change in par value, split-up or consolidation or any other such reclassification or exchange or conversion.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in">j.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B> &ldquo;<U>Trust</U>&rdquo;</B>. The term &ldquo;Trust&rdquo; shall mean the trust under the laws of Mexico created by
the Trust Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in">k.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>&ldquo;<U>Trust Agreement</U>&rdquo;</B>. The term &ldquo;Trust Agreement&rdquo; shall mean the agreement, dated November
22, 1993, between Emilio Azc&aacute;rraga Milmo and the CPO Trustee, and acknowledged by the Company, as amended by the agreement,
dated February 14, 2000, between the estate of Emilio Azc&aacute;rraga Milmo, the CPO Trustee and the Common Representative, and
acknowledged by the Company and as further amended from time to time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 38.1pt; text-align: justify; text-indent: 0.5in">l.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>&ldquo;<U>United States</U>&rdquo;</B>. The term &ldquo;United States&rdquo; shall have the meaning assigned to it in
Regulation S, as from time to time amended, under the Securities Act of 1933.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
I</FONT><BR>
<BR>
FORM OF RECEIPTS, DEPOSIT OF CPOs, EXECUTION<BR>
AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 2.01.
<U>Form and Transferability of Receipts</U></B>. Definitive Receipts shall be steel engraved or in such other form as may be agreed
upon by the Company and the Depositary or as may be required or permitted by the New York Stock Exchange or any other exchange
on which the GDSs may be listed and traded, and shall be substantially in the form set forth in Exhibit A annexed to this Deposit
Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Receipts may be issued in denominations
of whole numbers of GDSs only.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">GDRs in certificated form
shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. GDRs in
certificated form bearing the facsimile signature of anyone who was at the time of execution a duly authorized officer of the Depositary
shall bind the Depositary, notwithstanding that such officer has ceased to hold such office prior to the delivery of such GDRs.
No GDR and no GDS evidenced thereby shall be entitled to any benefits under the Deposit Agreement or be valid or enforceable for
any purpose against the Depositary or the Company, unless such GDR shall have been so prepared and registered.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Receipts may,
with the prior written consent of the Company (which consent shall not be unreasonably withheld), and upon the written request
of the Company shall, be endorsed with or have incorporated in the text thereof such legends or recitals or changes, including
requirements with respect to registration of transfer, not inconsistent with this Deposit Agreement as may be required by the Depositary
or the Company to comply with any applicable law or regulations, or as may be required by the New York Stock Exchange or any other
exchange on which the GDSs may be listed or to meet any listing requirements of any stock quotation system or to conform with any
usage with respect to such laws, regulations or rules, or to indicate any special limitations or restrictions to which any particular
Receipts are subject by reason of the date or manner of issuance of the underlying Deposited Securities or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The GDSs shall be
assigned a CUSIP number that is different from the CUSIP number that is or may be assigned to any depositary shares relating to
CPOs or Shares subsequently or previously issued pursuant to any other arrangement between the Depositary (or any other depositary)
and the Company which are not Receipts issued hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Title to a Receipt
and to the GDSs evidenced thereby, subject to any limitations set forth in such Receipt, when properly endorsed or accompanied
by properly executed instruments of transfer (including signature guarantees in accordance with standard industry practice), shall
be transferable by delivery with the same effect as in the case of a certificated security under the laws of the State of New York;
provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may deem and treat the Holder
of a Receipt as the absolute owner thereof for any purpose, including but not limited to the purpose of determining voting rights,
the person entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement
and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability
under this Deposit Agreement to any holder of a Receipt unless such holder is the registered Holder thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding anything in this Deposit Agreement
or in the form of GDR to the contrary, GDSs shall be evidenced by Direct Registration GDRs, unless certificated GDRs are specifically
requested by the Holder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Holders shall be bound by the terms and conditions
of this Deposit Agreement and of the form of GDR, regardless of whether their GDRs are Direct Registration GDRs or certificated
GDRs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 2.02.
<U>Deposit of CPOs</U></B>. Subject to the terms and conditions of this Deposit Agreement, the Custodian shall accept CPOs for
deposit from or on behalf of any person (subject to the terms of Section 5.09), provided that such CPOs are not Restricted Securities,
by (i) electronic transfer of CPOs through Indeval to the account of the Custodian maintained for such purpose or (ii) delivery
to the Custodian of evidence satisfactory to the Custodian that irrevocable instructions have been given to cause such CPOs to
be transferred to such account, in any case accompanied by delivery to the Custodian or the Depositary, as the case may be, of
(x) a written order from the person depositing such CPOs, or on whose behalf such CPOs are deposited, directing the Depositary
to execute and deliver to, or upon the written order of, the person or persons stated in such order, a Receipt or Receipts for
the number of GDSs representing such deposited CPOs, (y) any payments required under this Deposit Agreement and (z) such documentation,
certifications and agreements as the Depositary and the Company may require.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Depositary and
the Custodian may refuse to accept CPOs for deposit whenever notified, as hereafter provided, that the Company or the CPO Trustee
has restricted transfer of such CPOs to comply with the requirements of Section 2.06 or any ownership restrictions referred to
in Section 3.05 or under applicable laws. The Company shall notify the Depositary and the Custodian in writing with respect to
any such restrictions on transfer of CPOs for deposit hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">At the request and
risk and expense of any holder of CPOs, and for the account of such holder, the Depositary may receive CPOs to be deposited, evidence
that CPOs have been electronically transferred or that irrevocable instructions have been given to cause the transfer of such CPOs
to the account of the Custodian, together with the other orders, instruments and evidence herein specified, for the purpose of
forwarding such orders, instruments and evidence to the Custodian hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">As a condition of
accepting CPOs for deposit, whether or not any register of holders of CPOs (or that maintained by Indeval) is closed, the Depositary
may require that the person making such deposit furnish (a) an agreement or assignment, or other instrument satisfactory to the
Depositary, that provides for the prompt transfer to the Custodian or its nominee of any dividend or right to subscribe for additional
CPOs or to receive other property which any person in whose name the CPOs are or have been recorded may thereafter receive upon
or in respect of such deposited CPOs, or in lieu thereof such agreement of indemnity or other agreement as shall be satisfactory
to the Depositary, and (b) if the CPOs are registered in the name of the person on whose behalf they are presented for deposit,
a proxy or proxies entitling the Custodian to vote such deposited CPOs or the Shares underlying such CPOs for any and all purposes
until the CPOs are registered in the name of the Custodian or its nominee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Upon each delivery
or electronic transfer to a Custodian of CPOs (or other Deposited Securities pursuant to Section 4.03, 4.04, 4.05 or 4.09) to be
deposited hereunder, together with any other documents and payments required under this Deposit Agreement, the Custodian shall,
as soon as is practicable, obtain confirmation of the recordation of transfer of such CPOs (or other Deposited Securities) in the
name of the Custodian or its nominee at the cost and expense of the person making the deposit (or for whose benefit such deposit
is made). Deposited Securities shall be held by or credited to the Depositary or the Custodian for the account and to the order
of the Depositary, the Custodian or the Nominee or at such other place or places as the Depositary shall determine.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Nominee may
be a Custodian or another Mexican entity entitled to act as nominee under relevant Mexican laws and regulations, provided that
the Deposited Securities are kept in a segregated deposit account by the Nominee. Neither the Depositary nor the Custodian shall
lend Deposited CPOs, except to the extent provided in Section 5.14. The Depositary agrees to instruct the Custodian to place all
CPOs, or other securities which are Deposited Securities, accepted for deposit under this Deposit Agreement into segregated accounts
separate from any other ordinary participation certificates and other Deposited Securities of the Company that may be held by such
Custodian.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 2.03.
<U>Execution and Delivery of Receipts</U></B>. After the deposit of any CPOs pursuant to Section 2.02 (and in addition, if the
transfer books of the Trust are open, the Depositary may require a proper acknowledgment or other evidence from the Trust satisfactory
to the Depositary that any deposited CPOs have been recorded upon the books of Indeval or that the Shares have been recorded upon
the books of the Company in the name of the Depositary or its nominee or such Custodian or its nominee), together with delivery
of the other documents above specified, the Custodian shall notify the Depositary of such deposit and the person or persons to
whom or upon whose written order a Receipt or Receipts are deliverable in respect thereof and the number of GDSs to be evidenced
thereby. Such notification shall be made by letter, first class airmail postage prepaid, or, at the request, risk and expense of
the person making the deposit, by air courier, cable, telex or facsimile transmission. After receiving such notice from the Custodian,
the Depositary or its agent, subject to this Deposit Agreement, shall execute and deliver at its Principal Office to or upon the
order of the person or persons named in the notice delivered to the Depositary, a Receipt or Receipts, registered in the name or
names requested by such person or persons, and evidencing in the aggregate the number of GDSs to which such person or persons are
entitled, but, in either case, (A) only upon payment to the Depositary or Custodian of all taxes and governmental charges and fees
payable in connection with such deposit and the transfer of the deposited CPOs and fees, if any, for the issuance, execution and
delivery of such Receipt or Receipts (as set forth in Section 5.06 hereof); and (B) subject to the other terms of this Deposit
Agreement, the Trust Agreement and the provisions of the by-laws of the Company and those of the Deposited Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Depositary shall not
deliver Receipts, by physical delivery, book-entry or otherwise, except in accordance with this Section 2.03 or Section 5.14.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 2.04.
<U>Transfer of Receipts; Combination and Split-up of Receipts</U></B>. The Depositary, subject to the terms and conditions of this
Deposit Agreement, any Receipt and any applicable securities laws of the United States or any state thereof, shall register transfers
of any such Receipt on its transfer books upon any surrender to the Principal Office of the Depositary of such Receipt by the Holder
thereof in person or by duly-authorized attorney, properly endorsed or accompanied by proper instruments of transfer (including
signature guarantees in accordance with standard industry practice and, in the case of Receipts the accurate completion of any
endorsements appearing on such Receipt) and duly stamped as may be required by any applicable law. Thereupon the Depositary shall
execute a new Receipt or Receipts through the Direct Registration System or, if specifically requested, in certificated form, and
deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of GDSs as those evidenced
by the Receipts surrendered, subject to receipt of any certifications by such person as the Depositary and the Company may require
in order to comply with applicable laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Depositary,
subject to the terms and conditions of this Deposit Agreement, any Receipt and any applicable securities laws of the United States
or any state thereof, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such
Receipt or Receipts, execute and deliver a new Receipt or Receipts in the name of the same Holder for any authorized number of
GDSs requested, evidencing the same aggregate number of GDSs as the Receipt or Receipts surrendered. The Depositary may close the
register (a) at any time or from time to time when deemed expedient by it in connection with the performance of its duties hereunder
or (b) at the request of the Company. The Depositary shall make reasonable efforts to consult with the Company if practicable,
and shall notify the Company, in the case of any closure under clause (a) of the preceding sentence that is outside of the ordinary
course of business. In connection with any split-up or combination of Receipts pursuant to this paragraph not involving transfer,
the Depositary shall not be obligated to obtain any certification or endorsement otherwise required by the terms of this Deposit
Agreement. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated GDR with a Direct Registration
GDR, or vice versa, execute and deliver a certificated GDR or a Direct Registration GDR, as the case may be, for any authorized
number of GDSs requested, evidencing the same aggregate number of GDSs as those evidenced by the certificated GDR or Direct Registration
GDR, as the case may be, substituted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 2.05.
<U>Surrender of Receipts and Withdrawal of Deposited Securities</U></B>. Upon surrender of a Receipt or proper instructions (in
the case of a Direct Registration GDR) at the Principal Office of the Depositary for the purpose of withdrawal of the Deposited
Securities represented by the GDSs evidenced by a Receipt and upon receipt of (i) payment of all fees (including the fee of the
Depositary for the surrender and cancellation of Receipts as set forth in Section 5.06 hereof), expenses (including CPO registration,
transfer or custody fees), taxes and governmental charges payable in connection with such surrender, (ii) written instructions
of the Holder and (iii) such certification or agreements as the Depositary and the Company may require from the Holder of such
Receipt, subject to the terms and conditions of this Deposit Agreement, the Holder of such Receipt shall be entitled to delivery
or electronic transfer, to him or upon his order, or to an account designated by such Holder, of the Deposited Securities at the
time represented by the GDSs evidenced by such Receipt. Such delivery of Deposited Securities shall be made, as hereinafter provided,
without unreasonable delay.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">A Receipt surrendered
or written instructions received for such purposes may be required by the Depositary to be properly endorsed or accompanied by
properly executed instruments of transfer. The person requesting withdrawal of Deposited Securities shall deliver to the Depositary
a written order directing the Depositary to cause the Deposited Securities being withdrawn to be delivered (subject to applicable
clearing procedures of Indeval, applicable laws, the by-laws of the Company and the provisions of the Trust Agreement and subject
to the provisions of this Section) to or upon the written order of a person or persons designated in such order.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Delivery of Deposited
Securities upon surrender of Receipts as provided herein shall also be subject to delivery to the Depositary of such certification
and agreement, if any, as the Company and the Depositary may from time to time require.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Upon the receipt
of complete written instructions and compliance with the terms of this Section 2.05, the Depositary shall direct the Custodian
to deliver at the principal office of such Custodian, subject to applicable laws, the Trust Agreement, the Company&rsquo;s by-laws,
Sections 2.06, 3.01 and 3.02 and to the other terms and conditions of this Deposit Agreement, to or upon the written order of the
person or persons designated in such written instructions, the Deposited Securities represented by the GDSs evidenced by such Receipt,
or evidence of the electronic transfer thereof to or for the account of such person, except that the Depositary may make delivery
to such person or persons at the Principal Office of any dividends or distributions (other than CPOs or Shares) with respect to
the Deposited Securities represented by the GDSs evidenced by such Receipt, or of any proceeds of sale of any dividends, distributions
or rights with respect to the Deposited Securities, which may at the time be held by the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">At the request,
risk and expense of any Holder so surrendering a Receipt or submitting such written instructions for delivery, and for the account
of such Holder, provided that payment of any applicable taxes or other governmental charges shall have been made in accordance
with Section 3.02, the Depositary shall direct the Custodian to forward any cash or other property (other than rights), and forward
a certificate or certificates (if certificated CPOs may be delivered) and other proper documents of title, if any, for the Deposited
Securities represented by the GDSs evidenced by such Receipt to the Depositary for delivery at its Principal Office. Such direction
shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. Holders
or Beneficial Owners who withdraw securities that are Deposited Securities (other than CPOs) for their own account, must register
with the Mexican Registro Nacional de Inversiones Extranjeras (the &ldquo;National Registry of Foreign Investment&rdquo;) within
forty (40) business days from the date of withdrawal. Under provisions of Mexican law and the Trust in force as of the date of
this Deposit Agreement, holders of CPOs are not entitled to receive physical certificates evidencing such CPOs but may request
certification by Indeval and the relevant Indeval Participants as to their ownership of CPOs under certain circumstances. The Depositary
shall not accept for surrender a Receipt evidencing GDSs representing less than one CPO. In the case of surrender of a Receipt
evidencing a number of GDSs representing other than a whole number of CPOs, the Depositary shall cause ownership of the appropriate
whole number of CPOs to be recorded in the name of the Holder surrendering such Receipt, and shall issue and deliver to the person
surrendering such Receipt a new Receipt evidencing GDSs representing any remaining fractional CPO.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">After the Fifteenth
Anniversary:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">(a)&#9;Mexican
CPO Holders, subject to compliance with the terms of the Trust and applicable laws of Mexico, may be able to surrender CPOs for
the purpose of withdrawal of the Series A Shares, Series B Shares, Series L Shares and Series D Shares represented thereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">(b)&#9;Non-Mexican
CPO Holders, subject to compliance with the terms of the Trust and applicable laws of Mexico, may be able to (i) instruct the CPO
Trustee to sell the Series A Shares, Series B Shares and Series D Shares underlying the CPOs to persons legally qualified to acquire
such Series A and Series D Shares pursuant to the by-laws of the Company and applicable Mexican laws, and receive the proceeds
from such sale and (ii) surrender CPOs for the purpose of withdrawal of the Series L Shares underlying the CPOs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In each case, transfer
of ownership of the CPOs (and of the Series A Shares, Series B Shares, Series L Shares and Series D Shares to the extent otherwise
permitted) will be effected through the records maintained by Indeval and Indeval Participants.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Neither the Depositary
nor the Custodian shall deliver CPOs, by physical delivery, book-entry or otherwise (other than to the CPO Trustee or the Company
or its agent in connection with a transaction to which Section 4.08 applies), or otherwise permit CPOs to be withdrawn from the
facility created hereby, except upon the surrender of Global Depositary Shares or in connection with a sale permitted under Section
3.02, 4.03, 4.11 or 6.02.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 2.06.
<U>Limitations on Execution and Delivery, Transfer, Etc.&nbsp;&nbsp;of Receipts; Suspension of Delivery, Transfer, Etc</U></B>.
As a condition precedent to the execution and delivery, registration, registration of transfer, split-up, combination or surrender
of any Receipt, the delivery of any distribution in respect thereof or the withdrawal of any Deposited Securities, the Depositary
or the Custodian may require from the Holder, the presenter of a Receipt, or the depositor of CPOs, in order to reflect such execution
and delivery, registration of transfer, split-up, combination, surrender, delivery or withdrawal: (i) payment of a sum sufficient
to reimburse it for any tax or other governmental charge and any stock transfer, custody or registration fee with respect thereto
(including any such tax or charge and fee with respect to CPOs being deposited, transferred or withdrawn) and payment of any fees
and charges of the Depositary upon delivery of Receipts against deposits of CPOs and upon withdrawal of Deposited Securities against
surrender of Receipts as set forth in Section 5.06 hereof; (ii) compliance with such reasonable regulations, if any, as the Depositary
and the Company may establish consistent with the provisions of the Trust Agreement, this Deposit Agreement including, without
limitation, Section 7.07 hereof and the rules of the New York Stock Exchange; and (iii) production of proof satisfactory to it
as to the identity and genuineness of any signature appearing on any form, certification or other document delivered to the Depositary
in connection with this Deposit Agreement, including but not limited to, in the case of Receipts, a signature guarantee in accordance
with industry practice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The delivery of
Receipts against deposits of CPOs generally or of particular CPOs may be suspended or withheld, or the registration of transfer
of Receipts in particular instances may be refused, or the registration of transfer generally may be suspended, or the surrender
of outstanding Receipts for the purpose of withdrawal of Deposited Securities may be suspended, during any period when the transfer
books of the Depositary or the Trust (or the appointed agent of the Trust for the transfer and registration of CPOs) are closed,
or if any such action is deemed necessary or advisable by the Company or the Depositary at any time or from time to time, subject
in all cases to Section 7.07 hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Notwithstanding
any provision of this Deposit Agreement or the Receipts to the contrary, the surrender of outstanding Receipts and withdrawal of
Deposited Securities may not be suspended or refused, except as permitted in General Instruction I A(1) to the Form F-6 Registration
Statement (as such instruction may be amended from time to time) under the Securities Act of 1933 in connection with (i) temporary
delays relating to the deposit of CPOs in connection with voting at a shareholders&rsquo; meeting, or the payment of dividends,
(ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations
relating to the Receipts or to the withdrawal of the Deposited Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Without limitation
of the foregoing, neither the Depositary nor the Custodian will knowingly accept for deposit under this Deposit Agreement any CPOs
required to be registered pursuant to the provisions of the Securities Act of 1933, unless a registration statement under the Securities
Act of 1933 is in effect as to such CPOs. The Depositary will comply with reasonable written instructions of the Company (received
by the Depositary reasonably in advance) not to accept for deposit hereunder any certificated CPOs identified in such instructions
at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company&rsquo;s
compliance with the securities laws of the United States and other jurisdictions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 2.07.
<U>Lost Receipts, Etc</U></B><U>.</U> In case any certificated Receipt shall be mutilated, destroyed, lost or stolen, the Depositary
shall execute and deliver a new Receipt of like tenor, or a Direct Registration GDR, in exchange and substitution for such mutilated
Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon the filing
by the Holder thereof with the Depositary of both (i) a request for such exchange, execution and delivery before the Depositary
has notice that the Receipt has been acquired by a bona fide purchaser and (ii) sufficient indemnity bond, and upon satisfying
any other reasonable requirements imposed by the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 2.08.
<U>Cancellation and Destruction of Surrendered Receipts</U></B>. All certificated Receipts surrendered to the Depositary shall
be canceled by the Depositary. Canceled receipts shall not be entitled to any benefits under this Deposit Agreement or be valid
or enforceable for any purpose. The Depositary is authorized to destroy Receipts so canceled.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
III</FONT><BR>
<BR>
CERTAIN OBLIGATIONS OF HOLDERS AND<BR>
BENEFICIAL OWNERS OF RECEIPTS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 3.01.
<U>Filing Proofs, Certificates and Other Information</U></B>. Any person depositing CPOs, any Holder or any person who wishes to
give instructions as to voting the Shares underlying the CPOs represented by GDSs, may be required from time to time (a) to file
with the Depositary or the Custodian such proof of citizenship, nationality, residence, exchange control approval, payment of all
applicable Mexican taxes or other governmental charges, compliance with all applicable laws, regulations, and provisions governing
Deposited Securities and the terms of this Deposit Agreement, and legal or beneficial ownership of Receipts, Deposited Securities
and other securities, and the nature of such interest, (b) to provide information to the Depositary or Custodian relating to the
registration on the books of the Trust or the Company (or the appointed agent for the transfer and registration of CPOs) of the
CPOs presented for deposit or other information, (c) to execute such certificates, and (d) to make such written representations
and warranties as the Depositary or the Company may deem necessary or proper to enable the Depositary or the Company to perform
its obligations hereunder or under applicable laws or the CPO Trustee to perform its obligations under the Trust or under applicable
laws. The Depositary may withhold the delivery or registration of transfer of all or part of any Receipt, the delivery of any dividend
or other distribution or of rights or of the net proceeds of the sale thereof or, subject to Section 7.07 hereof, the delivery
of any Deposited Security represented by the GDSs evidenced by such Receipt, or may refuse to cause to be exercised the voting
rights, if any, in respect of Deposited Securities, until the foregoing is accomplished to the satisfaction of the Company and
the Depositary. The Depositary shall, upon the Company&rsquo;s written request, provide to the Company in a timely manner copies
of any such proofs and certificates and such written representations and warranties that it receives.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 3.02.
<U>Liability of Holders for Taxes and Other Charges</U></B>. If any Mexican or other tax or other governmental charge shall become
payable with respect to any Receipt or any Deposited Securities represented by the GDSs evidenced by any Receipt, or the deposit,
transfer or withdrawal thereof, or otherwise, such tax or other governmental charge shall be payable by the Holder to the Depositary.
The Depositary may refuse, and the Company and the CPO Trustee shall be under no obligation, to effect any registration of transfer
of all or part of such Receipt or split-up or combination of such Receipt or any deposit or withdrawal of Deposited Securities
represented by the GDSs evidenced thereby until such payment is made, and may withhold or deduct from any dividends or other distributions,
or may sell for the account of the Holder thereof any part or all of the Deposited Securities represented by the GDSs evidenced
by such Receipt, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or
other governmental charge, the Holder<B> </B> of such Receipt remaining liable for any deficiency.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 3.03.
<U>Representations and Warranties on Deposit</U></B>. Each person depositing CPOs under this Deposit Agreement shall be deemed
thereby to represent and warrant that such CPOs, the underlying Shares and any certificate therefor are validly issued and outstanding,
fully paid and nonassessable and that any preemptive rights have been validly waived or exercised, and that the person making such
deposit is duly-authorized to do so. Every such person shall also be deemed to represent that the deposit of CPOs or sale or transfer
of Receipts by that person is not restricted under the Securities Act of 1933, and that the CPOs (and Shares represented thereby)
deposited by that person are not Restricted Securities. Such representations and warranties shall survive the deposit of CPOs and
the issuance or cancellation of Receipts in respect thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 3.04.
<U>Disclosure of Beneficial Ownership</U></B>. The Company and the Depositary may from time to time request Holders and Beneficial
Owners or former Holders or former Beneficial Owners to provide information as to the capacity in which they hold or held Receipts
and regarding the identity of any other persons then or previously interested in such Receipts and the nature of such interest
and various other matters. Each such Holder or Beneficial Owner agrees to provide any such information reasonably requested by
the Company or the Depositary pursuant to this Section and such agreement shall survive any disposition of their interest in Deposited
Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 3.05.
<U>Ownership Restrictions</U></B>. The Company may restrict transfers of the CPOs where such transfer might result in ownership
of CPOs or Shares exceeding the limits under applicable law, the Company&rsquo;s by-laws, the Trust or the CPO Deed. The Company
may also restrict, in such manner as it deems appropriate, transfers of the GDSs where such transfer may result in the total number
of CPOs represented by the GDSs beneficially owned by a single Holder or Beneficial Owner to exceed the limits under any applicable
law, the Company&rsquo;s by-laws, the Trust or the CPO Deed. The Company may, in its sole discretion, instruct the Depositary to
instruct the Holder of such GDSs to cancel such GDSs so as to permit the Company to deal directly with such Holder and/or Beneficial
Owner and the Depositary agrees to so instruct. Holders and Beneficial Owners agree to abide by any such instructions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Non-Mexican states
and governments are prohibited under the Company&rsquo;s by-laws and Mexican Federal Radio and Television Law from owning Shares
of the Company and are, therefore, prohibited from being the beneficial or record owners of the Shares, CPOs, GDSs and GDRs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
IV</FONT><BR>
<BR>
RIGHTS RELATING TO THE DEPOSITED SECURITIES;<BR>
CERTAIN OBLIGATIONS OF THE DEPOSITARY</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 4.01.
<U>Power of Attorney</U></B>. Each Holder or Beneficial Owner, upon acceptance of a Receipt issued in accordance with the terms
hereof, thereby appoints the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any
and all steps or action provided for or contemplated herein with respect to the Deposited Securities, including but not limited
to those set forth in Article IV, and to take such further steps or action as the Depositary in its sole discretion may deem necessary
or appropriate to carry out the purposes of this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 4.02.
<U>Cash Distributions</U></B>. Whenever the Custodian or the Depositary receives any cash dividend or other cash distribution by
the Company or the CPO Trustee on any Deposited Securities (which dividend or other distribution may be made in dollars or Pesos,
in the Company&rsquo;s sole discretion), the Depositary shall, if paid in Pesos, subject to the provisions of Section 4.06, convert
or cause such dividend or distribution to be converted into dollars, and shall promptly distribute the dollars received (from the
Company or the CPO Trustee or as the proceeds of the conversion of Pesos) to the Holders entitled thereto in proportion to the
number of GDSs representing such Deposited Securities held by them respectively, after deduction of the expenses of the Depositary;
provided, however, that in the event that the Company, the CPO Trustee, the Custodian or the Depositary shall be required to withhold
and does withhold, subject to Section 4.11 hereof, from any cash dividend or other cash distribution in respect of any Deposited
Securities an amount on account of taxes or other governmental charges, the amount distributed to the Holder in respect of GDSs
representing such Deposited Securities shall be reduced accordingly. The Depositary shall distribute only such amount, however,
as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall be rounded to
the nearest whole cent and so distributed to Holders entitled thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 4.03.
<U>Distributions in CPOs</U></B>. Whenever the Custodian or the Depositary receives from the CPO Trustee any distribution of a
dividend in or free distribution of CPOs (including, as the case may be, Shares represented by the CPOs), the Depositary may, with
the approval of the Company and the CPO Trustee, and shall if the Company so requests and provides an opinion of United States
counsel to the Company as to the absence of any registration requirements under the Securities Act of 1933 with respect to such
dividend or as to the effectiveness of a registration statement under the Securities Act of 1933 with respect thereto, distribute
to the Holders of outstanding Receipts as of a record date fixed pursuant to Section 4.07 entitled thereto, in proportion to the
number of GDSs representing such Deposited Securities held by them respectively, additional Receipts for an aggregate number of
GDSs representing the number of CPOs received as such dividend or free distribution, after deduction of the expenses of the Depositary;
provided, however, that if for any reason (including any requirement that the CPO Trustee, the Company or the Depositary withhold
an amount on account of taxes or other governmental charges or that such CPOs or Shares represented thereby must be registered
under the Securities Act of 1933 or other applicable laws in order to be distributed to Holders of Receipts) the Depositary, in
the absence of an opinion of United States counsel to the Company, as aforesaid, deems such distribution not to be feasible (after
consultation with the Company), the Depositary may adopt such method, if any be available, as it may deem equitable and practicable
(after consultation with the Company) for the purpose of effecting such distribution, including the sale (at public or private
sale) of the CPOs and Shares represented thereby thus received, or any part thereof, and the net proceeds of any such sale shall
be distributed by the Depositary to the Holders entitled thereto as in the case of a distribution in cash pursuant to Section 4.02
of this Deposit Agreement. In lieu of issuing Receipts for fractional GDSs in any such case, the Depositary shall sell the number
of CPOs (or Shares, as the case may be) represented by the aggregate of such fractions and distribute the net proceeds in dollars,
all in the manner and subject to the conditions described in Section 4.02. If additional Receipts are not so distributed (except
pursuant to the preceding sentence), each GDR shall thenceforth also represent its proportionate interest in the additional GDSs
issued upon the distribution of the additional CPOs received by the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 4.04.
<U>Distribution of Rights</U></B>. In the event that the Company shall offer or cause to be offered to the holders of any Deposited
Securities any rights to subscribe for additional Shares or any rights of any other nature, and in the event the CPO Trustee makes
such offer available to holders of CPOs, the Depositary, after consultation with the Company, shall have discretion as to the procedure
to be followed in making such rights available to the Holders entitled thereto, subject to Section 5.09, or in disposing of such
rights on behalf of such Holders and making the net proceeds available in dollars to such Holders as in the case of a distribution
of cash pursuant to Section 4.02 of this Deposit Agreement or, if by the terms of such rights offering or by reason of applicable
law, the Depositary may neither make such rights available to such Holders nor dispose of such rights and make the net proceeds
available to such Holders, then the Depositary shall allow the rights to lapse (without incurring liability to any person as a
consequence thereof); provided, however, that the Depositary will, if the Company so requests in writing and provides an opinion
of United States counsel (which opinion shall be reasonably acceptable to the Depositary) as to the absence of any registration
requirements under the Securities Act of 1933 with respect to such additional Series A Shares, Series B Shares, Series L Shares
and Series D Shares or other rights or as to the effectiveness of a registration statement under the Securities Act of 1933 with
respect thereto, take action as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.1in"></TD><TD STYLE="width: 0.4in">(i)</TD><TD STYLE="text-align: justify">if at the time of the offering of any rights the Depositary determines that it is lawful and feasible
to make such rights available to all or certain Holders<B> </B>by means of warrants or otherwise, the Depositary shall, after deduction
of the expenses of the Depositary as set forth in Section 5.06 hereto, distribute to such Holders entitled thereto warrants or
other instruments therefor in such form and upon such terms and representations as it may determine, in proportion to the number
of GDSs representing such Deposited Securities held by them respectively, or employ such other method as it may deem feasible in
order to facilitate the exercise, sale or transfer of rights by such Holders or the sale or resale of securities obtainable upon
exercise of such rights by such Holders; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.1in"></TD><TD STYLE="width: 0.4in">(ii)</TD><TD STYLE="text-align: justify">if at the time of the offering of any rights the Depositary determines that it is not lawful or
not feasible to make such rights available to certain Holders<B> </B>by means of warrants or otherwise, or if the rights represented
by such warrants or such other instruments are not exercised and appear to be about to lapse, the Depositary shall use its reasonable
efforts to sell such rights or such warrants or other instruments, if a market therefor is available, at public or private sale,
at such place or places and upon such terms as it may deem reasonable and proper and, after deduction of the expenses of the Depositary,
allocate the net proceeds of such sales for the account of the Holders otherwise entitled to such rights, warrants or other instruments
upon an averaged or other practicable basis without regard to any distinctions among such Holders because of exchange restrictions,
or the date of delivery of any Receipt or Receipts, or otherwise, and distribute such net proceeds so allocated to the extent practicable
as in the case of a distribution of cash pursuant to Section 4.02 hereof.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Neither the Depositary,
the CPO Trustee nor the Company shall be responsible for any failure to determine that it may be lawful or feasible to make such
rights available to Holders in general or any Holder or Holders in particular or for the inability or failure to dispose of such
rights if any market therefor is available.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Because Mexican
law does not contemplate the issuance of pre-emptive rights in negotiable form, a liquid market for pre-emptive rights may not
exist, and this may adversely affect the amount the Depositary would realize upon disposal of rights and its ability to carry out
any disposal of such rights at all.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Notwithstanding
anything to the contrary in this Section 4.04, if registration under the Securities Act of 1933 or any other applicable law of
the rights or the securities to which any rights relate is required in order for the Company to offer such rights to Holders and
to sell the securities represented by such rights, the Depositary will not offer such rights to Holders unless and until a registration
statement is in effect, or unless the offering and sale of such rights or securities to such Holders are exempt from registration
under the provisions of the Securities Act of 1933 and are otherwise permissible under all applicable laws. The Company shall have
no obligation to register such rights or such securities under the Securities Act of 1933 or any other applicable laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 4.05.
<U>Distributions Other than Cash, CPOs or Rights</U></B>. Whenever the Custodian or the Depositary shall receive any distribution
other than cash, CPOs or rights upon any Deposited Securities, the Depositary may with the Company&rsquo;s approval, and shall
if the Company provides an opinion of United States counsel as to the absence of any registration requirements under the Securities
Act of 1933 with respect to such distribution or as to the effectiveness of a registration statement under the Securities Act of
1933 with respect thereto and so requests, cause such securities or property to be distributed to the Holders entitled thereto,
after deduction of the expenses of the Depositary, in proportion to the number of GDSs representing such Deposited Securities held
by them respectively, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution;
provided, however, that if in the opinion of the Depositary it cannot cause such securities or property to be distributed or such
distribution cannot be made proportionately among the Holders entitled thereto, or if for any other reason (including any requirement
that the Company, the Custodian or the Depositary withhold an amount on account of taxes or other governmental charges or that
such securities must be registered under the Securities Act of 1933 or other applicable laws in order to be distributed to Holders)
the Depositary deems such distribution not to be feasible, after consultation with the Company, the Depositary may adopt such method,
if any be available, as it may deem equitable and practicable, after consultation with the Company, for the purpose of effecting
such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof,
and the net proceeds of any such sale shall be distributed by the Depositary to the Holders entitled thereto as in the case of
a distribution in cash pursuant to Section 4.02 hereof, and any unsold balance of such securities or property shall be distributed
by the Depositary to the Holders entitled thereto, if such distribution is feasible without withholding for or on account of any
taxes or other governmental charges and without registration under the Securities Act of 1933 or any other applicable laws, in
accordance with such equitable and practicable method as the Depositary may have adopted, after consultation with the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 4.06.
<U>Conversion of Foreign Currency</U></B>. Whenever the Depositary or the Custodian shall receive foreign currency, by way of dividends
or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof
the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into dollars distributable
to the Holders entitled thereto and the resulting dollars transferred to the United States, the Depositary shall promptly convert
or cause to be converted, by sale or in any other manner that it may determine, such foreign currency into dollars, and such dollars
(less any reasonable and customary expenses incurred by the Depositary in the conversion of the foreign currency) shall be distributed
to the Holders entitled thereto or, if the Depositary shall have distributed any warrants or other instruments which entitle the
holders thereof to such dollars, then to the holders of such warrants and/or instruments upon surrender thereof for cancellation
in accordance with the terms thereof. Such distribution shall be made upon an averaged or other practicable basis without regard
to any distinctions among Holders on account of any application of exchange restrictions or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">If such conversion
or distribution generally or with regard to a particular Holder can be effected only with the approval or license of any government
or agency thereof, the Depositary may, after consultation with the Company, file such application for approval or license, if any,
as it may deem desirable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">If at any time the
Depositary shall determine that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible
on a reasonable basis into dollars distributable to Holders entitled thereto, or if any approval or license of any government or
authority or agency thereof which is required for such conversion is denied or in the opinion of the Depositary is not obtainable,
or if any such approval or license is not obtained within a reasonable period as determined by the Depositary, the Depositary may
distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by
the Depositary to, or in its discretion may hold such foreign currency for the respective accounts of, the Holders entitled to
receive the same.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">If any such conversion
of foreign currency, in whole or in part, cannot be effected for distribution to some Holders entitled thereto, the Depositary
may in its discretion make such conversion and distribution in dollars to the extent permissible to the Holders for whom such conversion
and distribution is practicable and may distribute the balance of the foreign currency received by the Depositary or the Custodian
to, or hold such balance for the account of, the Holders for whom such conversion and distribution is not practicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 4.07.
<U>Fixing of Record Date</U></B>. Whenever any cash dividend or other cash distribution shall become payable or any distribution
other than cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever, for any
reason, the Depositary causes a change in the number of CPOs that are represented by each GDS or whenever the Depositary shall
receive notice of any meeting of holders of CPOs, other Deposited Securities or Shares, or whenever the Depositary finds it necessary
or convenient in respect of any matter, the Depositary shall fix a record date (which date shall, to the extent practicable, except
as provided in Section 4.08(b), be the same as, or as near as practicable to the corresponding record date for CPOs or such Shares
or other Deposited Securities set by the CPO Trustee or by the Company, as the case may be, subject to the requirements of applicable
law, the regulations of any stock exchange on which the GDSs may be listed and the terms of the Trust Agreement) for the determination
of the Holders who shall be entitled to receive such dividend, distribution or rights, or the net proceeds of the sale thereof,
or in respect of such changed number of CPOs represented by each GDS or in respect of such other matter, or to give instructions
for the exercise of voting rights, if any, at any such meeting. The Depositary shall notify the Company as promptly as practicable
if it fixes a record date that is different from a record date fixed by the Company. Subject to the provisions of Section 4.02
through 4.06 and to the other terms and conditions of this Deposit Agreement, the Holders on such record date shall be entitled
to receive the amount distributable by the Depositary with respect to such dividend or other distribution or such rights or the
net proceeds of sale thereof, to exercise the rights of Holders hereunder with respect to such changed number of CPOs represented
by each GDS, to give such voting instructions, to receive such notice or solicitation or to act in respect of any matter in each
case in proportion to the number of GDSs held by them respectively.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>SECTION 4.08. <U>Voting
of Deposited Securities</U></B>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Summary of Voting Rights of Deposited Securities</U></B>. Holders of CPOs may vote (i)&nbsp;in the case of CPO Holders&rsquo;
Meeting, the CPOs, or (ii)&nbsp;in the case of a meeting of the holders of the Series L Shares, the Series L Shares underlying
the CPOs with respect to those limited matters on which such Series L Shares, pursuant to the Company&rsquo;s by-laws and Mexican
law, are entitled to vote. In addition, in the case of a meeting of the holders of the Series A Shares, Series B Shares and Series
D Shares, holders of CPOs that are Mexican nationals or Mexican corporations whose by-laws exclude foreign ownership of their shares
(&ldquo;Mexican Holders&rdquo;) may direct the CPO Trustee to vote the Series A Shares, Series B Shares and the Series D Shares
underlying the CPOs with respect to those matters on which such Series A Shares, Series B Shares and Series D Shares, pursuant
to the Company&rsquo;s by-laws and Mexican law, are entitled to vote. Pursuant to the provisions of the Trust, the CPOs and applicable
laws of Mexico, Holders who are not Mexican nationals or Mexican corporations whose by-laws do not exclude foreign ownership of
their shares (&ldquo;Non-Mexican Holders&rdquo;) may not direct the CPO Trustee as to how to vote the Series A Shares, Series B
Shares and the Series D Shares underlying the CPOs at the relevant shareholders&rsquo; meeting. In the case of meetings of the
holders of Series A Shares, Series B Shares and Series D Shares, the CPO Trustee is required under the Trust and with respect to
CPOs held by Non-Mexican Holders for which the Depositary received instructions to vote pursuant to Section 4.08(b) below, to grant
a power of attorney to appoint a representative of the CPO Trustee to vote the Series A Shares, Series B Shares and Series D Shares
represented by such CPOs held by Non-Mexican Holders in the same manner as the majority of the Series A Shares, Series B Shares
and the Series D Shares that are held by Mexican nationals are voted at the relevant shareholders&rsquo; meeting. The CPO Trustee
will cause the Series L Shares, the Series A Shares, Series B Shares and Series D Shares underlying CPOs for which no voting instructions
are given pursuant to Sections 4.08(b) or 4.08(c) below, to be voted in the same manner as the majority of Series L Shares, Series
A Shares, Series B Shares or Series D Shares, as the case may be, are voted at the relevant shareholders&rsquo; meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Instructions shall be given to the CPO Trustee
as to how to vote or cause to be voted the CPOs or the Shares underlying the CPOs or other securities underlying the Deposited
Securities, no later than five (5) business days before the relevant CPO Holders&rsquo; Meeting or shareholders&rsquo; meeting
as the case may be.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">In the case of a
CPO Holders&rsquo; Meeting and with respect to CPOs for which no instructions are given or received on or before the date established
by the Depositary for such purpose pursuant to Section 4.08(b) below, such CPO holders shall be deemed to have instructed the Depositary
and the Custodian to take such actions as are necessary and to instruct the Common Representative pursuant to Section 4.08(c) to
(x) take such actions as are necessary to cause such CPOs to be counted for purposes of satisfying applicable quorum requirements
and (y) vote such CPOs in the same manner as the majority of the CPOs are voted at the relevant CPO Holders Meeting, unless the
Company in its sole discretion has given prior written notice to the Depositary and the Custodian to the contrary (in which case
such CPOs shall not be voted at the relevant CPO Holders&rsquo; Meeting ). In the case of a shareholders&rsquo; meeting, the Company,
the CPO Trustee and the Depositary shall use their reasonable efforts to implement, or cause the implementation of, arrangements
that will enable Holders of GDSs that are Mexican Holders, and which can timely provide evidence reasonably satisfactory to the
Company, the Depositary, and the CPO Trustee to such effect, to cause the CPO Trustee to grant a power of attorney to appoint a
representative to vote, in addition to the Series L Shares, the Series A Shares, Series B Shares and Series D Shares underlying
the CPOs held by such Mexican Holders at the relevant shareholders meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Under the terms
of Mexican law, a CPO Holders&rsquo; Meeting may be called by the Common Representative at the request of holders of CPOs representing
at least 10% of the aggregate number of CPOs outstanding. Whenever any Holder of Receipt(s) gives a notice to the Depositary containing
a request for a CPO Holders&rsquo; Meeting concerning any business of the Trust or at which holders of CPOs may be entitled to
vote, the Depositary shall direct the Custodian, as the holder of all CPOs represented by GDSs, to give notice to the Common Representative
containing such request in the same form as provided in the notice from such Holder of Receipts to the Depositary. In its notice
to the Common Representative, the Custodian shall state that it is giving such notice in its capacity as the holder of that number
of CPOs represented by the GDSs held by such Holder. In order for holders of CPOs to be entitled to attend a CPO Holders&rsquo;
Meeting, holders must request from Indeval, through an Indeval Participant, not less than five (5) business days prior to the date
on which the CPO&rsquo;s Holders&rsquo; Meeting is held, a deposit receipt and must submit such receipt with the institution designated
for such purposes in the notice for such meeting on or before the date prior to the date fixed for the CPO Holders&rsquo; Meeting.
Persons appointed by an instrument in writing as proxy for a holder or holders of CPOs and who submit the deposit receipt referred
to above will be entitled to attend CPO Holders&rsquo; Meetings.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voting Instructions by GDS Holders</U>. </B>As soon as practicable after receipt of notice pursuant to Section 5.08 of
any meeting of holders of CPOs, Shares or other securities underlying the Deposited Securities, as applicable, the Depositary shall:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.1in"></TD><TD STYLE="width: 0.4in">(i)</TD><TD STYLE="text-align: justify">fix a record date (in accordance with the terms of Section 4.07 hereof but in any event such date,
subject to the requirements of applicable law and the regulations of any stock exchange on which the GDSs may be listed, should
not be fewer than fifteen (15) calendar days prior to the date of the applicable meeting) for purposes of determining those Holders
entitled to give instructions for the exercise of voting rights, if any, at the relevant CPO Holders&rsquo; Meeting or shareholders&rsquo;
meeting, as the case may be, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.1in"></TD><TD STYLE="width: 0.4in">(ii)</TD><TD STYLE="text-align: justify">if so requested by the Company and the CPO Trustee in a timely manner, distribute, at the Company&rsquo;s
or CPO&rsquo;s Trustee expense, as the case may be, and provided no legal prohibitions exist, to the Holders of record a notice
which shall contain:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 44.25pt">(b)</TD><TD STYLE="text-align: justify">such information as is contained in such notice of meeting,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 44.25pt">(c)</TD><TD STYLE="text-align: justify">a statement that the Holders of record at the close of business on a specified record date will
be entitled, subject to any applicable provisions of the Deposit Agreement, the Trust, Mexican law and the by-laws of the Company,
to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the number of CPOs, Shares or other securities
underlying the Deposited Securities represented by their respective GDSs at the relevant CPOs Holders&rsquo; Meeting or shareholders&rsquo;
meeting, as the case may be, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 44.25pt">(d)</TD><TD STYLE="text-align: justify">a statement as to the manner in which such voting instructions may be given<B>, </B>including an
express indication that if no voting instructions are received by the Depositary on or before the date established by the Depositary
which shall be at least six (6) business days prior to the date of the applicable CPOs Holders&rsquo; Meeting or shareholders&rsquo;
meeting, as the case may be,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 153pt"></TD><TD STYLE="width: 30pt">(x)</TD><TD STYLE="text-align: justify">in the case of CPO Holders&rsquo; Meetings and with respect to CPOs for which no instructions are
given or received on or before the date established by the Depositary, it shall be deemed that such CPOs holders have instructed
the Depositary and the Custodian to take such actions as are necessary and to instruct the Common Representative to (A) take such
actions as are necessary to cause such CPOs to be counted for purposes of satisfying applicable quorum requirements and (B) unless
the Company in its sole discretion has given prior written notice to the Depositary and the Custodian to the contrary (in which
case such CPOs shall not be voted at the relevant CPO Holders&rsquo; Meeting), vote such CPOs, in the same manner as the majority
of the CPOs are voted at the relevant CPO Holders&rsquo; Meeting; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 39pt">(y)</TD><TD STYLE="text-align: justify">in the case of shareholders&rsquo; meetings, (A) if requested in writing by the Company on or prior
to such date, the Depositary (in accordance with the provisions of Section 4.08(c)) shall be deemed to have been given a discretionary
proxy to a person designated by the Company or (B) if no such written request is made by the Company, the Depositary shall not
represent or vote, attempt to represent or exercise the right to vote that attaches to, or instruct the CPO Trustee to represent
or vote, the Shares underlying the CPOs in the relevant shareholders&rsquo; meeting.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon timely receipt
of voting instructions from a Holder as of such record date, the Depositary shall endeavor insofar as is practicable to, as the
case may be, instruct the Common Representative to vote the amount of CPOs in the relevant CPOs Holders&rsquo; Meeting in accordance
with the Holder&rsquo;s instructions, or cause the Custodian to instruct the CPO Trustee to vote the amount of Shares or other
securities underlying the Deposited Securities in the relevant shareholders&rsquo; meeting in accordance with the Holder&rsquo;s
instructions. The Depositary agrees not to vote or cause to be voted the CPOs, Shares or other securities underlying the Deposited
Securities represented by the GDSs other than in accordance with such instructions from the Holder of the GDSs or deemed instructions
as set forth in Section 4.08(c), as the case may be, subject to the voting limitations set forth in this Section 4.08.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Uninstructed CPOs</U></B>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 1.8pt">(i)</TD><TD STYLE="text-align: justify">In the event that the Depositary does not timely receive instructions from a Holder as to the exercise
of voting rights relating to the CPOs in the relevant CPOs Holders&rsquo; Meeting, or if no instructions are received by the Depositary
from any Holder as to the exercise of voting rights relating to such CPOs in the relevant CPOs Holders&rsquo; Meeting, on or before
the date established by the Depositary for such purposes pursuant to Section 4.08(b) above, it shall be deemed that such CPOs holders
have instructed the Depositary and the Custodian to instruct the Common Representative to</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 52.5pt">(a)</TD><TD STYLE="text-align: justify">take such actions as are necessary to cause such CPOs to be counted for purposes of satisfying
applicable quorum requirements and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 52.5pt">(b)</TD><TD STYLE="text-align: justify">unless the Company in its sole discretion has given prior written notice to the Depositary and
the Custodian to the contrary (in which case such CPOs shall not be voted at the relevant CPO Holders&rsquo; Meeting), vote such
CPOs, in the same manner as the majority of the CPOs are voted at the relevant CPO Holders&rsquo; Meeting.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the Depositary does not timely receive instructions from a Holder as to the exercise of voting rights
relating to the Shares underlying the CPOs in the relevant shareholders&rsquo; meeting, or if no instructions are received by the
Depositary from any Holder as to the exercise of voting rights relating to the Shares underlying the CPOs in the relevant shareholders&rsquo;
meetings, on or before the date established by the Depositary for such purpose pursuant to Section 4.08(b) above,</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">if requested in writing by the Company on or prior to such date, the Depositary shall be deemed
to have been given by such Holder a discretionary proxy to a person designated by the Company who shall be entitled to exercise
those voting rights relating to those Shares underlying the CPOs for which the Depositary has not received instruction from a Holder
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">if no such written request is made by the Company, the Depositary shall not represent or vote,
or attempt to represent or exercise the right to vote that attaches to, or instruct the CPO Trustee to represent or vote such Shares
in the relevant shareholders&rsquo; meetings.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
the foregoing, no such discretionary proxy, shall be given (A) if it is not then permitted to be given under the Deposit Agreement,
the Trust, Mexican law, other applicable securities laws or the by-laws of the Company or (B) with respect to any matter as to
which the Company informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing
and in a form reasonably acceptable to the Depositary) that (x) the Company no longer wishes that such proxy be given, (y) substantial
opposition exists or (z) such matter materially and adversely affects the rights of holders of CPOs, as applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 4.09.
<U>Changes Affecting Deposited Securities</U></B>. Upon any change in par value, split-up, consolidation or any other reclassification
of Deposited Securities, any termination or reorganization of the Trust (whether or not a new or successor Trust or CPO Trustee
is formed or appointed), or upon any recapitalization, reorganization, merger or consolidation or sale of assets affecting the
Company or to which it is a party, any securities which shall be received by the Depositary or the Custodian in exchange for, or
in conversion, substitution or otherwise in respect of, Deposited Securities shall be treated as Deposited Securities under this
Deposit Agreement, and the Receipts shall, subject to the terms of this Deposit Agreement and applicable laws, including any applicable
provisions of the Securities Act of 1933, thenceforth evidence GDSs representing the right to receive Deposited Securities including
the securities so received in exchange, conversion, substitution or otherwise to the extent additional Receipts are not delivered
pursuant to the following sentence.&nbsp;&nbsp;&nbsp;In any such case the Depositary may with the Company&rsquo;s approval, and
shall at the Company&rsquo;s request, subject to Section 5.09 and the other terms of this Deposit Agreement, execute and deliver
additional Receipts as in the case of a distribution of CPOs, or call for the surrender of outstanding Receipts to be exchanged
for new Receipts specifically describing such newly received Deposited Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">New CPOs may only
be issued to the extent that the maximum limit set forth in the CPO Deed has not been exceeded, otherwise the execution of a new
CPO deed may be required.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Immediately upon
the occurrence of any such exchange, conversion or substitution covered by this Section in respect of the Deposited Securities,
the Depositary shall give notice thereof in writing to all Holders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">In the event Deposited
Securities are to be redeemed and, as a result, Deposited Securities registered in the name of the Custodian are called for redemption
by the Company, the Depositary will call for redemption of GDSs (in an aggregate number representing the number of Deposited Securities
registered in the name of the Custodian called for redemption) and may adopt such method as it may deem equitable and practicable
to select the GDSs called for redemption.&nbsp;&nbsp;&nbsp;The net proceeds of such redemption after payment of the fees and expenses
of the Depositary shall be distributed to holders entitled thereto as in the case of a distribution in cash in accordance with
Section 4.02 hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Notwithstanding
the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary
may, with the Company&rsquo;s approval, which shall not be unreasonably withheld, and shall, if the Company requests, make reasonable
efforts to sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper, and
may allocate the net proceeds of such sales for the account of the Holders otherwise entitled to such securities upon an averaged
or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to
the extent practicable as in the case of a distribution in cash in accordance with Section 4.02 hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 4.10.
<U>Transmittal by the Depositary of Company Notices, Reports and Communications</U></B>. The Depositary shall make available for
inspection during business hours by Holders at its Principal Office and at the principal office of each Custodian copies of this
Deposit Agreement, any notices, reports or communications, including any proxy soliciting materials, received from the Company,
the CPO Trustee or Indeval which are both (a) received by the Depositary or the Custodian or the nominee of either, as the holder
of the Deposited Securities, and (b) made generally available to the holders of such Deposited Securities by the Company, the CPO
Trustee or Indeval. The Depositary shall also send to Holders, at the Company&rsquo;s expense, copies of such notices, reports
and communications when furnished by the Company or the CPO Trustee to the Depositary pursuant to Section 5.08. All such notices,
reports and communications provided by the Company and/or the CPO Trustee will be so provided and made available in English-language
versions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 4.11.
<U>Withholding</U>.</B> In connection with any distribution to Holders, the CPO Trustee, the Company or its agent or the Depositary
or its agent, as appropriate, will remit to the appropriate governmental authority or agency, all amounts (if any) required to
be withheld by the CPO Trustee, the Company or Depositary and owing to such authority or agency. The Depositary will forward to
the Company or its agent such information from its records as the Company may reasonably request to enable the CPO Trustee, the
Company or their agents to file necessary reports with governmental authorities or agencies. Notwithstanding any other provision
of this Deposit Agreement, in the event that the Depositary determines that any distribution in property (including CPOs or rights
to subscribe therefor) is subject to any tax or governmental charges which the Depositary is obligated to withhold, the Depositary
may dispose of all or a portion of such property (including CPOs and rights to subscribe therefor) in such amounts and in such
manner as the Depositary deems necessary and practicable to pay such taxes or governmental charges, including by public or private
sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction
of such taxes or governmental charges to the Holders entitled thereto in proportion to the number of GDSs held by them respectively
as in the case of a distribution in cash pursuant to Section 4.02 hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 4.12.
<U>Available Information</U></B>. The Company is subject to the periodic reporting requirements under the Securities Exchange Act
of 1934 and, accordingly, is required to file certain reports and information with the Commission. Such reports and information
can be inspected and copied at public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington,
D.C. 20549.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 4.13.
<U>The Trust</U></B>. The CPO Trust Agreement has been authorized by the General Directorate of Foreign Investments (Direcci&oacute;n
General de Inversiones Extranjeras). The CPO Trust Agreement is registered with the National Registry of Foreign Investment (Registro
Nacional de Inversiones Extranjeras). The National Banking and Securities Commission of Mexico (Comisi&oacute;n Nacional Bancaria
y de Valores) has authorized the issuance of CPOs by the CPO Trustee. Registration of the CPOs in the National Registry of Securities
(Registro Nacional de Valores) has been authorized by the National Banking and Securities Commission (Comisi&oacute;n Nacional
Bancaria y de Valores).</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
V</FONT><BR>
<BR>
THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 5.01.
<U>Maintenance of Depositary&rsquo;s Office and Register</U></B>. Until the termination of this Deposit Agreement in accordance
with its terms, the Depositary shall maintain in the Borough of Manhattan, The City of New York, facilities for the execution and
delivery, registration, registration of transfers and surrender of Receipts in accordance with the provisions of this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Depositary shall
keep books in its Principal Office for the registration of Receipts and transfers of Receipts, which office shall be open at all
reasonable times for inspection by Holders and the Company, provided that such inspection shall not be for the purpose of communicating
with Holders in the interest of a business or object other than the business of the Company or a matter related to this Deposit
Agreement or the Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">If any Receipts
or the GDSs evidenced thereby are listed on one or more stock exchanges or automated quotation systems in the United States, the
Depositary shall act as Registrar or the Depositary shall appoint a Registrar or one or more co-registrars for registration of
such Receipts in accordance with any requirements of such exchange or exchanges or systems and with the terms of any such appointment.
Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary. The Depositary may
appoint one or more co-transfer agents for the purpose of effecting transfers, combinations and split-ups of Receipts at designated
transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority
and compliance with applicable laws and other requirements by Holders or persons entitled thereto and will be entitled to protection
and indemnity to the same extent as the Depositary. Such co-transfer agents may be removed and substitutes appointed by the Depositary.
Each Receipt registrar, co-registrar or co-transfer agent appointed under this Section 5.01 shall give notice in writing within
five (5) business days of the date of appointment to the Company and the Depositary accepting such appointment and agreeing to
be bound by the applicable terms of this Deposit Agreement. The Depositary shall not appoint a Registrar, co-registrar or co-transfer
agent that is not an affiliate of the Depositary without the written approval of the Company, which shall not be unreasonably withheld.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Depositary may
perform its obligations under this Section 5.01 through any agent appointed by it, provided that the Depositary shall notify the
Company of such appointment and shall remain responsible for the performance of such obligations as if no agent were appointed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 5.02.
<U>Lists of Receipt Holders</U>.</B> Promptly upon request by the Company, the Depositary shall furnish to it a list, as of a recent
date available, of the names, addresses and holdings of GDSs by all persons in whose names Receipts are registered on the books
of the Depositary or any agent of the Depositary maintained for such purpose. The Company and the CPO Trustee shall have the right
to inspect the transfer and registration records of the Depositary relating to Receipts pursuant to the provisions of Section 5.01
hereof, to take copies thereof and to require the Depositary to direct the Registrar and any co-transfer agents or co-registrars
to supply copies of such portions of such records as the Company may reasonably request.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 5.03.
<U>Obligations of the Depositary, the Custodian and the Company</U></B>. Each of the Company and its agents and controlling persons
assumes no obligation and shall be subject to no liability under this Deposit Agreement or the Receipts to Holders or Beneficial
Owners or any other persons, except to perform such obligations as are specifically set forth and undertaken by it to perform in
this Deposit Agreement without negligence or bad faith. Each of the Depositary and its agents and controlling persons assumes no
obligation and shall be subject to no liability under this Deposit Agreement or the Receipts to Holders or Beneficial Owners or
any other persons, except to perform such obligations as are specifically set forth and undertaken by it to perform in the Deposit
Agreement without negligence or bad faith. The Depositary and the Company undertake to perform such duties and only such duties
as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this Deposit
Agreement against the Depositary or the Company or their respective agents. The Company undertakes also to cause the performance
of the parties under the Trust Agreement. Without limitation of the preceding, none of the Depositary, its controlling persons,
its agents or the Company, its controlling persons, or its agents shall be under any obligation to appear in, prosecute or defend
any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts, which in its opinion
may involve it in expense or liability, unless indemnity satisfactory to it in its sole discretion against all expense and liability
be furnished as often as may be required, and no Custodian shall be under any obligation whatsoever with respect to such proceedings,
the Custodian being responsible solely to the Depositary. Neither the Depositary, its agents, its controlling persons, the Company,
its controlling persons, nor its agents shall be liable for any action or inaction by it or them in reliance upon the advice of
or information from legal counsel, accountants, any person by or on behalf of whom CPOs are presented for deposit, any Holder or
Beneficial Owner or any other person believed by it or them in good faith to be competent to give such advice or information. Each
of the Depositary, its controlling persons, its agents and the Company, its controlling persons, and its agents may rely and shall
be protected in acting upon any written notice, request, direction or other document believed by it in good faith to be genuine
and to have been signed or presented by the proper party or parties. Subject to the provisions of this Section 5.03, neither the
Depositary nor its agents shall be responsible for any failure to carry out any instructions to vote any of the Deposited Securities,
for the manner in which any vote is cast or for the effect of any vote or failure to vote provided that such action or non-action
is taken in good faith and in accordance with this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Depositary may
own and deal in any class of securities of the Company and its affiliates and in Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">No disclaimer of
liability under the Securities Act of 1933 is intended by any provision of this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 5.04.
<U>Prevention or Delay in Performance by the Depositary or the Company</U></B>. Neither the Depositary, its agents, nor the Company
nor its agents or their respective controlling persons, if any, shall incur any liability to any Holder or Beneficial Owner or
any other person (i) if, by reason of any present or future law, order of any government or agency thereof or any court, decree,
regulation or fiat of Mexico, the United States or any other country, the bylaws or similar document of the Company, the Trust
Agreement, the CPO Deed, the provisions of or governing any Deposited Securities, act of God, war, terrorism or other circumstances
beyond its control, the Depositary, its agents, the CPO Trustee, the Company or its agents or their respective controlling persons
shall be prevented, delayed or forbidden from, or be subject to any civil or criminal penalty on account of, doing or performing
any act or thing which by the terms of this Deposit Agreement it is provided shall be done or performed; (ii) by reason of any
nonperformance or delay, caused as aforesaid, in performance of any act or thing that by the terms of this Deposit Agreement it
is provided shall or may be done or performed; (iii) by reason of any exercise of, or failure to exercise, any discretion provided
for in this Deposit Agreement; (iv) for the inability of any Holder or Beneficial Owner to benefit from any distribution, offering,
right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement,
made available to Holders or Beneficial Owners, or (v) for any special, consequential or punitive damages for any breach of the
terms of this Deposit Agreement. Where, by the terms of a distribution pursuant to Section 4.02, 4.03 or 4.05, or an offering or
distribution pursuant to Section 4.04, or for any other reason, such distribution or offering may not be made available to Holders,
and the Depositary may not dispose of such distribution or offering on behalf of such Holders and make the net proceeds available
to such Holders, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to
lapse.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 5.05.
<U>Resignation and Removal of the Depositary; Appointment of Successor Depositary</U></B>. The Depositary may at any time resign
as Depositary hereunder by sixty (60) days&rsquo; written notice of its election so to do to the Company, such resignation to take
effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided, which appointment
shall be on terms satisfactory to the Company in its sole discretion.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Depositary may
at any time be removed by the Company by sixty (60) days&rsquo; written notice, such removal to take effect upon the appointment
of a successor depositary and its acceptance of such appointment as hereinafter provided, which appointment shall be on terms satisfactory
to the Company in its sole discretion. In case at any time the Depositary acting hereunder shall resign or be removed, the Company
shall use its reasonable efforts to appoint a successor depositary, which shall be a bank or trust company having an office in
the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to
the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any
further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor; but such
predecessor, nevertheless, upon payment of all sums due it and on the written request of the Company, shall execute and deliver
an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and
deliver all right, title and interest in the Deposited Securities to such successor, and shall deliver to such successor a list
of the Holders or Beneficial Owners of all outstanding Receipts and such other books and records maintained by such predecessor
and its agents with respect to its function as Depositary hereunder. Any such successor depositary shall promptly mail notice of
its appointment to the Holders or Beneficial Owner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Any corporation
into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution
or filing of any document or any further act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 5.06.
<U>Charges of Depositary</U></B>. The Company agrees to pay the fees and out-of-pocket expenses of the Depositary and those of
any Registrar only in accordance with agreements in writing entered into between the Company and the Depositary from time to time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The following charges
shall be incurred by any party depositing or withdrawing CPOs or by any party surrendering Receipts or to whom Receipts are issued
(including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of
stock regarding the Receipts or Deposited Securities or a delivery of Receipts pursuant to Section 4.03), or by Owners, as applicable:
(1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration
of transfers of CPOs generally on the register or the CPO Trust, the Company or Foreign Registrar and applicable to transfers of
CPOs to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals
hereunder, (3) such cable, telex and facsimile transmission expenses as are expressly provided in this Deposit Agreement, (4) such
expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.06, (5) a fee of $5.00 or
less per 100 Global Depositary Shares (or portion thereof) for the delivery of Receipts pursuant to Section 2.03, 4.03 or 4.04
and the surrender of Receipts pursuant to Section 2.05 or 6.02, (6) a fee of $.02 or less per Global Depositary Share (or portion
thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections 4.02 through
4.04 hereof, (7) a fee for the distribution of securities pursuant to Section 4.05, such fee being in an amount equal to the fee
for the execution and delivery of Receipts referred to above which would have been charged as a result of the deposit of such securities
(for purposes of this clause 7 treating all such securities as if they were CPOs) but which securities are instead distributed
by the Depositary to Owners, (8) in addition to any fee charged under clause 6, a fee of $.02 or less per Global Depositary Share
(or portion thereof) per annum for depositary services, which will be payable as provided in clause 9 below and (9) any other charges
payable by the Depositary, any of the Depositary's agents, including the Custodian, or the agents of the Depositary's agents in
connection with the servicing of CPOs or other Deposited Securities (which charge shall be assessed against Owners as of the date
or dates set by the Depositary in accordance with Section 4.07 and shall be payable at the sole discretion of the Depositary by
billing such Owners for such charge or by deducting such charge from one or more cash dividends or other cash distributions).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">All fees and charges
may at any time and from time to time be changed by agreement between the Company and the Depositary. Unless otherwise agreed,
the Depositary shall present its statement for such expenses and fees or charges to the Company once every three (3) months. The
charges and expenses of the Custodian, Nominee or any other agent of the Depositary are for the sole account of the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The right of the
Depositary to receive payment of fees, charges and expenses as provided in this Section 5.06 shall survive the termination of this
Deposit Agreement and, as to any Depositary, the resignation or removal of such Depositary pursuant to Section 5.05 (but then only
with respect to such fees, charges and expenses due and owing at the time of such termination, resignation or removal including
those pursuant to Section 5.05 hereof).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 5.07.
</B> <B><U>The Custodian</U></B>. The Depositary has initially appointed Banco Inbursa, S.A. as Custodian and agent of the Depositary
for the purpose of this Deposit Agreement. The Custodian in acting hereunder shall be subject at all times and in all respects
to the direction of the Depositary and shall be responsible solely to it. The Custodian may resign and be discharged from its duties
hereunder by notice of such resignation delivered to the Depositary at least thirty (30) days prior to the date on which such resignation
is to become effective. If upon receipt of such notice of resignation there shall be no Custodian acting hereunder, the Depositary
shall, promptly after receiving such notice, appoint a substitute custodian approved by the Company, such approval not to be unreasonably
withheld, that is organized under the laws of Mexico, which shall thereafter be the Custodian hereunder. The Depositary may discharge
any Custodian at any time upon notice to the Custodian being discharged and appoint a substitute or an additional custodian approved
by the Company, such approval not to be unreasonably withheld, who shall thereafter be a Custodian hereunder. Forthwith upon its
appointment, each such substitute or additional custodian shall deliver to the Depositary an acceptance of such appointment satisfactory
in form and substance to the Depositary. Any Custodian ceasing to act hereunder as Custodian shall deliver all Deposited Securities
held by it to a Custodian continuing to act upon the instruction of the Depositary. The Depositary shall, after any change in Custodian,
give notice in writing to the Company of the appointment of a substitute or new Custodian not named in the Receipts, the name of
the substitute or new Custodian and location of its principal office.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Upon the appointment
of any successor depositary hereunder, any Custodian then acting hereunder shall forthwith become, without any further act or writing,
the agent hereunder of such successor depositary and the appointment of such successor depositary shall in no way impair the authority
of any Custodian hereunder; but the successor depositary so appointed shall, nevertheless, on the written request of any Custodian,
execute and deliver to such Custodian all such instruments as may be proper to give to the Custodian full and complete power and
authority as agent hereunder of such successor depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 5.08.
<U>Notices and Reports</U></B>. On or before the first date on which the Company, the CPO Trustee or the Common Representative
gives notice, by publication or otherwise, of any meeting of holders of CPOs, Shares or other Deposited Securities, or of any adjourned
meeting of such holders, or of the taking of any action by such holders of CPOs, Shares or other Deposited Securities other than
at a meeting, or of the taking of any action in respect of any cash or other distributions or the offering of any rights in respect
of Deposited Securities, the Company agrees, and it agrees to cause or direct the CPO Trustee or the Common Representative, as
the case may be, to transmit to the Depositary and the Custodian a copy of the notice thereof at the time required pursuant to
the terms of the Trust Agreement, Mexican law and the NYSE rules and requirements in the English language but otherwise in the
form given or to be given to holders of CPOs, Shares or other Deposited Securities, as the case may be. The Company shall, upon
request, also furnish to the Custodian and the Depositary at such time, a summary, in English, of any applicable provisions or
proposed provisions of the bylaws of the Company, the Trust Agreement or the CPO Deed that may be relevant or pertain to such notice
of meeting or be the subject of a vote thereat.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Depositary will
arrange for the prompt transmittal by the Custodian to the Depositary of such notices and any other reports and communications
that are generally provided by the Company to holders of its Shares, by the CPO Trustee to holders of CPOs or by the Common Representative
to CPO holders. If requested in writing by the Company, the Depositary shall arrange for the prompt delivery or mailing of copies
thereof to all Holders or, at the request of the Company, make such notices, reports and other communications available to all
Holders on a basis similar to that for holders of CPOs or other Deposited Securities or on such other basis as the Company may
reasonably advise the Depositary may be required by any applicable law, regulation or stock exchange requirement. The Company will
furnish the Depositary with annual reports in English, which will include a review of operations, and annual audited consolidated
financial statements prepared in conformity with Mexican FRS together with a reconciliation of net income and stockholders equity
to U.S. GAAP. The Company will also furnish the Depositary with an English translation of its unaudited quarterly financial statements
prepared in accordance with Mexican FRS. Upon receipt thereof, if requested in writing by the Company, the Depositary will promptly
mail such reports to all Holders. The Company will also provide to the Custodian or the Depositary an English language translation
of such reports or communications concurrently with the receipt by the Custodian of such reports or communications. To the extent
the Company does not provide English text translations or adequate English text summaries of documents, the Depositary may, but
shall not be required to, obtain English translations or adequate English summaries of any notices, reports or communications which
are generally provided by the Company to its shareholders or by the CPO Trustee or the Common Representative to holders of CPOs
which are not initially furnished to the Depositary in English text.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 5.09.
<U>Issuance of Additional CPOs, Etc</U></B>. In the event of any issuance of additional CPOs or of other securities (including
rights and convertible or exchangeable securities) as a dividend or distribution with respect to the CPOs or other Deposited Securities
evidenced by Receipts, the Company will promptly notify the Depositary of such issuance and, upon request of the Depositary will
promptly furnish the Depositary a written opinion from counsel for the Company in the United States, which counsel and opinion
shall be reasonably satisfactory to the Depositary, stating whether or not the circumstances of such issue are such as to make
it necessary for a registration statement under the Securities Act of 1933 to be in effect at or prior to such time as such dividend
or distribution is made available to the Holders entitled thereto and, if in the opinion of such counsel a registration statement
is required, stating whether or not there is a registration statement in effect which will cover the issuance of such securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Company agrees
that it will obtain legal advice as to whether future issuances to Holders to be paid for in cash of (1) additional Shares or CPOs,
(2) rights to subscribe for Shares or CPOs, (3) securities convertible into or exchangeable for Shares or CPOs, or (4) rights to
subscribe for securities convertible into or exchangeable for Shares or CPOs (in each event other than as a dividend or distribution
set forth above), are such as to make it necessary for a registration statement under the Securities Act of 1933 covering such
securities to be in effect. If being advised by United States counsel, the Company determines that an issuance of such securities
is required to be registered under the Securities Act of 1933, the Company will (x) register such issuance to the extent necessary,
(y) alter the terms of the issuance to avoid the registration requirements of the Securities Act of 1933 or (z) direct the Depositary
not to accept such securities for deposit or to take specific measures (and the Depositary shall use reasonable efforts to take
such measures) with respect to the acceptance for deposit of CPOs to prevent such issuance from being made in violation of the
registration requirements of the Securities Act of 1933. Notwithstanding the foregoing, the Company shall not be required to register
any securities under the Securities Act of 1933 and may issue any securities or rights thereto even if certain Holders may not
be able to receive the full benefits therefrom.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Company agrees
with the Depositary that none of the Company, any company or person controlling, controlled by or under common control with the
Company, any officer, director (or persons performing similar functions), any other affiliate of the Company or the CPO Trustee,
will at any time deposit any CPOs, Shares or other securities either upon original issuance or upon a sale of CPOs previously issued
and reacquired by the Company or by any such controlled or controlling company or person, or officer, director or other affiliate
or the CPO Trustee unless (i) a registration statement is in effect as to such CPOs, Shares or other securities under the Securities
Act of 1933, (ii) such CPOs, Shares or other securities are not required to be registered under the Securities Act of 1933 or any
applicable laws of any state of the United States and would not be deemed to be Restricted Securities following any offer and sale
thereof by such Company or any such controlled or controlling company or person, officer, director or other affiliate or CPO Trustee
as confirmed by a written opinion from counsel for the Company in the United States, which counsel and opinion shall be reasonably
satisfactory to the Depositary, or (iii) the Company directs the Depositary to adopt an alternative method of distributing GDSs
representing such CPOs, Shares or other securities, as contemplated by the proviso to Section 4.04. The Company agrees to advise
the CPO Trustee of its obligations arising here from and, to the extent practicable, obtain the CPO Trustee&rsquo;s compliance
herewith.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 5.10.
<U>Indemnification</U></B>. The Company shall indemnify, defend and save harmless the Depositary, the Custodian and any other agent
of the Company or the Depositary appointed hereunder, and their respective officers, directors and employees (the &ldquo;indemnified
persons&rdquo;), against any loss, liability, tax or expense (including reasonable fees and expenses of counsel) that may arise
(a) out of acts performed or omitted in connection with the Trust Agreement, this Deposit Agreement, the Receipts, as the same
may be amended, modified or supplemented from time to time, the GDSs evidenced thereby and the Deposited Securities represented
thereby, (i) by such indemnified person, except to the extent such loss, liability, tax or expense is due to negligence or bad
faith of such indemnified person, or (ii) by the CPO Trustee, the Company or any of its agents (other than the indemnified persons),
or (b) out of or in connection with any offer, sale or exchange of Receipts, GDSs, CPOs, Shares or other Deposited Securities or
any offering circular or registration statement under the Securities Act of 1933 (whether or not declared effective) in respect
thereof or in respect of any cancellation of depositary receipts previously issued by the Depositary, or under the Securities Exchange
Act of 1934, except to the extent such loss, liability or expense arises out of information (or omissions from such information)
relating to the Depositary furnished in writing to the Company by the Depositary expressly for use in (x) a registration statement
under the Securities Act of 1933 or Securities Exchange Act of 1934 or (y) an offering circular or memorandum pursuant to which
Receipts, GDSs, CPOs, Shares or other Deposited Securities are offered or sold.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Depositary shall
indemnify, defend and save harmless the Company and its respective officers, directors and employees against any loss, liability
or expense incurred by the Company in connection with this Deposit Agreement and the Receipts due to the negligence or bad faith
of the Depositary or arising out of information relating to any indemnified person, furnished in writing to the Company by the
Depositary expressly for use in (x) a registration statement under the Securities Act of 1933 or Securities Exchange Act of 1934
or (y) an offering circular or memorandum pursuant to which Receipts, GDSs, CPOs, Shares or other Deposited Securities are offered
or sold. The obligations set forth in this section shall survive the termination of this Deposit Agreement and the succession or
substitution of any indemnified person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 5.11.
<U>Exclusivity</U></B>. The Company agrees not to appoint any other depositary for issuance of GDRs so long as The Bank of New
York is acting as Depositary hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 5.12.
<U>List of Restricted Securities Owners</U></B>. Unless otherwise agreed by the Depositary and the Company and subject to Section
5.09, upon each issuance by the CPO Trustee or the Company of any securities that are Restricted Securities, the Company shall
provide the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities who beneficially
acquired Restricted Securities. The Company agrees to advise in writing each of the holders thereof that such Restricted Securities
are ineligible for deposit hereunder. The Depositary may rely on such a list or update but shall not be liable for any action or
omission made in reliance thereon.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 5.13.
<U>Maintenance of Records and Documents</U></B>. The Depositary agrees to maintain or cause its agents to maintain records of all
Receipts surrendered and Deposited Securities withdrawn under Section 2.05, substitute Receipts delivered under Section 2.08, and
of canceled or destroyed Receipts under section 2.09, in keeping with procedures ordinarily followed by stock transfer agents located
in The City of New York or as required by applicable law. The Depositary is authorized to destroy those documents, records, bills
and other data compiled during the term of this Deposit Agreement at times consistent with such procedures or applicable law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 5.14.
<U>Pre-Release Transactions</U></B>. Subject to the further terms and provisions of this Section 5.14, the Depositary, its Affiliates
and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in GDSs.
The Depositary may (i) issue GDSs prior to the receipt of CPOs pursuant to Section 2.02 (each such transaction, a &ldquo;Pre-Release
Transaction&rdquo;) and (ii) deliver CPOs upon the receipt of GDSs for withdrawal of Deposited Securities pursuant to Section 2.05,
including GDSs which were issued under (i) above but for which CPOs may not have been received. The Depositary may receive GDSs
in lieu of CPOs under (i) above. Each such Pre-Release Transaction will be (a) subject to a written agreement whereby the person
or entity (the &ldquo;Applicant&rdquo;) to whom GDSs are to be delivered (v) represents that at the time of the Pre-Release Transaction
the Applicant or its customer owns the CPOs that are to be delivered by the Applicant under such Pre-Release Transaction, (w) assigns
all beneficial rights, title and interests in such CPOs to the Depositary in its capacity as such (and for the benefit of the Holders
of GDSs), (x) agrees to indicate the Depositary as owner of such CPOs in its records and to hold such CPOs in trust for the Depositary
until such CPOs are delivered to the Custodian and to refrain from taking any action with respect to such CPOs and GDSs that is
inconsistent with the transfer of beneficial ownership, other than a satisfaction of such Pre-Release Transaction, (y) unconditionally
guarantees to deliver to the Depositary or the Custodian, as applicable, such CPOs, and (z) agrees to any additional restrictions
or requirements that the Depositary deems appropriate, (b) at all times fully collateralized with cash, United States government
securities or such other collateral as the Depositary determines, in good faith, will provide substantially similar liquidity and
security, (c) terminable by the Depositary on not more than five (5) business days&rsquo; notice and (d) subject to such further
indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of GDSs involved
in such Pre-Release Transactions at any one time to thirty percent (30%) of the GDSs outstanding (without giving effect to GDSs
outstanding under (i) above), provided, however, that the Depositary reserves the right to disregard such limit from time to time
as it deems appropriate and may, with the prior consent of the Company, increase such limit for purposes of general application.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Depositary may
also set limits with respect to the number of GDSs involved in Pre-Release Transactions with any one person on a case by case basis
as it deems appropriate. The Depositary may retain for its own account any compensation received by it in conjunction with the
foregoing. Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Holders
(other than the Applicant).</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
VI</FONT><BR>
<BR>
AMENDMENT AND TERMINATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 6.01.
<U>Amendment</U></B>. The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time
be amended by agreement between the Company and the Depositary in any respect without consent of the Holders which they may deem
necessary or desirable. Any amendment which shall impose or increase any fees or charges (other than the fees of the Depositary
for the issuance of Receipts or the making of deposits, and other taxes and charges listed in Section 5.06 (i)-(v) inclusive of
this Deposit Agreement), or which shall otherwise prejudice any substantial existing right of Holders and Beneficial Owners, shall
not, however, become effective as to outstanding Receipts until the expiration of thirty (30) days after notice of such amendment
shall have been given to the Holders of outstanding Receipts. Every Holder and Beneficial Owner at the expiration of thirty (30)
days after such notice shall be deemed by continuing to hold such Receipt, or an interest therein, to consent and agree to such
amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the
Holder or Beneficial Owner to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except
in order to comply with mandatory provisions of applicable law and the provisions of the Trust Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 6.02.
<U>Termination</U></B>. The Depositary shall at any time at the direction of the Company terminate this Deposit Agreement by mailing
notice of such termination to the Holders of all Receipts then outstanding at least forty-five (45) days prior to the date fixed
in such notice for such termination. The Depositary may likewise terminate this Deposit Agreement at any time after the expiration
of ninety (90) days after the Depositary shall have delivered to the Company a written notice of its election to resign, provided
that no successor depositary shall have been appointed and accepted its appointment as provided in Section 5.05 before the end
of such ninety (90) day period. If any Receipts shall remain outstanding after the date of termination, the Depositary thereafter
shall discontinue the registration of transfers of Receipts, shall suspend the distribution of dividends to the Holders thereof,
shall not accept deposits of CPOs or other securities and shall instruct each Custodian to act accordingly), and shall not give
any further notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect
dividends and other distributions pertaining to Deposited Securities, shall sell property and rights and convert Deposited Securities
(that are not CPOs) into cash as provided in this Deposit Agreement, and shall continue to deliver Deposited Securities, together
with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other
property (in all such cases, without liability for interest) , in exchange for Receipts surrendered to the Depositary, in all cases
after payment of the fees of the Depositary. At any time and without unreasonable delay after the expiration of six (6) months
from the date of termination, the Depositary shall sell the Deposited Securities then held hereunder and may thereafter hold the
net proceeds of any such sale, together with any other cash then held by it hereunder, in a segregated escrow account and without
liability for interest, for the pro rata benefit of the Holders of Receipts which have not theretofore been surrendered. After
making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except to account for such
net proceeds and other cash and for its obligations under Section 5.10 hereof. Upon the termination of this Deposit Agreement,
the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary
under Section 5.06 and 5.10 hereof, which shall survive such termination. The obligations of the Depositary under Section 5.10
shall survive the termination of this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">On or before termination
of the CPO Trust, the Company and the Depositary shall effect such amendments to the terms of the Deposit Agreement, or the Company
shall instruct the Depositary to terminate the Deposit Agreement, as the Company and the Depositary deem appropriate, consistent
with the provisions of applicable law and the by-laws of the Company.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
VII</FONT><BR>
<BR>
MISCELLANEOUS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 7.01.
<U>Counterparts</U></B>. This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an
original and all of such counterparts shall constitute one and the same instrument.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 7.02.
<U>No Third Party Beneficiaries</U></B>. This Deposit Agreement is for the exclusive benefit of the parties hereto and shall not
be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 7.03.
<U>Severability</U></B>. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should
be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 7.04.
<U>Holders and Beneficial Owners as Parties; Binding Effect</U></B>. The Holders and Beneficial Owners from time to time shall
be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance
thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 7.05.
<U>Notices</U></B>. Any and all notices to be given to the Company shall be deemed to have been duly given if personally delivered,
or sent by mail, air courier or cable, telex or facsimile transmission, confirmed by letter personally delivered or sent by mail
or air courier, addressed to GRUPO TELEVISA, S.A.B., Avenida Vasco de Quiroga 2000, Edificio &ldquo;A&rdquo;, Piso 3, Colonia Santa
F&eacute;, 01260 M&eacute;xico, D.F., M&eacute;xico, Attention: Vice President of Finance of the Company; facsimile number: 5255-5261-2524,
or to any other address which the Company may specify in writing to the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Any and all notices
to be given to the Depositary shall be deemed to have been duly given if personally delivered or sent by mail, air courier or cable,
telex or facsimile transmission, confirmed by letter personally delivered or sent by mail or air courier, addressed to The Bank
of New York, 101 Barclay Street, New York, New York 10286, Attention: American Depositary Receipt Administration, or to any other
address which the Depositary may specify in writing to the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Any and all notices
to be given to any Holder shall be deemed to have been duly given if (a)&nbsp;personally delivered or sent by mail or cable, telex
or facsimile transmission, confirmed by letter, addressed to such Holder at the address of such Holder as it appears on the books
of the Depositary or, if such Holder shall have filed with the Depositary a request that notices intended for such Holder be mailed
to some other address, at the address specified in such request, or (b)&nbsp;if a Holder shall have designated such means of notification
as an acceptable means of notification under the terms of this Deposit Agreement, by means of electronic messaging addressed for
delivery to the e-mail address designated by the Holder for such purpose. Notice to Holders shall be deemed to be notice to Beneficial
Owners for all purposes of this Deposit Agreement. Failure to notify a Holder or any defect in the notification to a Holder shall
not affect the sufficiency of notification to other Holders or to the Beneficial Owners of GDSs held by such other Holders.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.5pt">Delivery of a notice
sent by mail, air courier or cable, telex or facsimile transmission shall be deemed to be effective at the time when a duly addressed
letter containing the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage
prepaid, in a post-office letter box or delivered to an air courier service, without regard for the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">actual receipt or
time of actual receipt thereof by a Holder. The Depositary or the Company may, however, act upon any cable, telex or facsimile
transmission received by it from any Holder, the Custodian or the Company, notwithstanding that such cable, telex or facsimile
transmission shall not be subsequently confirmed by letter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Delivery of a notice
by means of electronic messaging shall be deemed to be effective at the time of the initiation of the transmission by the sender
(as shown on the sender&rsquo;s records), notwithstanding that the intended recipient retrieves the message at a later date, fails
to retrieve such message, or fails to receive such notice on account of its failure to maintain the designated e-mail address,
its failure to designate a substitute e-mail address or for any other reason.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 7.06.
<U>Governing Law</U></B>. This Deposit Agreement and the Receipts shall be interpreted and all rights hereunder and thereunder
and provisions hereof and thereof shall be governed by the laws of the State of New York without regard to the principles of conflicts
of laws thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 7.07.
<U>Compliance With U.S. Securities Laws</U></B>. Notwithstanding anything in this Deposit Agreement to the contrary, the Company
and the Depositary each agrees that it will not exercise any rights it has under this Deposit Agreement to prevent the withdrawal
or delivery of Deposited Securities in a manner which would violate the United States securities laws, including, but not limited
to, Instruction I A(l) of the General Instructions to the Form F-6 Registration Statement, as amended from time to time, under
the Securities Act of 1933.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 7.08.
<U>Assignment</U></B>. This Deposit Agreement may not be assigned by either the Company or the Depositary, except (i) in the case
of the Company, in connection with a merger or consolidation or sale of substantially all its assets and (ii) in the case of the
Depositary, an assignment of this Deposit Agreement to an affiliate or subsidiary of the Depositary or in connection with any reorganization,
merger, consolidation, sale of assets or other form of business combination by the Depositary..</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>SECTION 7.09.
<U>Amendment and Restatement</U></B>. The Depositary shall arrange to have new GDRs printed that reflect the form of GDR attached
to this Deposit Agreement. All GDRs issued hereunder after the date hereof, whether upon the deposit of CPOs or other Deposited
Securities or upon the transfer, combination or split-up of existing GDRs, shall be substantially in the form of the specimen GDR
attached as Exhibit A hereto. However, GDRs issued prior to the date hereof and outstanding as of the date hereof, which do not
reflect the form of GDR attached hereto as Exhibit A, do not need to be called in for exchange and may remain outstanding until
such time as the Holders thereof choose to surrender them for any reason under this Deposit Agreement. The Depositary is authorized
and directed to take any and all actions deemed necessary to effect the foregoing.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Company hereby
instructs the Depositary to (i) promptly send notice of the execution of this Deposit Agreement to all holders of global depositary
receipts issued pursuant to the Old Deposit Agreement and outstanding as of the date hereof and (ii) inform holders of global depositary
receipts issued pursuant to the Old Deposit Agreement and outstanding as of the date hereof that they have the opportunity, but
are not required, to exchange their GDRs for one or more GDR(s) issued pursuant to this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Holders and Beneficial
Owners of global depositary receipts issued pursuant to the Old Deposit Agreement and outstanding as of the date hereof, shall,
from and after the date hereof, be deemed Holders and Beneficial Owners of GDRs issued pursuant and be subject to all of the terms
and conditions of this Deposit Agreement in all respects, provided, however, that any term of this Deposit Agreement that prejudices
any substantial existing right of holders or beneficial owners of global depositary receipts issued under the Old Deposit Agreement
shall not become effective as to Holders and Beneficial Owners until thirty (30) days after notice of the amendments effectuated
by this Deposit Agreement shall have been given to holders of GDRs outstanding as of the date hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">IN WITNESS WHEREOF,
GRUPO TELEVISA, S.A.B. and THE BANK OF NEW YORK have duly executed this Deposit Agreement as of the day and year first set forth
above and all Holders and Beneficial Owners shall become parties hereto upon acceptance of GDSs outstanding under the terms hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 3.5in">GRUPO TELEVISA,
S.A.B.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 3in; text-align: justify">&#9;By: ___________________________________&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 3.75in; text-align: justify">Name:<BR>
Title:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 3.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 3.5in">THE BANK OF NEW
YORK</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 3in; text-align: justify">By: ___________________________________&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 3.75in">Name:<BR>
Title:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 3.75in">&nbsp;</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>EXHIBIT A</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">(FORM OF FACE OF RECEIPT)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">THE HOLDER OF THIS
GLOBAL DEPOSITARY RECEIPT MAY NOT BE ENTITLED TO EXERCISE ANY VOTING RIGHTS WITH RESPECT TO THE SERIES A SHARES, SERIES B AND THE
SERIES D SHARES OF GRUPO TELEVISA, S.A.B. REPRESENTED BY THE CERTIFICADOS DE PARTICIPACION ORDINARIOS REPRESENTED BY THE GLOBAL
DEPOSITARY SHARES EVIDENCED BY THIS GLOBAL DEPOSITARY RECEIPT.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; font: bold 12pt Times New Roman, Times, Serif; padding: 6pt 5.4pt; text-align: justify; text-decoration: underline">Number ____________</TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 12pt Times New Roman, Times, Serif; padding: 6pt 5.4pt; text-align: justify; text-decoration: underline">CUSIP No.&nbsp;&nbsp;_________________</TD></TR>
</TABLE>
<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: center">Global Depositary Shares (Each
Global Depositary<BR>
Share Representing Five Certificados de Participaci&oacute;n<BR>
Ordinarios, Each Representing 25 Series A Shares, 22 Series B Shares,<BR>
35 Series L Shares and 35 Series D Shares)</P>

<P STYLE="font: bold 12pt/18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">GLOBAL DEPOSITARY RECEIPT</P>

<P STYLE="font: bold 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center">evidencing</P>

<P STYLE="font: bold 12pt/18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">GLOBAL DEPOSITARY SHARES</P>

<P STYLE="font: bold 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center">representing</P>

<P STYLE="font: bold 12pt/18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">DEPOSITED CERTIFICADOS DE PARTICIPACION
ORDINARIOS</P>

<P STYLE="font: bold 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center">representing financial interests in,</P>

<P STYLE="font: bold 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center">and limited voting rights with respect
to,</P>

<P STYLE="font: bold 12pt/18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">25 SERIES A SHARES, 22 SERIES
B SHARES,<BR>
35 SERIES L SHARES AND 35 SERIES D SHARES HELD IN TRUST</P>

<P STYLE="font: bold 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center">of</P>

<P STYLE="font: bold 12pt/18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">GRUPO TELEVISA, S.A.B.</P>

<P STYLE="font: bold 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Incorporated under the laws of</P>

<P STYLE="font: bold 12pt/18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">THE UNITED MEXICAN STATES)</P>

<P STYLE="font: 12pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">THE BANK OF NEW
YORK, a New York banking corporation, as depositary (the &ldquo;Depositary&rdquo;), hereby certifies that __________, or registered
assigns, is the owner of __________________________ Global Depositary Shares, representing deposited Certificados de Participaci&oacute;n
Ordinarios, without par value (&ldquo;CPOs&rdquo;), or evidence of rights to receive such CPOs, issued by Nacional Financiera,
S.N.C. (the &ldquo;CPO Trustee&rdquo;) pursuant to the Trust Agreement, dated November 22, 1993, between Emilio Azc&aacute;rraga
Milmo, GRUPO TELEVISA, S.A.B., a limited liability public stock corporation organized under the laws of the United Mexican States
(the &ldquo;Company&rdquo;) and the CPO Trustee (the &ldquo;Trust Agreement&rdquo;), of the Company. At the date hereof, each Global
Depositary Share represents five (5) CPOs deposited under the Deposit Agreement (as hereafter defined) with the Custodian, which
at the date of execution of the Deposit Agreement is Banco Inbursa, S.A., (herein collectively called the &ldquo;Custodian&rdquo;).
The ratio of Global Depositary Shares to CPOs is subject to amendment as provided in the Deposit Agreement. At the date hereof
each CPO represents financial interests in, and limited voting rights with respect to, 25 Series A Shares, without par value (&ldquo;Series
A Shares&rdquo;), 35 Series B Shares, without par value (&ldquo;Series B Shares&rdquo;), 35 Preferred Payment Shares, without par
value (&ldquo;Series D Shares&rdquo;), and 35 Series L Shares, without par value (&ldquo;Series L Shares&rdquo;), of the Company.
The Series A Shares, Series B Shares, Series D Shares and Series L Shares are sometimes hereinafter collectively referred to as
the &ldquo;Shares&rdquo;.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>The Deposit Agreement</U></B>. This Global Depositary Receipt is one of an issue of Global Depositary Receipts (&ldquo;Receipts&rdquo;),
all issued and to be issued upon the terms and conditions set forth in the Amended and Restated Deposit Agreement, dated as of
September 20, 2007 (the &ldquo;Deposit Agreement&rdquo;), by and among the Company, the Depositary and all Holders and Beneficial
Owners from time to time of GDSs evidenced by GDRs issued thereunder. The Deposit Agreement sets forth the rights and obligations
of Holders and Beneficial Owners of Receipts and the rights and duties of the Depositary in respect of the CPOs deposited thereunder
and any and all other securities, property and cash from time to time received in respect of such CPOs and held thereunder (such
CPOs, securities, property and cash are herein called &ldquo;Deposited Securities&rdquo;).&nbsp;&nbsp;&nbsp;Copies of the Deposit
Agreement are on file at the Principal Office of the Depositary and with the Custodian. Each Holder and each Beneficial Owner,
upon acceptance of a GDR issued in accordance with the terms and conditions of the Deposit Agreement, shall be deemed for all purposes
to (a) be a party to and bound by the terms of the Deposit Agreement and applicable GDR(s), and (b) appoint the Depositary its
attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all steps or action contemplated in the
Deposit Agreement and the applicable GDR(s), included but not limited to those set forth in Article IV of the Deposit Agreement,
and to take such further steps or action as the Depositary in its sole discretion may deem necessary or appropriate to carry out
the purposes of the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The statements made
on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and the by-laws of the Company
(as in effect on the date of the signing of the Deposit Agreement) and are qualified by and subject to the detailed provisions
of the Deposit Agreement and the by-laws, to which reference is hereby made. All capitalized terms used herein which are not otherwise
defined herein shall have the meanings ascribed thereto in the Deposit Agreement. The Depositary makes no representation or warranty
as to the validity or worth of the Deposited Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(2)&#9;<B><U>Surrender
of Receipts and Withdrawal of Deposited Securities.</U></B> Upon (i) surrender of a certificated GDR in form satisfactory to the
Depositary at the Principal Office or (ii) receipt of proper instructions and documentation in the case of a Direct Registration
GDR, in each case by the Depositary for the purpose of withdrawal of the Deposited Securities represented by the GDSs evidenced
by this Receipt, and upon receipt of (a) payment of all fees (including the fee of the Depositary for the surrender and cancellation
of Receipts provided for in paragraph (8) of this Receipt), expenses (including CPO registration, transfer or custody fees), taxes
and governmental charges payable in connection with such surrender, (ii) written instructions of the Holder and (iii) such certification
or agreements as the Depositary and the Company may require from the Holder of such Receipt, subject to the terms and conditions
of the Deposit Agreement, the Holder of such Receipt shall be entitled to delivery or electronic transfer, to him or upon his order,
or to an account designated by such Holder, of the Deposited Securities at the time represented by the GDSs evidenced by such Receipt.
Such delivery of Deposited Securities shall be made, as hereinafter provided, without unreasonable delay.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">A Receipt surrendered
or written instructions received for such purposes may be required by the Depositary to be properly endorsed or accompanied by
properly executed instruments of transfer. The person requesting withdrawal of Deposited Securities shall deliver to the Depositary
a written order directing the Depositary to cause the Deposited Securities being withdrawn to be delivered (subject to applicable
clearing procedures of Indeval, applicable laws, the by-laws of the Company and the provisions of the Trust Agreement and subject
to the provisions of the Deposit Agreement) to or upon the written order of a person or persons designated in such order.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Holders or Beneficial
Owners who withdraw securities that are Deposited Securities (other than CPOs) for their own account, must register with the Mexican
Registro Nacional de Inversiones Extranjeras (the &ldquo;National Registry of Foreign Investment&rdquo;) within forty (40) business
days from the date of withdrawal. Under provisions of Mexican law and the Trust in force as of the date of the Deposit Agreement,
holders of CPOs are not entitled to receive physical certificates evidencing such CPOs but may request certification by Indeval
and the relevant Indeval Participants as to their ownership of CPOs under certain circumstances.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Depositary shall
not accept for surrender a Receipt evidencing GDSs representing less than one CPO. In the case of surrender of a Receipt evidencing
a number of GDSs representing other than a whole number of CPOs, the Depositary shall cause ownership of the appropriate whole
number of CPOs to be recorded in the name of the Holder surrendering such Receipt, and shall issue and deliver to the person surrendering
such Receipt a new Receipt evidencing GDSs representing any remaining fractional CPO.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">After the Fifteenth
Anniversary:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">(a)&#9;Mexican
CPO Holders, subject to compliance with the terms of the Trust and applicable laws of Mexico, may be able to surrender CPOs for
the purpose of withdrawal of the Series A Shares, Series B Shares, Series L Shares and Series D Shares represented thereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">(b)&#9;Non-Mexican
CPO Holders, subject to compliance with the terms of the Trust and applicable laws of Mexico, may be able to (i) instruct the CPO
Trustee to sell the Series A Shares, Series B Shares and Series D Shares underlying the CPOs to persons legally qualified to acquire
such Series A and Series D Shares pursuant to the by-laws of the Company and applicable Mexican laws, and receive the proceeds
from such sale and (ii) surrender CPOs for the purpose of withdrawal of the Series L Shares underlying the CPOs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">In each case, transfer
of ownership of the CPOs (and of the Series A Shares, Series B Shares, Series L Shares and Series D Shares to the extent otherwise
permitted) will be effected through the records maintained by Indeval and Indeval Participants.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(3)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><B><U>Transfers, Split-ups and Combinations</U></B>. The Depositary, subject to the terms and conditions of the Deposit
Agreement, this Receipt and any applicable securities laws of the United States or any state thereof, shall register transfers
of this Receipt on its transfer books upon any surrender to the Principal Office of the Depositary of this Receipt by the Holder
thereof in person or by duly-authorized attorney, properly endorsed or accompanied by proper instruments of transfer (including
signature guarantees in accordance with standard industry practice and, in the case of this Receipt the accurate completion of
any endorsements appearing on this Receipt) and duly stamped as may be required by any applicable law. Thereupon the Depositary
shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the
same aggregate number of GDSs as those evidenced by the Receipts surrendered, subject to receipt of any certifications by such
person as the Depositary and the Company may require in order to comply with applicable laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Depositary,
subject to the terms and conditions of the Deposit Agreement, this Receipt and any applicable securities laws of the United States
or any state thereof, shall upon surrender of this Receipt for the purpose of effecting a split-up or combination of such Receipt
or Receipts, execute and deliver a new Receipt or Receipts in the name of the same Holder for any authorized number of GDSs requested,
evidencing the same aggregate number of GDSs as this Receipt surrendered. The Depositary may close the register (a) at any time
or from time to time when deemed expedient by it in connection with the performance of its duties hereunder or (b) at the request
of the Company. The Depositary shall make reasonable efforts to consult with the Company if practicable, and shall notify the Company,
in the case of any closure under clause (a) of the preceding sentence that is outside of the ordinary course of business. In connection
with any split-up or combination of this Receipt pursuant to this paragraph not involving transfer, the Depositary shall not be
obligated to obtain any certification or endorsement otherwise required by the terms of the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">At the request of
a Holder, the Depositary shall, for the purpose of substituting a certificated GDR with a Direct Registration GDR, or vice versa,
execute and deliver a certificated GDR or a Direct Registration GDR, as the case may be, for any authorized number of GDSs requested,
evidencing the same aggregate number of GDSs as those evidenced by the certificated GDR or Direct Registration GDR, as the case
may be, substituted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(4)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><B><U>Certain Limitations</U></B>. As a condition precedent to the execution and delivery, registration of transfer, split-up,
combination or surrender of any Receipt, the delivery of any distribution in respect thereof or the withdrawal of any Deposited
Securities, the Depositary or the Custodian may require from the Holder, the presenter of a Receipt, or the depositor of CPOs,
in order to reflect such execution and delivery, registration of transfer, split-up, combination, surrender, delivery or withdrawal:
(i) payment of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer, custody or registration
fee with respect thereto (including any such tax or charge and fee with respect to CPOs being deposited, transferred or withdrawn)
and payment of any fees and charges of the Depositary upon delivery of Receipts against deposits of CPOs and upon withdrawal of
Deposited Securities against surrender of Receipts as provided in paragraph (8) of this Receipt; (ii) compliance with such reasonable
regulations, if any, as the Depositary and the Company may establish consistent with the provisions of the Trust Agreement or the
Deposit Agreement including, without limitation, paragraph (25) hereof and the rules of the New York Stock Exchange; and (iii)
production of proof satisfactory to it as to the identity and genuineness of any signature appearing on any form, certification
or other document delivered to the Depositary in connection with the Deposit Agreement, including but not limited to, in the case
of Receipts, a signature guarantee in accordance with industry practice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The delivery of
Receipts against deposits of CPOs generally or of particular CPOs may be suspended or withheld, or the registration of transfer
of Receipts in particular instances may be refused, or the registration of transfer generally may be suspended, or the surrender
of outstanding Receipts for the purpose of withdrawal of Deposited Securities may be suspended, during any period when the transfer
books of the Depositary or the Trust (or the appointed agent of the Trust for the transfer and registration of CPOs) are closed,
or if any such action is deemed necessary or advisable by the Company or the Depositary at any time or from time to time, subject
in all cases to paragraph (25) hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Notwithstanding
any provision of the Deposit Agreement or this Receipt to the contrary, the surrender of outstanding Receipts and withdrawal of
Deposited Securities may not be suspended or refused, except as permitted in General Instruction I.A(1) to the Form F-6 Registration
Statement (as such instruction may be amended from time to time) under the Securities Act of 1933 in connection with (i) temporary
delays relating to the deposit of CPOs in connection with voting at a shareholders&rsquo; meeting, or the payment of dividends,
(ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations
relating to the Receipts or to the withdrawal of the Deposited Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The Depositary will
comply with reasonable written instructions of the Company (received by the Depositary reasonably in advance) not to accept for
deposit thereunder any certificated CPOs identified in such instructions at such times and under such circumstances as may reasonably
be specified in such instructions in order to facilitate the Company&rsquo;s compliance with the securities laws of the United
States and other jurisdictions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(5)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><B><U>Liability of Holders for Taxes and Other Charges</U></B>. If any Mexican or other tax or other governmental charge
shall become payable with respect to any Receipt or any Deposited Securities represented by the GDSs evidenced by any Receipt,
or the deposit, transfer or withdrawal thereof, or otherwise, such tax or other governmental charge shall be payable by the Holder
to the Depositary. The Depositary may refuse, and the Company and the CPO Trustee shall be under no obligation, to effect any registration
of transfer of all or a part of such Receipt or split-up or combination of such Receipt or any deposit or withdrawal of Deposited
Securities represented by the GDSs evidenced hereby until such payment is made, and may withhold or deduct from any dividends or
other distributions, or may sell for the account of the Holder any part or all of the Deposited Securities represented by the GDSs
evidenced by such Receipt, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such
tax or other governmental charge, the Holder hereof remaining liable for any deficiency.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(6)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><B><U>Representations and Warranties by Depositor</U></B>. Each person depositing CPOs under the Deposit Agreement shall
be deemed thereby to represent and warrant that such CPOs, the underlying Shares and any certificate therefore are validly issued
and outstanding, fully paid and nonassessable and that any preemptive rights have been validly waived or exercised, and that the
person making such deposit is duly-authorized to do so. Every such person shall also be deemed to represent that the deposit of
CPOs or sale or transfer of Receipts by that person is not restricted under the Securities Act of 1933, and that the CPOs (and
Shares represented thereby) deposited by that person are not Restricted Securities. Such representations and warranties shall survive
the deposit of CPOs and issuance or cancellation of Receipts in respect thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(7)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><B><U>Filing Proofs, Certificates, and Other Information</U></B>. Any person depositing CPOs, any Holder or any person who
wishes to give instructions as to voting the Shares underlying the CPOs represented by GDSs, may be required from time to time
(a) to file with the Depositary or the Custodian such proof of citizenship, nationality, residence, exchange control approval,
payment of all applicable Mexican taxes or other governmental charges, compliance with all applicable laws, regulations, and provisions
governing Deposited Securities and the terms of the Deposit Agreement, and legal or beneficial ownership of Receipts, Deposited
Securities and other securities, and the nature of such interest, (b) to provide information to the Depositary or Custodian relating
to the registration on the books of the Trust or the Company (or the appointed agent for the transfer and registration of CPOs)
of the CPOs presented for deposit or other information, (c) to execute such certificates, and (d) to make such written representations
and warranties as the Depositary or the Company may deem necessary or proper to enable the Depositary or the Company to perform
its obligations hereunder or under applicable laws or the CPO Trustee to perform its obligations under the Trust or under applicable
laws. The Depositary may withhold the delivery or registration of transfer of all or part of any Receipt, the delivery of any dividend
or other distribution or of rights or of the net proceeds of the sale thereof or, subject to Section 7.07 of the Deposit Agreement
, the delivery of any Deposited Security represented by the GDSs evidenced by such Receipt, or may refuse to cause to be exercised
the voting rights, if any, in respect of Deposited Securities, until the foregoing is accomplished to the satisfaction of the Company
and the Depositary . The Depositary shall, upon the Company&rsquo;s written request, provide to the Company in a timely manner
copies of any such proofs and certificates and such written representations and warranties that it receives.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(8)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><B>&#9;<U>Charges of Depositary</U></B>. The Company agrees to pay the fees and out-of-pocket expenses of the Depositary
and those of any Registrar, if any, as are provided in Section 5.06 of the Deposit Agreement and this Article 8 only in accordance
with agreements in writing entered into between the Company and the Depositary from time to time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The following charges
shall be incurred by any party depositing or withdrawing CPOs or by any party surrendering Receipts or to whom Receipts are issued
(including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of
stock regarding the Receipts or Deposited Securities or a delivery of Receipts pursuant to Section 4.03 of the Deposit Agreement),
or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in
effect for the registration of transfers of CPOs generally on the register or the CPO Trust, the Company or Foreign Registrar and
applicable to transfers of CPOs to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making
of deposits or withdrawals, (3) such cable, telex and facsimile transmission expenses as are expressly provided in the Deposit
Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.06,
(5) a fee of $5.00 or less per 100 Global Depositary Shares (or portion thereof) for the delivery of Receipts pursuant to Section
2.03, 4.03 or 4.04 and the surrender of Receipts pursuant to Section 2.05 or 6.02, (6) a fee of $.02 or less per Global Depositary
Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections
4.02 through 4.04 thereof, (7) a fee for the distribution of securities pursuant to Section 4.05 of the Deposit Agreement, such
fee being in an amount equal to the fee for the execution and delivery of Receipts referred to above which would have been charged
as a result of the deposit of such securities (for purposes of this clause 7 treating all such securities as if they were CPOs)
but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under Clause 6, a
fee of $.02 or less per Global Depositary Share (or portion thereof) for depositary services, which will be payable as provided
in clause 9 below and (9) any other charges payable by the Depositary, any of the Depositary's agents, including the Custodian,
or the agents of the Depositary's agents in connection with the servicing of CPOs or other Deposited Securities (which charge shall
be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.07 of the Deposit Agreement
and shall be payable at the sole discretion of the Depositary by billing such Owners for such charge or by deducting such charge
from one or more cash dividends or other cash distributions).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">All fees and charges
may at any time and from time to time be changed by agreement between the Company and the Depositary. Unless otherwise agreed,
the Depositary shall present its statement for such expenses and fees or charges to the Company once every three (3) months. The
charges and expenses of the Custodian, Nominee or any other agent of the Depositary are for the sole account of the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">The right of the
Depositary to receive payment of fees, charges and expenses as provided in Section 5.06 of the Deposit Agreement and this Article
8 shall survive the termination of the Deposit Agreement and, as to any Depositary, the resignation or removal of such Depositary
pursuant to Section 5.05 of the Deposit Agreement (but then only with respect to such fees, charges and expenses due and owing
at the time of such termination, resignation or removal including those pursuant to Section 5.05 of the Dposit Agreement).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(9)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><B><U>Title to Receipts</U></B>. Title to this Receipt and to the GDSs evidenced hereby, subject to any limitations set
forth in this Receipt, when properly endorsed or accompanied by properly executed instruments of transfer (including signature
guarantees in accordance with standard industry practice), shall be transferable by delivery with the same effect as in the case
of a certificated security under the laws of the State of New York; provided, however, that the Company and the Depositary, notwithstanding
any notice to the contrary, may deem and treat the Holder (as defined in the Deposit Agreement) of a Receipt as the absolute owner
thereof for any purpose, including but not limited to the purpose of determining the person entitled to distribution of dividends
or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes, and neither the Depositary
nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any holder of a Receipt
unless such holder is the registered Holder thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(10)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Validity of Receipt</U></B>. This Receipt and no GDS evidenced thereby shall be entitled to any benefits under the
Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company, unless this Receipt has been
(i) dated, (ii) signed by the manual or facsimile signature of a duly-authorized signatory of the Depositary, (iii) if required,
countersigned by the manual or facsimile signature of a duly-authorized signatory of the Registrar, and (iv) registered in the
books maintained by the Registrar for the registration of issuance and transfers of Receipts. Receipts bearing the facsimile signature
of a duly-authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly-authorized signatory
of the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory
has ceased to be so authorized prior to the delivery of such Receipt by the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(11)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Disclosure of Beneficial Ownership</U></B>. The Company and the Depositary may from time to time request Holders and
Beneficial Owners or former Holders or former Beneficial Owners to provide information as to the capacity in which they hold or
held Receipts and regarding the identity of any other persons then or previously interested in such Receipts and the nature of
such interest and various other matters. Each Holder or Beneficial Owner agrees to provide any such information reasonably requested
by the Company or the Depositary pursuant to this paragraph and such agreement shall survive any disposition of their interest
in Deposited Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(12)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Ownership Restrictions</U></B>. The Company may restrict transfers of the CPOs where such transfer might result in
ownership of CPOs or Shares exceeding the limits under applicable law, the Company&rsquo;s by-laws, the Trust or the CPO Deed.
The Company may also restrict, in such manner as it deems appropriate, transfers of the GDSs where such transfer may result in
the total number of CPOs represented by the GDSs beneficially owned by a single Holder or Beneficial Owner to exceed the limits
under any applicable law, the Company&rsquo;s by-laws, the Trust or the CPO Deed. The Company may, in its sole discretion, instruct
the Depositary to instruct the Holder of such GDSs to cancel such GDSs so as to permit the Company to deal directly with such Holder
and/or Beneficial Owner and the Depositary agrees to so instruct. Holders and Beneficial Owners agree to abide by any such instructions..</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Non-Mexican states
and governments are prohibited under the Company&rsquo;s by-laws and Mexican Federal Radio and Television Law from owning Shares
of the Company and are, therefore, prohibited from being the beneficial or record owners of the Shares, CPOs, GDSs and GDRs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(13)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Available Information</U></B>. The Company is subject to the periodic reporting requirements under the Securities
Exchange Act of 1934 and, accordingly, is required to file certain reports and information with the Commission. Such reports and
information can be inspected and copied at public reference facilities maintained by the Commission located at 100 F Street, N.E.,
Washington, D.C. 20549.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Dated:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">Countersigned</TD>
    <TD STYLE="width: 50%; padding: 6pt 5.4pt 12pt; font: bold 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-weight: normal">THE BANK OF NEW YORK, as Depositary</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">By: __________________________<BR>
&#9;Authorized Signatory</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">By: _____________________________<BR>
&#9;Title:</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">On the date of the
Deposit Agreement, the address of the Principal office of the Depositary is 101 Barclay Street, New York, New York 10286.</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: center"><FONT STYLE="font-weight: normal">(FORM
OF REVERSE OF RECEIPT)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SUMMARY OF CERTAIN ADDITIONAL PROVISIONS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">OF THE DEPOSIT AGREEMENT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(14)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Distributions Upon Deposited Securities</U></B>. Whenever the Custodian or the Depositary receives any cash dividend
or other cash distribution by the Company or the CPO Trustee on any Deposited Securities (which dividend or other distribution
may be made in dollars or Pesos, in the Company&rsquo;s sole discretion), the Depositary shall, if paid in Pesos, subject to the
Deposit Agreement, convert or cause such dividend or distribution to be converted into dollars and shall promptly distribute the
dollars received (from the Company or the CPO Trustee or as the proceeds of the conversion of Pesos) to the Holders entitled thereto
in proportion to the number of GDSs representing such Deposited Securities held by them respectively, after deduction of the expenses
of the Depositary; provided, however, that in the event that the Company, the CPO Trustee, the Custodian or the Depositary shall
be required to withhold and does withhold, subject to Section 4.11 of the Deposit Agreement, from any cash dividend or other cash
distribution in respect of any Deposited Securities an amount on account of taxes or other governmental charges, the amount distributed
to the Holder in respect to GDSs representing such Deposited Securities shall be reduced accordingly.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Whenever the Depositary
or the Custodian shall receive foreign currency, by way of dividends or other distributions or the net proceeds from the sale of
securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment
of the Depositary be converted on a reasonable basis into dollars distributable to the Holders entitled thereto and the resulting
dollars transferred to the United States, the Depositary shall promptly convert or cause to be converted, by sale or in any other
manner that it may determine, such foreign currency into dollars, and such dollars (less any reasonable and customary expenses
incurred by the Depositary in the conversion of the foreign currency) shall be distributed to the Holders entitled thereto or,
if the Depositary shall have distributed any warrants or other instruments which entitle the holders thereof to such dollars, then
to the holders of such warrants and/or instruments upon surrender thereof for cancellation in accordance with the terms thereof.
Such distribution shall be made upon an averaged or other practicable basis without regard to any distinctions among Holders on
account of any application of exchange restrictions or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">If such conversion
or distribution generally or with regard to a particular Holder can be effected only with the approval or license of any government
or agency thereof, the Depositary may, after consultation with the Company, file such application for approval or license, if any,
as it may deem desirable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">If at any time the
Depositary shall determine that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible
on a reasonable basis into dollars distributable to Holders entitled thereto, or if any approval or license of any government or
authority or agency thereof which is required for such conversion is denied or in the opinion of the Depositary is not obtainable,
or if any such approval or license is not obtained within a reasonable period as determined by the Depositary, the Depositary may
distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by
the Depositary to, or in its discretion may hold such foreign currency for the respective accounts of, the Holders entitled to
receive the same.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">If any such conversion
of foreign currency, in whole or in part, cannot be effected for distribution to some Holders entitled thereto, the Depositary
may in its discretion make such conversion and distribution in dollars to the extent permissible to the Holders for whom such conversion
and distribution is practicable and may distribute the balance of the foreign currency received by the Depositary or the Custodian
to, or hold such balance for the account of, the Holders for whom such conversion and distribution is not practicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Whenever the Custodian
or the Depositary receives from the CPO Trustee any distribution of a dividend in or free distributions of CPOs (including, as
the case may be, Shares represented by the CPOs), the Depositary may, with the approval of the Company and the CPO Trustee, and
shall if the Company so requests and provides an opinion of United States counsel to the Company as to the absence of any registration
requirements under the Securities Act of 1933 with respect to such dividend or as to the effectiveness of a registration statement
under the Securities Act of 1933 with respect thereto, distribute to the Holders of outstanding Receipts as of a record date fixed
pursuant to Section 4.07 of the Deposit Agreement entitled thereto, in proportion to the number of GDSs representing such Deposited
Securities held by them respectively, additional Receipts for an aggregate number of GDSs representing the number of CPOs received
as such dividend or free distribution, after deduction of the expenses of the Depositary; provided, however, that if for any reason
(including any requirement that the CPO Trustee, the Company or the Depositary withhold an amount on account of taxes or other
governmental charges or that such CPOs or Shares represented thereby must be registered under the Securities Act of 1933 or other
applicable laws in order to be distributed to Holders of Receipts) the Depositary, in the absence of an opinion of United States
counsel to the Company, as aforesaid, deems such distribution not to be feasible (after consultation with the Company), the Depositary
may adopt such method, if any be available, as it may deem equitable and practicable (after consultation with the Company) for
the purpose of effecting such distribution, including the sale (at public or private sale) of the CPOs and Shares represented thereby
thus received, or any part thereof, and the net proceeds of any such sale shall be distributed by the Depositary to the Holders
entitled thereto as in the case of a distribution in cash pursuant to Section 4.02 of the Deposit Agreement. In lieu of issuing
Receipts for fractional GDSs in any such case, the Depositary shall sell the number of CPOs (or Shares, as the case may be) represented
by the aggregate of such fractions and distribute the net proceeds in dollars, all in the manner and subject to the conditions
described in Section 4.02 of the Deposit Agreement. If additional Receipts are not so distributed (except pursuant to the preceding
sentence), each GDR shall thenceforth also represent its proportionate interest in the additional GDSs issued upon the distribution
of the additional CPOs received by the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">In the event that
the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional
Shares or any rights of any other nature, and in the event the CPO Trustee makes such offer available to holders of CPOs, the Depositary,
after consultation with the Company, shall have discretion as to the procedure to be followed in making such rights available to
the Holders entitled thereto, subject to Section 5.09 of the Deposit Agreement, or in disposing of such rights on behalf of such
Holders and making the net proceeds available in dollars to such Holders as in the case of a distribution of cash pursuant to Section
4.02 of the Deposit Agreement or, if by the terms of such rights offering or by reason of applicable law, the Depositary may neither
make such rights available to such Holders nor dispose of such rights and make the net proceeds available to such Holders, then
the Depositary shall allow the rights to lapse (without incurring liability to any person as a consequence thereof); provided,
however, that the Depositary will, if the Company so requests in writing and provides an opinion of United States counsel (which
opinion shall be reasonably acceptable to the Depositary) as to the absence of any registration requirements under the Securities
Act of 1933 with respect to such additional Series A Shares, Series B Shares, Series L Shares and Series D Shares or other rights
or as to the effectiveness of a registration statement under the Securities Act of 1933 with respect thereto, take action as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">if at the time of the offering of any rights the Depositary determines that it is lawful and feasible
to make such rights available to all or certain Holders by means of warrants or otherwise, the Depositary shall, after deduction
of the expenses of the Depositary as set forth in Section 5.06 of the Deposit Agreement, distribute to such Holders entitled thereto
warrants or other instruments therefor in such form and upon such terms and representations as it may determine, in proportion
to the number of GDSs representing such Deposited Securities held by them respectively, or employ such other method as it may deem
feasible in order to facilitate the exercise, sale or transfer of rights by such Holders or the sale or resale of securities obtainable
upon exercise of such rights by such Holders; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">if at the time of the offering of any rights the Depositary determines that it is not lawful or
not feasible to make such rights available to certain Holders by means of warrants or otherwise, or if the rights represented by
such warrants or such other instruments are not exercised and appear to be about to lapse, the Depositary shall use its reasonable
efforts to sell such rights or such warrants or other instruments, if a market therefor is available, at public or private sale,
at such place or places and upon such terms as it may deem reasonable and proper and, after deduction of the expenses of the Depositary,
allocate the net proceeds of such sales for the account of the Holders otherwise entitled to such rights, warrants or other instruments
upon an averaged or other practicable basis without regard to any distinctions among such Holders because of exchange restrictions,
or the date of delivery of any Receipt or Receipts, or otherwise, and distribute such net proceeds so allocated to the extent practicable
as in the case of a distribution of cash pursuant to Section 4.02 of the Deposit Agreement.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Neither the Depositary,
the CPO Trustee nor the Company shall be responsible for any failure to determine that it may be lawful or feasible to make such
rights available to Holders in general or any Holder or Holders in particular or for the inability or failure to dispose of such
rights if any market therefore is available.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Because Mexican
law does not contemplate the issuance of pre-emptive rights in negotiable form, a liquid market for pre-emptive rights may not
exist, and this may adversely affect the amount the Depositary would realize upon disposal of rights and its ability to carry out
any disposal of such rights at all.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Notwithstanding
anything to the contrary in Section 4.04 of the Deposit Agreement, if registration under the Securities Act of 1933 or any other
applicable law of the rights or the securities to which any rights relate is required in order for the Company to offer such rights
to Holders and to sell the securities represented by such rights, the Depositary will not offer such rights to Holders unless and
until a registration statement is in effect, or unless the offering and sale of such rights or securities to such Holders are exempt
from registration under the provisions of the Securities Act of 1933 and are otherwise permissible under all applicable laws. The
Company shall have no obligation to register such rights or such securities under the Securities Act of 1933 or any other applicable
laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Whenever the Custodian
or the Depositary shall receive any distribution other than cash, CPOs or rights upon any Deposited Securities, the Depositary
may with the Company&rsquo;s approval, and shall if the Company so requests and provides an opinion of United States counsel as
to the absence of any registration requirements under the Securities Act of 1933 with respect to such distribution or as to the
effectiveness of a registration statement under the Securities Act of 1933 with respect thereto, cause such securities or property
to be distributed to the Holders entitled thereto, after deduction of the expenses of the Depositary, in proportion to the number
of GDSs representing such Deposited Securities held by them respectively, in any manner that the Depositary may deem equitable
and practicable for accomplishing such distribution; provided, however, that if in the opinion of the Depositary it cannot cause
such securities or property to be distributed or such distribution cannot be made proportionately among the Holders entitled thereto,
or if for any other reason (including any requirement that the Company, the Custodian or the Depositary withhold an amount on account
of taxes or other governmental charges or that such securities must be registered under the Securities Act of 1933 or other applicable
laws in order to be distributed to Holders) the Depositary deems such distribution not to be feasible, after consultation with
the Company, the Depositary may adopt such method, if any be available, as it may deem equitable and practicable, after consultation
with the Company, for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities
or property thus received, or any part thereof, and the net proceeds of any such sale shall be distributed by the Depositary to
the Holders entitled thereto as in the case of a distribution in cash pursuant to Section 4.02 of the Deposit Agreement, and any
unsold balance of such securities or property shall be distributed by the Depositary to the Holders entitled thereto, if such distribution
is feasible without withholding for or on account of any taxes or other governmental charges and without registration under the
Securities Act of 1933 or any other applicable laws, in accordance with such equitable and practicable method as the Depositary
may have adopted, after consultation with the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">In the event that
any registration under the Securities Act of 1933 or any other applicable law of the rights or the securities to which any rights
relate is required in order for the Company to offer such rights to Holders and to sell the securities represented by such rights,
the Depositary will not offer such rights to Holders unless and until a registration statement is in effect, or unless the offering
and sale of such rights or securities to such Holders are exempt from registration under the provisions of the Securities Act of
1933 and are otherwise permissible under all applicable laws. The Company shall have no obligation to register such rights or such
securities under the Securities Act of 1933 or any other applicable laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(15)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Record Dates</U></B>. Whenever any cash dividend or other cash distribution shall become payable or any distribution
other than cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever, for any
reason, the Depositary causes a change in the number of CPOs that are represented by each GDS or whenever the Depositary shall
receive notice of any meeting of holders of CPOs, other Deposited Securities or Shares, or whenever the Depositary finds it necessary
or convenient in respect of any matter, the Depositary shall fix a record date (which date shall, to the extent practicable, except
as provided in Section 4.08(b) of the Deposit Agreement, be the same as, or as near as practicable to the corresponding record
date for CPOs or such Shares or other Deposited Securities set by the CPO Trustee or by the Company, as the case may be, subject
to the requirements of applicable law, the regulations of any stock exchange on which the GDSs may be listed and the terms of the
Trust Agreement) for the determination of the Holders who shall be entitled to receive such dividend, distribution or rights, or
the net proceeds of the sale thereof, or in respect of such changed number of CPOs represented by each GDS or in respect of such
other matter, or to give instructions for the exercise of voting rights, if any, at any such meeting. The Depositary shall notify
the Company as promptly as practicable if it fixes a record date that is different from a record date fixed by the Company. Subject
to the provisions of Section 4.02 through 4.06 of the Deposit Agreement and to the other terms and conditions of that Agreement,
the Holders on such record date shall be entitled to receive the amount distributable by the Depositary with respect to such dividend
or other distribution or such rights or the net proceeds of sale thereof, to exercise the rights of Holders hereunder with respect
to such changed number of CPOs represented by each GDS, to give such voting instructions, to receive such notice or solicitation
or to act in respect of any matter in each case in proportion to the number of GDSs held by them respectively.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(16)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Voting of Deposited Securities</U></B>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><U>Summary of Voting Rights of Deposited Securities</U></B>. Holders of CPOs may direct the CPO Trustee to vote (i)&nbsp;in
the case of CPO Holders&rsquo; Meeting, the CPOs, or (ii)&nbsp;in the case of a meeting of the holders of the Series L Shares,
the Series L Shares underlying the CPOs with respect to those limited matters on which such Series L Shares, pursuant to the Company&rsquo;s
by-laws and Mexican law, are entitled to vote. In addition, in the case of a meeting of the holders of the Series A Shares, Series
B Shares and Series D Shares, holders of CPOs that are Mexican nationals or Mexican corporations whose by-laws exclude foreign
ownership of their shares (&ldquo;Mexican Holders&rdquo;) may direct the CPO Trustee to vote the Series A Shares, Series B Shares
and the Series D Shares underlying the CPOs with respect to those matters on which such Series A Shares, Series B Shares and Series
D Shares, pursuant to the Company&rsquo;s by-laws and Mexican law, are entitled to vote. Pursuant to the provisions of the Trust,
the CPOs and applicable laws of Mexico, Holders who are not Mexican nationals or Mexican corporations whose by-laws do not exclude
foreign ownership of their shares (&ldquo;Non-Mexican Holders&rdquo;) may not direct the CPO Trustee as to how to vote the Series
A Shares, Series B Shares and the Series D Shares underlying the CPOs at the relevant shareholders&rsquo; meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Instructions shall be given to the CPO Trustee
as to how to vote or cause to be voted the CPOs or the Shares underlying the CPOs or other securities underlying the Deposited
Securities, no later than five (5) business days before relevant CPO Holders&rsquo; Meeting or shareholders&rsquo; meeting as the
case may be.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the case of shareholders&rsquo; meetings,
the CPO Trustee is required under the Trust and with respect to CPOs held by Non-Mexican Holders for which the Depositary received
instructions to vote pursuant to paragraph (16)(b) below, to grant a power of attorney to appoint a representative of the CPO Trustee
to vote the Series A Shares, Series B Shares and Series D Shares represented by such CPOs held by Non-Mexican Holders in the same
manner as the majority of the Series A Shares, Series B Shares and the Series D Shares that are held by Mexican nationals are voted
at the relevant shareholders&rsquo; meeting. The CPO Trustee will cause the Series L Shares, the Series A Shares, Series B Shares
and Series D Shares underlying CPOs for which no voting instructions are given pursuant to paragraph (16)(b) or (c) below, to be
voted in the same manner as the majority of Series L Shares, Series A Shares, Series B Shares or Series D Shares, as the case may
be, are voted at the relevant shareholders&rsquo; meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">In the case of a
CPO Holders&rsquo; Meeting and with respect to CPOs for which no instructions are given or received on or before the date established
by the Depositary for such purpose pursuant to paragraph 16(b) below, such CPO holders shall be deemed to have instructed the Depositary
and the Custodian to take such actions as are necessary and to instruct the Common Representative pursuant to paragraph 16(c) to
(x) take such actions as are necessary to cause such CPOs to be counted for purposes of satisfying applicable quorum requirements
and (y) vote such CPOs in the same manner as the majority of the CPOs are voted at the relevant CPO Holders Meeting, unless the
Company in its sole discretion has given prior written notice to the Depositary and the Custodian to the contrary (in which case
such CPOs shall not be voted at the relevant CPO Holders&rsquo; Meeting ). In the case of a shareholders&rsquo; meeting, the Company,
the CPO Trustee and the Depositary shall use their reasonable efforts to implement, or cause the implementation of, arrangements
that will enable Holders of GDSs that are Mexican Holders, and which can timely provide evidence reasonably satisfactory to the
Company, the Depositary, and the CPO Trustee to such effect, to cause the CPO Trustee to grant a power of attorney to appoint a
representative to vote, in addition to the Series L Shares, the Series A Shares, Series B Shares and Series D Shares underlying
the CPOs held by such Mexican Holders at the relevant shareholders meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Under the terms
of Mexican law, a CPO Holders&rsquo; Meeting may be called by the Common Representative at the request of holders of CPOs representing
at least 10% of the aggregate number of CPOs outstanding. Whenever any Holder of Receipt(s) gives a notice to the Depositary containing
a request for a CPO Holders&rsquo; Meeting concerning any business of the Trust or at which holders of CPOs may be entitled to
vote, the Depositary shall direct the Custodian, as the holder of all CPOs represented by GDSs, to give notice to the Common Representative
containing such request in the same form as provided in the notice from such Holder of Receipts to the Depositary. In its notice
to the Common Representative, the Custodian shall state that it is giving such notice in its capacity as the holder of that number
of CPOs represented by the GDSs held by such Holder. In order for holders of CPOs to be entitled to attend a CPO Holders&rsquo;
Meeting, holders must request from Indeval, through an Indeval Participant, not less than five (5) business days prior to the date
on which the CPO&rsquo;s Holders&rsquo; Meeting is held, a deposit receipt and must submit such receipt with the institution designated
for such purposes in the notice for such meeting on or before the date prior to the date fixed for the CPO Holders&rsquo; Meeting.
Persons appointed by an instrument in writing as proxy for a holder or holders of CPOs will be entitled to attend CPO Holders&rsquo;
Meetings.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><U>Voting Instructions by GDS Holders</U>. </B>As soon as practicable after receipt of notice of any meeting of holders
of CPOs, Shares or other securities underlying the Deposited Securities, as applicable, the Depositary shall:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.1in"></TD><TD STYLE="width: 0.4in">(i)</TD><TD STYLE="text-align: justify">fix a record date (in accordance with the terms of Section 4.07 of the Deposit Agreement but in
any event such date, subject to the requirements of applicable law and the regulations of any stock exchange on which the GDSs
may be listed, should not be fewer than fifteen (15) calendar days prior to the date of the applicable meeting) for purposes of
determining those Holders entitled to give instructions for the exercise of voting rights, if any, at the relevant CPO Holders&rsquo;
Meeting or shareholders&rsquo; meeting, as the case may be, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.1in"></TD><TD STYLE="width: 0.4in">(ii)</TD><TD STYLE="text-align: justify">if so requested by the Company and the CPO Trustee in a timely manner, distribute, at the Company&rsquo;s
or CPO&rsquo;s Trustee expense, as the case may be, and provided no legal prohibitions exist, to the Holders of record a notice
which shall contain:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 44.25pt">(a)</TD><TD STYLE="text-align: justify">such information as is contained in such notice of meeting,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 44.25pt">(b)</TD><TD STYLE="text-align: justify">a statement that the Holders of record at the close of business on a specified record date will
be entitled, subject to any applicable provisions of the Deposit Agreement, the Trust, Mexican law and the by-laws of the Company
(which provisions, if any, shall be summarized by the Company in English in pertinent part), to instruct the Depositary as to the
exercise of the voting rights, if any, pertaining to the number of CPOs, Shares or other securities underlying the Deposited Securities
represented by their respective GDSs at the relevant CPOs Holders&rsquo; Meeting or shareholders&rsquo; meeting, as the case may
be, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 44.25pt">(c)</TD><TD STYLE="text-align: justify">a statement as to the manner in which such voting instructions may be given<B>, </B>including an
express indication that if no voting instructions are received by the Depositary on or before the date established by the Depositary
which shall be at least six(6) calendar days prior to the date of the applicable CPOs Holders&rsquo; Meeting or shareholders&rsquo;
meeting, as the case may be,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">in the case of CPO Holders&rsquo; Meetings and with respect to CPOs for which no instructions are
given or received on or before the date established by the Depositary, it shall be deemed that such CPOs holders have instructed
the Depositary and the Custodian to take such actions as are necessary and to instruct the Common Representative to (A) take such
actions as are necessary to cause such CPOs to be counted for purposes of satisfying applicable quorum requirements and (B) unless
the Company in its sole discretion has given prior written notice to the Depositary and the Custodian to the contrary (in which
case such CPOs shall not be voted at the relevant CPO Holders&rsquo; Meeting), vote such CPOs, in the same manner as the majority
of the CPOs are voted at the relevant CPO Holders&rsquo; Meeting; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(y)</TD><TD STYLE="text-align: justify">in the case of shareholders&rsquo; meetings, (A) if requested in writing by the Company on or prior
to such date, the Depositary (in accordance with the provisions of paragraph (16)(c)) shall be deemed to have been given a discretionary
proxy to a person designated by the Company or (B) if no such written request is made by the Company, the Depositary shall not
vote, attempt to exercise the right to vote that attaches to, or instruct the CPO Trustee to vote, the Shares underlying the CPOs
in the relevant shareholders&rsquo; meeting.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon timely receipt
of voting instructions from a Holder as of such record date, the Depositary shall endeavor insofar as is practicable to, as the
case may be, instruct the Common Representative to vote the amount of CPOs in the relevant CPOs Holders&rsquo; Meeting in accordance
with the Holder&rsquo;s instructions, or cause the Custodian to instruct the CPO Trustee to vote the amount of Shares or other
securities underlying the Deposited Securities in the relevant shareholders&rsquo; meeting in accordance with the Holder&rsquo;s
instructions. The Depositary agrees not to vote or cause to be voted the CPOs, Shares or other securities underlying the Deposited
Securities represented by the GDSs other than in accordance with such instructions from the Holder of the GDSs or deemed instructions
as set forth in paragraph (16)(c), as the case may be, subject to the voting limitations set forth in this paragraph (16) and Section
4.08 of the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><U>Uninstructed CPOs</U></B>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 1.8pt">(i)</TD><TD STYLE="text-align: justify">In the event that the Depositary does not timely receive instructions from a Holder as to the exercise
of voting rights relating to the CPOs in the relevant CPOs Holders&rsquo; Meeting, or if no instructions are received by the Depositary
from any Holder as to the exercise of voting rights relating to such CPOs in the relevant CPOs Holders&rsquo; Meeting, on or before
the date established by the Depositary for such purposes pursuant to paragraph (16)(b) above, it shall be deemed that such CPOs
holders have instructed the Depositary and the Custodian to instruct the Common Representative to</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: 0in">(a)&#9;take such
actions as are necessary to cause such CPOs to be counted for purposes of satisfying applicable quorum requirements and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: 0in">(b)&#9;unless
the Company in its sole discretion has given prior written notice to the Depositary and the Custodian to the contrary (in which
case such CPOs shall not be voted at the relevant CPO Holders&rsquo; Meeting), vote such CPOs, in the same manner as the majority
of the CPOs are voted at the relevant CPO Holders&rsquo; Meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the Depositary does not timely receive instructions from a Holder as to the exercise of voting rights
relating to the Shares underlying the CPOs in the relevant shareholders&rsquo; meeting, or if no instructions are received by the
Depositary from any Holder as to the exercise of voting rights relating to the Shares underlying the CPOs in the relevant shareholders&rsquo;
meetings, on or before the date established by the Depositary for such purpose pursuant to Section 4.08(b) above,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: 0in">(a)&#9;if requested
in writing by the Company on or prior to such date, the Depositary shall be deemed to have been given by such Holder a discretionary
proxy to a person designated by the Company who shall be entitled to exercise those voting rights relating to those Shares underlying
the CPOs for which the Depositary has not received instruction from a Holder or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: 0in">(b)&#9;if no such
written request is made by the Company, the Depositary shall not vote, or attempt to exercise the right to vote that attaches to,
or instruct the CPO Trustee to vote such Shares in the relevant shareholders&rsquo; meetings.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding the foregoing, no such discretionary
proxy shall be given (A) if it is not then permitted to be given under the Deposit Agreement, the Trust, Mexican law, other applicable
securities laws or the by-laws of the Company or (B) with respect to any matter as to which the Company informs the Depositary
(and the Company agrees to provide such information as promptly as practicable in writing and in a form reasonably acceptable to
the Depositary) that (X) the Company no longer wishes that such proxy be given, (Y) substantial opposition exists or (Z) such matter
materially and adversely affects the rights of holders of CPOs, as applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(17)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Changes Affecting Deposited Securities</U></B>. Upon any change in par value, split-up, consolidation or any other
reclassification of Deposited Securities, any termination or reorganization of the Trust (whether or not a new or successor Trust
or CPO Trustee is formed or appointed), or upon any recapitalization, reorganization, merger or consolidation or sale of assets
affecting the Company or to which it is a party, any securities which shall be received by the Depositary or the Custodian in exchange
for, or in conversion, substitution or otherwise in respect of, Deposited Securities shall be treated as Deposited Securities under
the Deposit Agreement, and the Receipts shall, subject to the terms of the Deposit Agreement and applicable laws, including any
applicable provisions of the Securities Act of 1933, thenceforth evidence GDSs representing the right to receive Deposited Securities
including the securities so received in exchange, conversion, substitution or otherwise to the extent additional Receipts are not
delivered pursuant to the following sentence.&nbsp;&nbsp;&nbsp;In any such case the Depositary may with the Company&rsquo;s approval,
and shall at the Company&rsquo;s request, subject to Section 5.09 of the Deposit Agreement and the other terms of the Deposit Agreement,
execute and deliver additional Receipts as in the case of a distribution of CPOs, or call for the surrender of outstanding Receipts
to be exchanged for new Receipts specifically describing such newly received Deposited Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">New CPOs may only
be issued to the extent that the maximum limit set forth in the CPO Deed has not been exceeded, otherwise the execution of a new
CPO deed may be required. Immediately upon the occurrence of any such exchange, conversion or substitution covered by this paragraph
in respect of the Deposited Securities, the Depositary shall give notice thereof in writing to all Holders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">In the event Deposited
Securities are to be redeemed and, as a result, Deposited Securities registered in the name of the Custodian are called for redemption
by the Company, the Depositary will call for redemption of GDSs (in an aggregate number representing the number of Deposited Securities
registered in the name of the Custodian called for redemption) and may adopt such method as it may deem equitable and practicable
to select the GDSs called for redemption.&nbsp;&nbsp;&nbsp;The net proceeds of such redemption after payment of the fees and expenses
of the Depositary shall be distributed to holders entitled thereto as in the case of a distribution in cash in accordance with
Section 4.02 of the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Notwithstanding
the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary
may, with the Company&rsquo;s approval, which shall not be unreasonably withheld, and shall, if the Company requests, sell such
securities at public or private sale, at such place or places and upon such terms as it may deem proper, and may allocate the net
proceeds of such sales for the account of the Holders otherwise entitled to such securities upon an averaged or other practicable
basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable
as in the case of a distribution in cash in accordance with Section 4.02 of the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(18)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Reports; Inspection of Register</U></B>. The Depositary shall make available for inspection during business hours
by Holders at its Principal Office and at the principal office of each Custodian copies of the Deposit Agreement, any notices,
reports or communications, including any proxy soliciting materials, received from the Company, the CPO Trustee or Indeval which
are both (a) received by the Depositary or the Custodian or the nominee of either, as the holder of the Deposited Securities, and
(b) made generally available to the holders of such Deposited Securities by the Company, the CPO Trustee or Indeval. The Depositary
shall also send to Holders, at the Company&rsquo;s expense, copies of such notices, reports and communications when furnished by
the Company or the CPO Trustee to the Depositary pursuant to the Deposit Agreement. All such notices, reports and communications
will be made available in English-language versions, to the extent provided by the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Depositary shall keep books in its Principal
Office for the registration of Receipts and transfers of Receipts, which office shall be open at all reasonable times for inspection
by Holders and the Company, provided that such inspection shall not be for the purpose of communicating with Holders in the interest
of a business or object other than the business of the Company or a matter related to the Deposit Agreement or the Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(19)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Withholding</U></B>.&#9; In connection with any distribution to Holders, the CPO Trustee, the Company or its agent
or the Depositary or its agent, as appropriate, will remit to the appropriate governmental authority or agency, all amounts (if
any) required to be withheld by the CPO Trustee, the Company or Depositary and owing to such authority or agency. The Depositary
will forward to the Company or its agent such information from its records as the Company may reasonably request to enable the
CPO Trustee, the Company or their agents to file necessary reports with governmental authorities or agencies. Notwithstanding any
other provision of the Deposit Agreement, in the event that the Depositary determines that any distribution in property (including
CPOs or rights to subscribe therefor) is subject to any tax or governmental charges which the Depositary is obligated to withhold,
the Depositary may dispose of all or a portion of such property (including CPOs and rights to subscribe therefor) in such amounts
and in such manner as the Depositary deems necessary and practicable to pay such taxes or governmental charges, including by public
or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after
deduction of such taxes or governmental charges to the Holders entitled thereto in proportion to the number of GDSs held by them
respectively as in the case of a distribution in cash pursuant to Section 4.02 of the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(20)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Liability of the Company and the Depositary</U></B>. Neither the Depositary, its agents, nor the Company nor its agents
or their respective controlling persons, if any, shall incur any liability to any Holder or Beneficial Owner or any other person
(i) if, by reason of any present or future law, order of any government or agency thereof or any court, decree, regulation or fiat
of Mexico, the United States or any other country, the bylaws or similar document of the Company, the Trust Agreement, the CPO
Deed, the provisions of or governing any Deposited Securities, act of God, war, terrorism or other circumstances beyond its control,
the Depositary, its agents, the CPO Trustee, the <B><U>Company</U></B> or its agents or their respective controlling persons shall
be prevented, delayed or forbidden from, or be subject to any civil or criminal penalty on account of, doing or performing any
act or thing which by the terms of this Deposit Agreement it is provided shall be done or performed; (ii) by reason of any nonperformance
or delay, caused as aforesaid, in performance of any act or thing that by the terms of this Deposit Agreement it is provided shall
or may be done or performed; (iii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit
Agreement; (iv) for the inability of any Holder or Beneficial Owner to benefit from any distribution, offering, right or other
benefit which is made available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made
available to Holders or Beneficial Owners, or (v) for any special, consequential or punitive damages for any breach of the terms
of this Deposit Agreement. Where, by the terms of a distribution pursuant to Section 4.02, 4.03 or 4.05, or an offering or distribution
pursuant to Section 4.04, or for any other reason, such distribution or offering may not be made available to Holders, and the
Depositary may not dispose of such distribution or offering on behalf of such Holders and make the net proceeds available to such
Holders, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to lapse.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each of the Company and
its agents and controlling persons assumes no obligation and shall be subject to no liability under the Deposit Agreement or the
Receipts to Holders or Beneficial Owners or any other persons, except to perform such obligations as are specifically set forth
and undertaken by it to perform in the Deposit Agreement without negligence or bad faith. Each of the Depositary and its agents
and controlling persons assumes no obligation and shall be subject to no liability under the Deposit Agreement or the Receipts
to Holders or Beneficial Owners or any other persons, except to perform such obligations as are specifically set forth and undertaken
by it to perform in the Deposit Agreement without negligence or bad faith. The Depositary and the Company undertake to perform
such duties and only such duties as are specifically set forth in the Deposit Agreement, and no implied covenants or obligations
shall be read into the Deposit Agreement against the Depositary or the Company or their respective agents. The Company undertakes
also to cause the performance of the parties under the Trust Agreement. Without limitation of the preceding, none of the Depositary,
its controlling persons, its agents or the Company, its controlling persons, or its agents shall be under any obligation to appear
in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts,
which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it in its sole discretion against
all expense and liability be furnished as often as may be required, and no Custodian shall be under any obligation whatsoever with
respect to such proceedings, the Custodian being responsible solely to the Depositary. Neither the Depositary, its agents, its
controlling persons, the Company, its controlling persons, nor its agents shall be liable for any action or inaction by it or them
in reliance upon the advice of or information from legal counsel, accountants, any person by or on behalf of whom CPOs are presented
for deposit, any Holder or Beneficial Owner or any other person believed by it or them in good faith to be competent to give such
advice or information. Each of the Depositary, its controlling persons, its agents and the Company, its controlling persons, and
its agents may rely and shall be protected in acting upon any written notice, request, direction or other document believed by
it in good faith to be genuine and to have been signed or presented by the proper party or parties. Subject to the provisions of
Section 5.03 of the Deposit Agreement, neither the Depositary nor its agents shall be responsible for any failure to carry out
any instructions to vote any of the Deposited Securities, for the manner in which any vote is cast or for the effect of any vote
or failure to vote provided that such action or non-action is taken in good faith and in accordance with the Deposit Agreement.
The Depositary may own and deal in any class of securities of the Company and its affiliates and in Receipts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No disclaimer of liability under the Securities
Act of 1933 is intended by any provision of the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(21)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Certain Rights of the Depositary; Limitations</U></B>. Subject to the further terms and provisions of Section 5.14
of the Deposit Agreement, the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of
securities of the Company and its Affiliates and in GDSs. The Depositary may (i) issue GDSs prior to the receipt of CPOs pursuant
to Section 2.02 of the Deposit Agreement (each such transaction, a &ldquo;Pre-Release Transaction&rdquo;) and (ii) deliver CPOs
upon the receipt of GDSs for withdrawal of Deposited Securities pursuant to Section 2.05 of the Deposit Agreement, including GDSs
which were issued under (i) above but for which CPOs may not have been received. The Depositary may receive GDSs in lieu of CPOs
under (i) above. Each such Pre-Release Transaction will be (a) subject to a written agreement whereby the person or entity (the
&ldquo;Applicant&rdquo;) to whom GDSs are to be delivered (v) represents that at the time of the Pre-Release Transaction the Applicant
or its customer owns the CPOs that are to be delivered by the Applicant under such Pre-Release Transaction, (w) assigns all beneficial
rights, title and interests in such CPOs to the Depositary in its capacity as such (and for the benefit of the Holders of GDSs),
(x) agrees to indicate the Depositary as owner of such CPOs in its records and to hold such CPOs in trust for the Depositary until
such CPOs are delivered to the Custodian and to refrain from taking any action with respect to such CPOs and GDSs that is inconsistent
with the transfer of beneficial ownership, other than a satisfaction of such Pre-Release Transaction, (y) unconditionally guarantees
to deliver to the Depositary or the Custodian, as applicable, such CPOs, and (z) agrees to any additional restrictions or requirements
that the Depositary deems appropriate, (b) at all times fully collateralized with cash, United States government securities or
such other collateral as the Depositary determines, in good faith, will provide substantially similar liquidity and security, (c)
terminable by the Depositary on not more than five (5) business days&rsquo; notice and (d) subject to such further indemnities
and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of GDSs involved in such
Pre-Release Transactions at any one time to thirty percent (30%) of the GDSs outstanding (without giving effect to GDSs outstanding
under (i) above), provided, however, that the Depositary reserves the right to disregard such limit from time to time as it deems
appropriate and may, with the prior consent of the Company, increase such limit for purposes of general application.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Depositary may also
set limits with respect to the number of GDSs involved in Pre-Release Transactions with any one person on a case by case basis
as it deems appropriate. The Depositary may retain for its own account any compensation received by it in conjunction with the
foregoing. Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Holders
(other than the Applicant).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(22)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Resignation and Removal of the Depositary; the Custodian</U></B>. The Depositary may at any time resign as Depositary
hereunder by sixty (60) days&rsquo; written notice of its election so to do to the Company, such resignation to take effect upon
the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement, which appointment
shall be on terms satisfactory to the Company in its sole discretion. The Depositary may at any time be removed by the Company
by sixty (60) days&rsquo; written notice, such removal to take effect upon the appointment of a successor depositary and its acceptance
of such appointment as provided in the Deposit Agreement, which appointment shall be on terms satisfactory to the Company in its
sole discretion. The Depositary may at any time appoint substitute or additional Custodians approved by the Company, such approval
not to be unreasonably withheld, and the term &ldquo;Custodian&rdquo; refers to each such Custodian or all Custodians as the context
requires.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(23)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Amendment of Deposit Agreement and Receipts</U></B>. This Receipt and the Deposit Agreement may at any time and from
time to time be amended by agreement between the Company and the Depositary in any respect which they may deem necessary or desirable.
Any amendment which shall impose or increase any fees or charges (other than the fees of the Depositary for the issuance of Receipts
or the making of deposits, and other taxes and charges listed in Section 5.06 (i)-(v) of the Deposit Agreement), or which shall
otherwise prejudice any substantial existing right of Holders, shall not, however, become effective as to outstanding Receipts
until the expiration of thirty (30) days after notice of such amendment shall have been given to the Holders of outstanding Receipts.
Every Holder and Beneficial Owner at the expiration of thirty (30) days after such notice shall be deemed by continuing to hold
such Receipt, or an interest therein, to consent and agree to such amendment and to be bound by the Deposit Agreement or the Receipt
as amended thereby. In no event shall any amendment impair the right of the Holder or Beneficial Owner to surrender such Receipt
and receive therefor the Deposited Securities represented hereby, except in order to comply with mandatory provisions of applicable
law and the provisions of the Trust Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(24)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Termination of Deposit Agreement</U></B>. The Depositary shall at any time at the direction of the Company terminate
the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least forty-five
(45) days prior to the date fixed in such notice for such termination. The Depositary may likewise terminate the Deposit Agreement
at any time after the expiration of forty-five (45) days after the Depositary shall have delivered to the Company a written notice
of its election to resign, provided that no successor depositary shall have been appointed and accepted its appointment within
such forty-five (45) day period. If any Receipts shall remain outstanding after the date of termination, the Depositary thereafter
shall discontinue the registration of transfers of Receipts, shall suspend the distribution of dividends to the Holders thereof,
shall not accept deposits of CPOs or other securities and shall instruct each Custodian to act accordingly), and shall not give
any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect
dividends and other distributions pertaining to Deposited Securities, shall sell property and rights and convert Deposited Securities
(that are not CPOs) into cash as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, together
with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other
property (in all such cases, without liability for interest), in exchange for Receipts surrendered to the Depositary, in all cases
after payment of the fees of the Depositary. At any time and without unreasonable delay after the expiration of six (6) months
from the date of termination, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold the
net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated escrow account and without
liability for interest, for the pro rata benefit of the Holders of Receipts which have not theretofore been surrendered. After
making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except to account for such
net proceeds and other cash and for its obligations under Section 5.10 of the Deposit Agreement. Upon the termination of the Deposit
Agreement, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary
under Section 5.06 and 5.10 of the Deposit Agreement, which shall survive such termination. The obligations of the Depositary under
Section 5.10 of the Deposit Agreement shall survive the termination of the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On or before termination of the CPO Trust,
the Company and the Depositary shall effect such amendments to the terms of the Deposit Agreement, or the Company shall instruct
the Depositary to terminate the Deposit Agreement, as the Company and the Depositary deem appropriate, consistent with the provisions
of applicable law, the by-laws of the Company and the Trust Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(25)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Compliance With U.S. Securities Laws</U></B>. Notwithstanding anything in the Deposit Agreement and this Receipt to
the contrary, the Company and the Depositary each agrees that it will not exercise any rights it has under the Deposit Agreement
to prevent the withdrawal or delivery of Deposited Securities in a manner which would violate the United States securities laws,
including, but not limited to, Instruction I A(1) of the General Instructions to the Form F-6 Registration Statement, as amended
from time to time, under the Securities Act of 1933.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 9.6pt; text-align: justify; text-indent: 0.5in">(26)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>The Trust</U></B>. The CPO Trust Agreement has been authorized by the General Directorate of Foreign Investments (Direcci&oacute;n
General de Inversiones Extranjeras). The CPO Trust Agreement is registered with the National Registry of Foreign Investment (Registro
Nacional de Inversiones Extranjeras). The National Banking and Securities Commission of Mexico (Comisi&oacute;n Nacional Bancaria
y de Valores) has authorized the issuance of CPOs by the CPO Trustee. Registration of the CPOs upon their issuance in the Securities
Section (Secci&oacute;n de Valores) and in the Special Section (Secci&oacute;n Especial) of the National Registry of Securities
and Intermediaries (Registro Nacional de Valores e Intermediarios) has been approved by the National Banking and Securities Commission
(Comisi&oacute;n Nacional Bancaria y de Valores).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify">FOR VALUE RECEIVED, the undersigned
hereby sells, assigns and transfers unto PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">Please print or
typewrite name and address of assignee _________________ the within Global Depositary Receipt and all rights and interests represented
thereby, and hereby irrevocably constitutes and appoints&nbsp;&nbsp;&nbsp;____________________ attorney to transfer the same on
the books of the within named Depositary, with full power of substitution in the premises.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify">Dated:___________________ &#9;Signature:__________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">NOTE: The signature
to any endorsement hereon must correspond with the name as written upon the face of this Receipt in every particular, without alteration
or enlargement or any change whatever.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">If the endorsement
be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his full
title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded
with this Receipt.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 10.5pt">All endorsements
or assignments of Receipts must be guaranteed by a New York Stock Exchange member firm or member of the Clearing House of the American
Stock Exchange Clearing Corporation or by a bank or trust company having an office or correspondent in the City of New York.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>3
<FILENAME>grupoteltrustagmt.htm
<DESCRIPTION>EXHIBIT 1.1 - TRUST AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">TRUST AGREEMENT ENTERED INTO, ON
THE ONE HAND, AS <B>FIRST TRUSTOR</B>, WHICH WILL BE HENCEFORWARD NAMED AS THE &ldquo;FIRST TRUSTOR&rsquo;&rsquo;, BY MR. EMILIO
AZCARRAGA MILMO, REPRESENTED BY MR. JULIO BARBA HURTADO, ATTORNEY AT LAW, AND ON THE OTHER, AS TRUSTEE, BY &ldquo;<B>NACIONAL FINANCIERA,
S.N.C</B>.&rdquo;, WHICH HENCEFORWARD WILL BE KNOWN AS THE &ldquo;TRUSTEE&rdquo; REPRESENTED BY ________________, THE PRESENT AGREEMENT
IS ENTERED INTO WITH THE APPEARANCE OF THE COMPANY NAMED &ldquo;GRUPO TELEVISA, S.A.&rdquo;, HENCEFORWARD <B>G-TELEVISA</B>, REPRESENTED
BY ____________, THE PARTIES GRANT WHAT IS RECORDED ACCORDING TO THE FOLLOWING STATEMENTS AND CLAUSES:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>S T A T E M E N T S</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">I.</TD><TD STYLE="text-align: justify">The <B>FIRST TRUSTOR</B> states:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">a)</TD><TD STYLE="text-align: justify">That he is a Mexican citizen in full exercise of his rights and that he has the legal capacity
to enter into the present agreement and that the representation that Mr. Julio Barba Hurtado, Attorney at Law, has, is certified
in public deed number ________, drawn up before the certification of Mr. ________________ Attorney at Law, Public Notary __________
of the Federal District and that his power has not been limited or revoked on the date of the granting of this deed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">b)</TD><TD STYLE="text-align: justify">That he is a shareholder of <B>G-TELEVISA</B>, and by that virtue, he is a holder of &ldquo;A&rdquo;
Series shares representing the capital stock of such company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">c)</TD><TD STYLE="text-align: justify">That the shares which represent the capital stock of <B>G-Televisa</B>, are registered in the National
Registry of Securities and Brokers, Securities Section of the National Commission of Securities (Comisi&oacute;n Nacional de Valores)
and in the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A. de C.V.) where they are quoted and traded.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">d)</TD><TD STYLE="text-align: justify">That<B> G-TELEVISA</B>&rsquo;s<B> </B>shareholders in a General Extraordinary Shareholders Meeting,
and in a Special Shareholders Meeting of &ldquo;L&rdquo; Shares, which will be held on December ___, 1993, shall approve the following
proposals:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.-</TD><TD STYLE="text-align: justify">To issue premium dividend and limited voting shares to form a series which will be named Series
&ldquo;D&rdquo; or &ldquo;Dividend Premium&rdquo;;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.-</TD><TD STYLE="text-align: justify">To reorganize the series of shares which represent the capital stock, with the purpose of increasing
the number of outstanding shares through the issue of new shares and corresponding exchange of three new shares for each presently
outstanding share;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.-</TD><TD STYLE="text-align: justify">That in exchange for each currently outstanding Series &ldquo;A&rdquo; or Series &ldquo;L&rdquo;
share, three shares shall be delivered to their holders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.-</TD><TD STYLE="text-align: justify">That the three shares to be delivered in exchange for each outstanding share shall be: one Series
&ldquo;A&rdquo; share, one Series &ldquo;D&rdquo; Share and one Series &ldquo;L&rdquo; Share; except in the case of 81,885,000
Series &ldquo;A&rdquo; shares, held by Grupo Televicentro, S.A. de C.V., with respect to which three Series &ldquo;A&rdquo; shares
shall be exchanged for each Series &ldquo;A&rdquo; Share, for a total of 245,655,000 Series &ldquo;A&rdquo; Shares (the &ldquo;Control
Position&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.-</TD><TD STYLE="text-align: justify">That, once the new shares are issued, they shall be represented by a single and indivisible title,
(hereinafter the <B>TITLE</B>), which evidences one Series &ldquo;A&rdquo; share, one Series &ldquo;D&rdquo; share and one Series
&ldquo;L&rdquo; share of the capital stock of <B>G-TELEVISA</B>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.-</TD><TD STYLE="text-align: justify">That each representative <B>TITLE</B> of shares may be deposited in trust for an irrevocable term
which will not be less than ten years;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.-</TD><TD STYLE="text-align: justify">That the purpose of such <B>TRUST</B> will be, among others, to issue non-redeemable ordinary participation
certificates (hereinafter the <B>CERTIFICATES </B>or &ldquo;<B>CPOs</B>&rdquo;); representing shares of the Company committed to
the trust;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.-</TD><TD STYLE="text-align: justify">That each <B>CERTIFICATE</B> which is issued through such <B>TRUSTEE</B>, will grant its holder
the right to an undivided interest in the shares deposited in trust, equivalent to one <B>TITLE </B>representing one Series &ldquo;A&rdquo;
share, one Series &ldquo;D&rdquo; share and one Series &ldquo;L&rdquo; share;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.-</TD><TD STYLE="text-align: justify">That the shareholders who put their shares in such trust will receive one <B>CERTIFICATE</B> for
each <B>TITLE</B> representative of three shares in the aforementioned form;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.-</TD><TD STYLE="text-align: justify">That another purpose of the <B>TRUST</B> is to favor that the different series shares in which
the capital stock of <B>G-TELEVISA</B> will be divided, quote in identical conditions in the national stock exchange and in the
international stock exchange through the <B>CERTIFICATES</B>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.-</TD><TD STYLE="text-align: justify">That <B>G-TELEVISA</B> will keep in the nominative shares register book, an account and registration
of the <B>TITLES </B>that are so issued and outstanding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.-</TD><TD STYLE="text-align: justify">That the foreign investors who at present hold Series &ldquo;L&rdquo; shares, in exchange for the
certificates which represent the Series &ldquo;L&rdquo; shares, receive a <B>CERTIFICATE </B>of those which are issued by the <B>TRUSTEE</B>.
Accordingly <B>G-TELEVISA </B>shall previously deliver to the <B>TRUSTEE</B>, directly or through an authorized institution for
the deposit of securities, the <B>TITLES</B> each of which evidences one of each one of the Series &ldquo;A&rdquo;, &ldquo;D&rdquo;
and &ldquo;L&rdquo; shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.-</TD><TD STYLE="text-align: justify">That the <B>CERTIFICATES</B> which are issued through the <B>TRUST</B>, will confer to their holders
the following rights:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif"><I>i)</I></FONT></TD><TD STYLE="text-align: justify">Each <B>CERTIFICATE</B> will represent for its holder the right to the property of one <B>TITLE</B>,
which in turn evidences three of <B>G-TELEVISA</B>&rsquo;s shares, one Series &ldquo;A&rdquo; Share, one Series &ldquo;D&rdquo;
share, one Series &ldquo;L&rdquo; share, plus the shares of the same company which each one of them may be entitled to receive
due to stock dividends.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif"><I>ii)</I></FONT></TD><TD STYLE="text-align: justify">Each <B>CERTIFICATE</B> will grant its holder the right to receive the dividends in cash which
correspond to the shares which it represents.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif"><I>iii)</I></FONT></TD><TD STYLE="text-align: justify">The Mexican <B>CERTIFICATES&rsquo;</B> holders will be entitled to instruct the <B>TRUSTEE </B>so
that it appoints a proxy, who exercises the voting rights which correspond to the shares deposited in trust, according to the instructions
that such holders directly give to the proxy. <B>CERTIFICATE</B> holders who are non-Mexican nationals will have such voting rights
with respect to Series &ldquo;L&rdquo; shares evidenced by the <B>CERTIFICATES </B>in question, and regarding the Series &ldquo;A&rdquo;
and &ldquo;D&rdquo; shares, the <B>TRUSTEE </B>will vote in the same manner as the majority of the outstanding Series &ldquo;A&rdquo;
and &ldquo;D&rdquo;<B> </B>shares, respectively, held by Mexican nationals (directly or through CPOs) are voted.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif"><I>iv)</I></FONT></TD><TD STYLE="text-align: justify">The holders will be entitled to instruct the <B>TRUSTEE</B> of the <B>CERTIFICATES</B>, to the
extent permitted by applicable law, about the subscription of capital stock, when exercising their pre-emptive rights or when otherwise
subscribing for shares, provided that they provide the necessary funds in the form and terms established in the By-laws.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif"><I>v)</I></FONT></TD><TD STYLE="text-align: justify">After a ten years term has elapsed from the date on which the restructuring of <B>G-TELEVISA</B>&rsquo;s
capital stock has bean consummated (the &ldquo;Tenth Anniversary&rdquo;), the Mexican nationals, holders of <B>CERTIFICATES</B>;
will be able to receive the shares deposited in trust by exchanging the <B>CERTIFICATES</B> which represent them. Foreigners, through
previous delivery of the <B>CERTIFICATES</B> and payment of the necessary fees, in the form and terms established in the By-laws,
will be able to instruct the <B>TRUSTEE</B> to request from <B>G-TELEVISA</B> the issue of titles for each series of shares, so
that such <B>TRUSTEE </B>transfers their ownership to a legally qualified person to acquire them, according to the indication of
the holder of the corresponding <B>CERTIFICATE</B>, giving him, in due course, the product of the transfer after expenses and taxes
are deducted. The <B>TRUSTEE </B>will learn the nationality of the holders of Certificates based upon the information of the brokers
which it receives from the institution for the deposit of shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">e)</TD><TD STYLE="text-align: justify">That with the purpose of carrying out the exchange of his own shares of <B>G-TELEVISA </B>and that
other shareholders carry out the same, he appears to enter into the present agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">f)</TD><TD STYLE="text-align: justify">That <B>G-TELEVISA</B> requested and obtained from the Ministry of Commerce and Industrial Promotion
and from the National Commission of Securities, authorization for the constitution of the present trust and so that the <B>CERTIFICATES
</B>which are issued under it, are registered at the Securities Section of the National Registry of Securities and Brokers and
at the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A. de C.V.) and quote in it and in other stock exchanges.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">The documents issued by both
Institutions are enclosed to be a part of the present agreement, under numbers 1 and 2 respectively.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">II.</TD><TD STYLE="text-align: justify">The <B>TRUSTEE </B>declares:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">a)</TD><TD STYLE="text-align: justify">That it is a National Credit Institution which is ruled by the ordinances of its own Organic Law.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">b)</TD><TD STYLE="text-align: justify">That it is legally qualified to act as TRUSTEE, therefore it agrees to receive the assignment that
is given to it through this act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">c)</TD><TD STYLE="text-align: justify">That according to sub-sub-paragraph b) of section XIX of article 106 of the Credit Institutions
Law, it unequivocally informed the <B>FIRST TRUSTOR</B> about the contents and legal significances of such provision, which is
written in clause Twenty-Sixth of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Due to what has been expounded, the parties grant the
following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>C L A U S E S</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FIRST.- CONSTITUTION.- </B>The<B>
FIRST TRUSTOR</B> and the <B>TRUSTEE</B> agree to enter into the present agreement, by virtue or which the first one constitutes
a Trust to carry out the purposes which are henceforward established, by virtue of which he places in trust the assets which are
hereinafter identified.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>SECOND.- PARTIES.-</B> The following are parties
to this Trust:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.5in; text-indent: -2.5in"><B>FIRST TRUSTOR:</B>&#9;<B>EMILIO
AZCARRAGA MILMO.</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.5in; text-align: justify; text-indent: -2.5in"><B><U>SECOND
TRUSTOR</U>:</B>&#9;Individuals, corporate entities <U>or other entities</U>, either Mexican nationals, or foreigners, that after
the constitution of this Trust, deposit in it one or more of <B>G-TELEVISA</B>&rsquo;s shares, for the purpose of receiving <B>CERTIFICATES</B>
which are issued according to this Agreement.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.5in; text-align: justify; text-indent: -2.5in"><B>TRUSTEE</B>:&#9;<B>NACIONAL
FINANCIERA, S.N.C.</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.5in; text-align: justify; text-indent: -2.5in"><B>BENEFICIARIES</B>:&#9;The
<B>FIRST TRUSTOR </B>and the Beneficiaries with the purpose of receiving <B>CERTIFICATES</B>, one for each <B>TITLE</B> which represents
three shares which are deposited in Trust, understanding that each <B>CERTIFICATE </B>which they receive will evidence one <B>TITLE</B>
which represents three of <B>G-TELEVISA</B>&rsquo;s shares, one &ldquo;A&rdquo; share, one &ldquo;D&rdquo; share and one &ldquo;L&rdquo;
share, once the <B>TRUSTEE </B>has carried out the corresponding exchange of the share contributed by the <B>FIRST TRUSTOR</B>
and/or the Beneficiaries.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 2.5in"></TD><TD STYLE="text-align: justify"><U>Mexican investors and individuals, corporate entities or economic entities, foreigners or individuals,
corporate entities or other entities can be beneficiaries pursuant to article 2Q, of the Law to Promote Mexican Investment and
Regulate the Foreign Investment.</U></TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>THIRD. DESIGNATION OF SECOND
TRUSTOR.-</B> The persons that after the subscription of this agreement, join the agreement which is contained in it through the
contribution of shares to the Trust; by that sole fact they will be subject to the provisions herein determined.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>FOURTH.- TRUST EQUITY.-</B> The equity of this Trust
will consist of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.-</TD><TD STYLE="text-align: justify">One of <B>G-TELEVISA</B>&rsquo;s<B> </B>Series &ldquo;A&rdquo;<B> </B>shares, which through this
agreement is contributed by the <B>FIRST TRUSTOR</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.-</TD><TD STYLE="text-align: justify">Series &ldquo;A&rdquo;, Series &ldquo;L&rdquo; and Series &ldquo;D&rdquo;<B> </B>shares which the
Second <U>Trustor</U> contribute.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.-</TD><TD STYLE="text-align: justify">Series &ldquo;A&rdquo;, Series &ldquo;D&rdquo; and Series &ldquo;L&rdquo; shares which the <B>TRUSTEE
</B>receives through an exchange which is done by the Institution for the Deposit of Securities, of those contributed by the <B>FIRST
TRUSTOR </B>or by the <B>SECOND <U>TRUSTOR</U></B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.-</TD><TD STYLE="text-align: justify">The shares the <B>TRUSTEE</B> receives by subscription of the capital stock, according to the By-laws
and as long as it timely receives from the holders of certificates the necessary funds.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.-</TD><TD STYLE="text-align: justify">The shares the Trustee receives from payment of dividends in kind.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FIFTH.- PURPOSES.-</B> The purpose
of this Trust is to constitute a mechanism of implementation of the agreements to which sub-sub-paragraph d) of number I. in the
chapter of declarations of this agreement makes reference.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">For such purpose, the <B>TRUSTEE</B>
will carry out the following activities:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.-</TD><TD STYLE="text-align: justify">It will receive and keep in trust until at least the Tenth Anniversary, the shares <B>G-TELEVISA</B>
contributed by the <B>FIRST TRUSTOR</B> and the <B>SECOND BENEFICIARIES</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.-</TD><TD STYLE="text-align: justify">The <B>TRUSTEE </B>will proceed, in due course, to the exchange by means of the Institution for
the deposit of securities, of the Series &ldquo;A&rdquo; and Series &ldquo;L&rdquo; shares which are deposited in trust, <U>including
the Series &ldquo;A&rdquo; share deposited by the <B>FIRST TRUSTOR</B></U>, to receive, for each one of them, three shares-one
Series &ldquo;A&rdquo; share, one Series &ldquo;D&rdquo; share and one Series &ldquo;L&rdquo; share.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.-</TD><TD STYLE="text-align: justify">Supported by the new Series &ldquo;A&rdquo; , Series &ldquo;D&rdquo; and Series &ldquo;L&rdquo;
shares, received by contribution of a Beneficiary, through exchange, or received directly from the Company <U>by virtue of being
related to shares previously issued to foreigners</U>, the <B>TRUSTEE </B>will proceed to carry out an issue of ordinary participation
certificates.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.-</TD><TD STYLE="text-align: justify">The <B>TRUSTEE </B>will carry out the issue of ordinary participation certificates, in the amounts
and upon the terms and conditions stipulated by the Technical Committee, according to the following:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif"><I>i)</I></FONT></TD><TD STYLE="text-align: justify">Each <B>CERTIFICATE</B> will represent for its holder the right to the property of a <B>TITLE</B>,
which in turn evidences three of <B>G-TELEVISA</B>&rsquo;s<B> </B>shares , one Series &ldquo;A&rdquo; share, one Series &ldquo;D&rdquo;
share, and oneSeries &ldquo;L&rdquo; share, plus shares of the Company which each one of them may be entitled to receive due to
stock dividends.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif"><I>ii)</I></FONT></TD><TD STYLE="text-align: justify">Each <B>CERTIFICATE</B> will grant to its holder the right to receive the dividends which correspond
to the shares it represents.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif"><I>iii)</I></FONT></TD><TD STYLE="text-align: justify">Mexican holders of <B>CERTIFICATES </B>will be able to instruct the <B>TRUSTEE </B>to appoint a
proxy, who will be able to exercise the voting rights which correspond to the shares deposited in trust, according to the instructions
that such holders directly give to the proxy. The holders of <B>CERTIFICATES</B> which are not Mexican nationals will have the
such rights, as regards Series &ldquo;L&rdquo; shares evidenced by the mentioned <B>CERTIFICATES</B>, and regarding Series &ldquo;A&rdquo;
and &ldquo;D&rdquo; shares, the <B>TRUSTEE</B> will vote such shares in the same manner as a majority of the outstanding &ldquo;A&rdquo;
and &ldquo;D&rdquo; shares, respectively, held by Mexican nationals, are voted.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif"><I>iv)</I></FONT></TD><TD STYLE="text-align: justify">The holders of <B>CERTIFICATES</B>, will be able to instruct the &ldquo;<B>TRUSTEE</B>, to the
extent permitted by applicable law and according to the By-laws, about the subscription of capital stock, when exercising their
pre-emptive rights or when otherwise subscribing for shares; provided that they provide the necessary funds.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif"><I>v)</I></FONT></TD><TD STYLE="text-align: justify">After the Tenth Anniversary of the restructuring of <B>G-TELEVISA</B>&rsquo;s capital stock, the
Mexican <B>CERTIFICATES</B> holders will be able to receive the shares deposited in trust by exchanging the <B>CERTIFICATE </B>or
<B>CERTIFICATES </B>which represent them. The holders who are not Mexican nationals, after the delivery of the <B>CERTIFICATES
</B>and payment of the necessary funds and according to what is determined by the By-laws, will be able to instruct the <B>TRUSTEE</B>
to request from <B>G-TELEVISA </B>the issue of titles for each series of shares, so that such <B>TRUSTEE </B>transfers the ownership
of the shares to the legally capable person to acquire them, according to the indication of the holder of the corresponding <B>CERTIFICATE</B>,
giving this holder, in due course, the product of the transfer, once expenses and taxes are deducted. The <B>TRUSTEE </B>will learn
the nationality of the holders of <B>CERTIFICATES</B> based upon the information of the brokers who receive it from the institution
which has the deposited shares.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SIXTH.- ISSUE.-</B> After obtaining
the corresponding authorizations, the <B>TRUSTEE</B> will issue the <B>CERTIFICATES</B> in an equal number to the total of the
new shares issued by <B>G-TELEVISA</B> which the <B>TRUSTEE</B> receives divided by three.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SEVENTH.- PLACING.-</B> The
<B>TRUSTEE</B> will place <B>CERTIFICATES </B>in equal number to that of the <B>TITLES</B> which are deposited in trust.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>THE TRUSTEE</B> will make as
many placings of <B>CERTIFICATES</B> as it may be necessary with an invariable back up of the income of shares to the equity of
the <B>TRUSTEE</B> on the corresponding issue.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>EIGHTH.- COMMON FUND</B>.- The
shares which are committed in trust will form the common fund of the issue of the <B>CERTIFICATES</B>, each <B>CERTIFICATE</B>
representing only one <B>TITLE</B>, which in turn stands for three shares--one Series &ldquo;A&rdquo;, one Series &ldquo;D&rdquo;
and one Series &ldquo;L&rdquo; share.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>NINTH</B>.-Upon any change in
par value, split-up, consolidation or any other reclassification of the A Shares, L Shares and D Shares, or upon any merger or
consolidation affecting the Company, the <B>CPO TRUSTEE</B> shall determine whether to execute and deliver additional CPOs representing
any securities that shall be received by the CPO Trustee in exchange for, in conversion of, or in respect of, the A Shares, L Shares
and D Shares held in the CPO Trust, or call for the surrender of outstanding CPOs, to be exchanged for new CPOs, and shall determine,
in each case, any required amendments to be made to the CPO Trust Agreement, the CPO Deed. If as a result of a redemption of the
A Shares, L Shares and D Shares the A Shares, L Shares and D Shares held in the CPO Trust are called for redemption, the <B>CPO
TRUSTEE</B> will, in accordance with the instructions of the CPO Technical Committee (as hereinafter defined), determine, in any
manner deemed to be equitable and practicable by such CPO Technical Committee, the CPOs that are to be redeemed (in a number equal
to the number of A Shares, L Shares and D Shares held in the CPO Trust so called for redemption), and pay the holders of such CPOs
their proportionate share of the consideration paid by the Company in respect thereof.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The assets deposited in trust will
form a group subject to distribution among the <B>CERTIFICATES</B> holders, only in case the structure of <B>G-TELEVISA</B>&rsquo;s
capital stock is modified in such a way that it will not be possible to correlate in whole numbers the shares deposited in trust
with the new structure. In this case, the <B>TRUSTEE</B> with the agreement of the Common <U>representative</U> of the holders
of the <B>CERTIFICATES</B>, will determine the form and terms of the distribution to their benefit.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TENTH.-HOLDERS.</B>- Mexican
nationals and Non-Mexican nationals <U>individuals, corporations and other entities</U>, will be able to acquire the <B>CERTIFICATES
</B>which are issued under this Trust. In both cases they can act on their own behalf or that of third parties.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In case any foreigner, either at
present or in the future, is holder of one or several <B>CERTIFICATES</B>, it will be considered that it is neutral investment
which will not be computed for the purpose of determining the amount and proportion of the participation of foreign investors in
the capital stock, according to the terms determined by General Resolution Number Three which establishes special criteria and
mechanisms for the application of several ordinances of the Regulations of the Law to Promote Foreign Investment.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>ELEVENTH.- TITLES.</B>-The <B>CERTIFICATES
</B>the <B>TRUSTEE </B>issues will be able to be evidenced by one or several titles, which represent one or several <B>CERTIFICATES</B>.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWELFTH.- DEPOSIT</B>.- The
title or titles which represent the <B>CERTIFICATES </B>will be deposited, in some company authorized by the Ministry of Treasury
and Public Credit to act as institution for the deposit of securities according to the terms of the law in force.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The institution for the deposit
of securities will open as many accounts, as it deems necessary to credit the Trustors, an equal number of <B>CERTIFICATES</B>
issued by the <B>TRUSTEE</B>, in respect of <B>TITLES</B> which represent one Series &ldquo;A&rdquo; share, one Series &ldquo;L&rdquo;
share and one Series &ldquo;D&rdquo; share which represent <B>G-TELEVISA</B>&rsquo;s<B> </B>capital stock, had they put them in
trust on their own behalf or that of third parties.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The <B>TRUSTEE</B> will agree with
the depositary institution of the <B>TITLES </B>and the <B>CERTIFICATES</B>, that such institution will notify the brokers at the
stock exchange, the Mexican Stock Exchange, the National Securities Commission and the <B>TRUSTEE</B>, at the close of each working
day, regarding the number of <B>CERTIFICATES</B> they have transferred on their own behalf, or on behalf of their clients, and
also the number of <B>TITLES </B>which represent three shares, one Series &ldquo;A&rdquo; share, one Series &ldquo;L&rdquo; share
and one Series &ldquo;D&rdquo; share which represent the capital stock of <B>G-TELEVISA</B>, which have been deposited with the
<B>TRUSTEE</B> through the deposit of the <B>CERTIFICATES</B>. The Institution for the deposit of securities must deliver the corresponding
account status to the <B>TRUSTEE</B> at the latest the following working day after the operation is carried out.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Such depositary institution shall
assume the responsibility of implanting the necessary control measures, with the purpose that at all times the relationship of
one <B>TITLE</B> is kept. This <B>TITLE</B>, in turn stands for three shares in the form mentioned in the preceding paragraph,
for each placed <B>CERTIFICATE</B>, and always takes actions to provide that for no reason whatsoever shall the number of outstanding
<B>CERTIFICATES</B> surpass the authorized amount of the issue.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>THIRTEENTH.- <U>CASH</U> DIVIDENDS</B>.-
The <B>TRUSTEE</B> will deliver to the holders of the <B>CERTIFICATES</B> the dividends in cash which correspond to the shares
committed in trust, in each case in the same currency in which they were received. For these effects it will be understood that
the <B>TRUSTEE </B>has carried out its assignment through the allocation and compensation techniques they perform, inside their
corresponding activities spheres, the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A. de C.V.), the institution where the
shares and the <B>CERTIFICATES</B> are deposited, and also the financial brokers who intervene in the operation on their own behalf
or that of third parties.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If a distribution by the Company
consists of a dividend in A Shares, L Shares, and D Shares evidenced by CPOs, such A Shares, L Shares and D Shares will be held
in the CPO Trust and the <B>CPO TRUSTEE </B>will distribute to the holders of the outstanding CPOs, in proportion to their holdings,
additional CPOs in an aggregate number of CPOs representing, financial interests in A Shares, L Shares and D Shares, as the case
may be, received by the CPO Trustee as such dividend. If the maximum amount of CPOs that may be delivered under the CPO Deed would
be exceeded as a result of a dividend in A Shares, L Shares and D Shares, a new CPO deed would need to be entered into setting
forth the amount of the new CPOs (including those CPOs exceeding the number of CPOs authorized under the CPO Deed) to be issued.
In the event that the CPO Trustee receives any distribution with respect to A Shares, L Shares and D Shares held in the CPO Trust
other than in the form of cash or additional shares, the CPO Trustee will adopt such method as it may deem legal, equitable and
practicable to effect the distribution of such property.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FOURTEENTH- VOTING RIGHTS.</B>-
The <B>CERTIFICATES</B> holders will be able to instruct the <B>TRUSTEE </B>to grant proxy on behalf of the person who they individually
appoint, so that such person exercises the voting rights which correspond to the shares deposited in trust, according to the instructions
received directly from the holder.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The proxy will be granted to exercise
such rights by the shares which hold the<B> CERTIFICATE</B> or <B>CERTIFICATES</B> whose holder would have instructed the <B>TRUSTEE</B>
for the indicated purpose.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The <B>TRUSTEE</B> must receive
the instructions in writing, with a minimum time of five <U>business</U>, days, <U>prior to the shareholders meeting day</U>. Any
instruction received after the set time limit has elapsed will be considered as not granted. in the sole discretion of the <B>TRUSTEE.</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In the aforementioned time limit
of five days the <B>TRUSTEE </B>will grant the proxies and will negotiate the dispatch of the corresponding evidences.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The non Mexican national holders
will be awarded this right, only regarding Series &ldquo;L&rdquo; shares.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Due to the fact that the <B>CERTIFICATES</B>
will trade at the stock exchanges, the <B>TRUSTEE </B>does not have the obligation to verify or to record the nationality of the
holders.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The <B>TRUSTEE</B> will neither
be responsible for the way in which the proxies vote, or for their absence at the corresponding meeting.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Regarding the shares deposited
in trust for which the <B>TRUSTEE </B>has not received instruction in the precedingly mentioned terms, the <B>TRUSTEE</B> will
exercise the right, voting in the same manner as a majority of the shareholders of the corresponding series.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The <B>CPO TRUSTEE </B>will be
required, until the Tenth Anniversary of the restructuring of the series of shares which represent the capital stack, will exercise
the voting rights which correspond to Series &ldquo;L&rdquo; Shares, which are held by a) Grupo Televicentro, b) Grupo Televicentro&rsquo;s
subsidiaries and c) Grupo Televicentro&rsquo;s shareholders, (the &ldquo;Founding Partners&rdquo;), in the same manner in which
the majority of the shares of such series would have voted at the relevant meeting, so that the investor public determines the
sense of the voting of this series. For this purpose, the Secretary of <B>G-TELEVISA </B>will confirm to the <B>TRUSTEE</B>:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif"><I>i)</I></FONT></TD><TD STYLE="text-align: justify">The date in which the Meeting would have decided to carry out the restructure and;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: (normal text),serif"><I>ii)</I></FONT></TD><TD STYLE="text-align: justify">How many Ordinary Participation Certificates issued by the <B>TRUSTEE</B> were held by the Founding
Partners at the close of business on the Record Date before the holding of a Shareholders Meeting in which Series &ldquo;L&rdquo;
shareholders vote.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FIFTEENTH. SUBSCRIPTION</B>-
In case increases to G-televisa&rsquo;s capital stock are decreed due to new contributions, the <B>TRUSTEE</B> will subscribe and
pay the increase proportionally to those deposited in trust, as long as it had timely received the corresponding funds from the
<B>CERTIFICATES </B>holders, according to the terms and conditions set forth in the By-laws.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The <B>TRUSTEE</B> will deliver
to the <B>CERTIFICATES </B>holders as many additional <B>TITLES </B>from those aforementioned as it corresponds, as long as there
are <B>CERTIFICATES</B> available from the issue carried out, otherwise it will inform the Technical Committee, so that it gives
instructions for another issue or in case it was possible, for the direct delivery of the shares.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In case that as a consequence of
the increase of capital stock new investors had subscribed and paid shares, if they deposit them with the <B>TRUSTEE</B>, it will
deliver <B>CERTIFICATES</B> in exchange for their contribution, if they are available or it will inform the Technical Committee
in the form indicated in the preceding paragraph.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SIXTEENTH.- COMMON <U>REPRESENTATIVE</U></B>.-Divisi&oacute;n
Fiduciaria of Banamex, S.A., Grupo Financiero Banamex Accival, is appointed to act as proxy of the holders of the <B>CERTIFICATES</B>.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SEVENTEENTH.</B>- <B>TECHNICAL
COMMITTEE INTEGRATION.- </B>The <B>FIRST TRUSTOR </B>establishes a Technical Committee which will be formed by members who will
be appointed from among the persons who are part of <B>G-TELEVISA</B>&rsquo;s<B> </B>Executive Committee.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The <B>FIRST TRUSTOR</B> must notify
the <B>TRUSTEE </B>in writing the names of those who form the Technical Committee, and also any change produced in its integration.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The <B>TRUSTEE</B> will only implement
the instructions received by the Committee integrated according to the last notification it would have received.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>EIGHTEENTH.- TECHNICAL COMMITTEE.-</B>
<B>FUNCTIONING</B>.- The Technical Committee will meet as many times as it deems necessary to accomplish the purposes of this Trust,
by its Chairman summon. The <B>TRUSTEE </B>will also be able to summon for matters considered in Clause Nineteenth, sub-sub-paragraph
3 and sub-sub-paragraph 4.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Committee will be presided
over by the Chairman of <B>G-TELEVISA</B>&rsquo;s<B> </B>Executive Committee or by the person appointed by such Executive Committee,
and the person who among its members is appointed by the Committee itself will act as secretary of minutes.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">So that the Technical Committee
can validly act, the presence of a majority of its members will be required. For the purpose of instituting a quorum the participation
of the alternate members will not be considered, in case the corresponding regular member is present.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The agreements of the Committee
will be taken by simple majority of votes of those assembled with the right to vote. The Chairman will have a quality vote in case
of a draw in the voting.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">A minute will be drafted of every meeting.
This minute must be signed by all the members present at the corresponding meeting.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The agreements of the Committee
will be communicated to the <B>TRUSTEE</B>, through a writing which will be signed by the Secretary of the Committee.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>NINETEENTH.- TECHNICAL COMMITTEE.-
AUTHORITY</B>.- The Technical Committee will have the following powers:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.-</TD><TD STYLE="text-align: justify">To instruct the <B>TRUSTEE</B> about the characteristics of the issue of <B>CERTIFICATES</B> in
the case considered by the Fifth Clause, sub-sub-paragraph 4 of this agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.-</TD><TD STYLE="text-align: justify">To appoint proxy for the exercise of the voting rights of the shares deposited in trust, regarding
those about which the <B>TRUSTEE </B>does not receive instructions from the holders of the <B>CERTIFICATES</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.-</TD><TD STYLE="text-align: justify">To solve any situation not considered in this agreement, <U>and any issuance of <B>CERTIFICATES</B></U>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.-</TD><TD STYLE="text-align: justify">To appoint proxy for the exercise of voting rights inherent in the shares underlying the trust
equity.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTIETH.-SHARES REDEMPTION.-</B>
If the shares deposited in trust would be partially redeemed or if the capital stock of the Company is reduced through a refund
or cancellation in any manner of the outstanding shares that form a part of the trust equity, the <B>TRUSTEE</B> will notify this
fact to the Common <U>Representative</U>, so that by following the procedure considered by article 222 of the General Law of Titles
and Credit Operations, the determination of the <B>CERTIFICATES</B> which will be affected will be made.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-FIRST.- REDEMPTION OF
THE CERTIFICATES.-</B> When the holders of the <B>CERTIFICATES</B> are Mexican nationals, after ten years have elapsed from the
date of the restructuring of the capital stock of <B>G-TELEVISA</B>, they will be able to redeem the <B>CERTIFICATES</B> by the
exchange of the <B>TITLE </B>or <B>TITLES </B>which represent the shares. The foreigners, by the previous supply of the necessary
fees, will be able to instruct the <B>TRUSTEE </B>to request from <B>G-TELEVISA </B>the issuance of titles for each series of shares,
with the purpose that such <B>TRUSTEE</B> transmits the ownership of the titles to a duly qualified person to acquire them according
to the instructions of the holder of the corresponding <B>CERTIFICATE</B>, giving him, in due course, the product of the transfer,
once expenses and taxes are deducted.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-SECOND.- ANTICIPATED
EXTINCTION</B>. If as a consequence of what was considered by the preceding clauses Nineteenth and Twentieth, it turns out that
the total amount of the issued <B>CERTIFICATES</B> has been withdrawn from circulation, the <B>TRUSTEE </B>will proceed to cancel
the issue and extinction of this Trust with the participation of the Common <U>Representative</U>.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Besides what is hereby determined,
the Trust will be able to be extinguished at any time and at any instance considered by article 357 of the General Law of Credit
Operations and Titles.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Upon the extinction of the Trust,
the <B>TRUSTEE</B> will proceed to dispose of the shares committed in trust, according to instructions received from the Technical
Committee, and proceed to distribute among holders of the CPOs, the returns from the sale of the shares of stock, in proportion
to their respective holdings,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-THIRD.- FOREIGNERS.</B>- The
foreign individuals and entities, foreign economic units without juridical status, Mexican enterprises in which foreign capital
stock participates majoritarily, and the immigrants who are linked to any economic decision center abroad, by the sole fact of
the holding of the <FONT STYLE="letter-spacing: -0.2pt">participation certificates, it will be understood that they agree </FONT><FONT STYLE="letter-spacing: -0.4pt">with
the </FONT><FONT STYLE="letter-spacing: 0.5pt">Mexican Government before </FONT><FONT STYLE="letter-spacing: -0.2pt">the </FONT><FONT STYLE="letter-spacing: 0.5pt">Ministry
of Foreign Relations, to be considered as Mexican nationals regarding the participation certificates </FONT><FONT STYLE="letter-spacing: -0.2pt">and
they agree by that same fact to </FONT>waive the protection of their Governments, under the penalty, otherwise, of losing the totality
of the certificates on behalf of the Mexican Nation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-FOURTH.- EXPENSES, FEES AND
TAXES.-</B> All the expenses, fees arid taxes which are incurred by the entrance into this agreement, or the fulfillment of its
ordinances, will be paid by <B>G-TELEVISA</B>, which must pay them within 48 hours after the written notice received from the <B>TRUSTEE</B>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-FIFTH.- DURATION.-</B> The
Trust will have a maximum duration of 30 (thirty) years counted starting on the date the present Agreement is signed. Twelve months
prior to the expiration of such term , the Technical Committee of the Trust will be able to determine and instruct the <B>TRUSTEE
</B>to transfer the Trust equity to another trust in the fiduciary institution which the Technical Committee of the <B>TRUSTEE
</B>determines, with similar objectives to those considered in the present Trust, considering that the ordinary participation certificates
issued by the fiduciary institution based on the equity of the new trust, will be simultaneously exchanged at the issue by the
<B>CERTIFICATES</B> which would be issued according to this Trust.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If twelve months before such term ends,
the <B>TRUSTEE </B>has not received instructions from the Trust's Technical Committee regarding the form and terms to transfer
the equity of this Trust to another one, neither regarding the form and terms to carry out the exchange of the <B>CERTIFICATES</B>
it would have issued in accordance to what is here considered, for shares of <B>G-TELEVISA</B>, or to sell <B>G-TELEVISA</B>'s<B>
</B>shares which are still part of the Trust, the <B>TRUSTEE </B>will proceed to sell all of <B>G-TELEVISA</B>'s shares which still
form part of the Trust equity at the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A. de C.V.), avoiding to cause contrary
effects to the healthy stock exchange practices; and will proceed to deliver the net amount of the product of such sale to the
holders of the <B>CERTIFICATES</B> it would have issued, in the corresponding proportion.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-SIXTH.- ENGAGEMENT
FOR SUPPORTS</B>.- In case it would be necessary for the best achievement of the objectives of the Trust, the <B>TRUSTEE </B>will
be able to enter into an agreement, upon previous written instruction of the Technical Committee, for the necessary services, equipment,
systems and staff; the staff the <B>TRUSTEE</B> would be hire for this purpose will not form part of Nacional Financiera, S.N.C.&rsquo;s
staff, but must be considered at the service of the equity of the present Trust, according to Article 82 of the Credit Institutions
Law.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-SEVENTH.- LEGAL PROHIBITION.-</B>
Sub-sub-paragraph b), Section XIX, Article 106 of the Credit Institutions Law to the letter provides:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;It will be forbidden for
the Credit Institutions:&rdquo;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;...XIX.- When performing
the operations pursuant to section XV of article 46 of this Law:&rdquo;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;...b) To answer the trustors,
mandators, or constituents, about the nonfulfillment of the debtors, for the credits which are granted, or of the issuers, for
the securities which are obtained, unless it is their fault, according to what is established at the end of article 356 of the
General Law of Credit Operations and Titles, or to guarantee the receipt of proceeds for the funds whose investment is trusted
to them.&rdquo;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If when the Trust mandate, or
commission, constituted to grant credits, ends, these credits would not have been paid by the debtors, the institution will have
to transfer them to the trustor or to the trustee, as the case may be, or to the mandator <U>or constituent</U>, refraining itself
from paying the due amount.&rdquo;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;Any pact, contrary to
what is implemented in the two preceding paragraphs, will not have any legal effect at all.&rdquo;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;In the Fiduciary, mandate
or commission agreements, this paragraph will be inserted in a noticeable way, together with a declaration of the trust in the
sense that it made its contents known unmistakably to the persons from whom it had received assets for its investment;...&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>TWENTY-EIGHTH.- FIDUCIARY FEES. (TO BE DEFINED).</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-NINTH.-TRUSTEE&rsquo;S RESPONSIBILITY</B>.-
The <B>TRUSTEE </B>will grant powers on behalf of the persons, and with the powers the Technical Committee determines, to carry
out the defense of the Trust, without any liability for the <B>TRUSTEE </B>due to the performance or the fees and expenses incurred
due to the exercise of the power.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>THIRTIETH.- FOREIGN INVESTMENTS REGISTRY.-</B>
The <B>TRUSTEE</B> shall request the filing of this Agreement in the Third Section of the Foreign Investments Registry, within
60<BR>
( sixty ) business days after the signing hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>THIRTY-FIRST</B>.- <B>NOTICES OF
DOMICILES</B>.- All communications which the parties have to give one another according to this agreement, will be in writing and
sent to the other party by certified mail with acknowledgement of receipt, telex, telecopy, or by any other means which guarantees
its receipt, to the following domiciles:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>THE FIRST TRUSTOR:</B>&#9;Av. Chapultepec No.19-4o piso<BR>
&#9;Col. Doctores, C.P. 06724<BR>
&#9;M&eacute;xico, D.F.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>THE TRUSTEE:</B>&#9;Insurgentes Sur 1971<BR>
&#9;IV Tower Fifth Floor<BR>
&#9;Col. Guadalupe Inn<BR>
&#9;01020 Mexico, D.F.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>THIRTY-SECOND.- JURISDICTION AND
COMPETENCE</B>.- This agreement is subject, for the interpretation and implementation to the Mexican United States laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">To solve any controversy originated
due to this agreement, the parties are expressly submitted to the jurisdiction of the competent courts in Mexico City, Federal
District, expressly waiving from this moment on any other jurisdiction which may correspond to them by reason of their present
or future domiciles.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&#9;<B>THE FIRST TRUSTOR&#9;THE TRUSTEE</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">________________________________&#9;_____________________________<BR>
<B>JULIO BARBA HURTADO&#9;</B><BR>
<B>ATTORNEY AT LAW&#9;For Nacional Financiera,S.N.C.</B><BR>
<B>Proxy for Mr. Emilio</B><BR>
<B>Azc&aacute;rraga Milmo</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&#9;________________________<BR>
&#9;<B>For GRUPO TELEVISA, S.A</B>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&#9;<B>WITNESSES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">________________________________&#9;_____________________________<BR>
<BR>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>4
<FILENAME>gruproteldeed.htm
<DESCRIPTION>EXHIBIT 1.2 - PUBLIC DEED
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">- - <B>MINUTE
BOOK</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">- - - <B>DEED NUMBER THIRTY-TWO
THOUSAND</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">- - - <B>IN MEXICO CITY, FEDERAL
DISTRICT</B>, on the ______of the month of _________ one thousand nine hundred and ninety-three, <B><U>LUIS ANTONIO MONTES DE OCA
MAYAGOITIA</U></B>, in my capacity as regular notary of the Notary Public&rsquo;s office number seventy-three of this Federal District,
certify <B>THE ISSUE OF ORDINARY PARTICIPATION CERTIFICATES </B>named ______________________, which <B>&ldquo;NACIONAL FINANCIERA&rdquo;,
NATIONAL CREDIT INSTITUTION </B>draws up by unilateral declaration of will, which shall henceforward be known as <B>&ldquo;NAFIN&rdquo;
</B>or the <B>&ldquo;ISSUER&rdquo;</B>, represented by Mr. <U>Jorge A. C&eacute;sar Guadarrama</U>, Attorney at Law, Trust Proxy,
with the intervention and agreement of &ldquo;__________&rdquo;, who will henceforward be named also as the <B>&ldquo;PROXY&rdquo;</B>,
represented in this act by Mr. ___________, Attorney at Law, (in his capacity as Trust Proxy), with the aim of accepting the appointment
as common <U>representative</U> of the ordinary participation certificates&rsquo; holders; also present is the &ldquo;<B>NATIONAL
BANKING COMMISSION</B>&rdquo;, represented by its Chairman, Mr. <U>Guillermo Prieto</U> <U>Fortun</U>, Attorney at Law, according
to the following statements and clauses:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>STATEMENTS</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>UNDER OATH TO TELL THE TRUTH
TO COMPLY WITH THE LAW.</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The grantors, once informed and
warned of the penalties incurred by those committing perjury before a Notary Public, according to Articles Eighty-one of the Notarial
Law and Two hundred and forty-seven of the Criminal Code, both for the Federal District, under oath to tell the truth, individually
declare the following:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>I.&#9;AS OF &ldquo;NACIONAL
FINANCIERA&rdquo;, NATIONAL CREDIT INSTITUTION</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>ONE.</B>- <B>LEGAL STATUS AND
REPRESENTATION.</B>- <B>&ldquo;NACIONAL FINANCIERA&rdquo;, NATIONAL CREDIT INSTITUTION</B>, credits its legal existence and the
legal status of its proxy with the certified copy of the corresponding preliminary information, which is annexed to the documents
of the appendix of this book of protocol under the same number of this deed and letter &ldquo;A&rdquo; which corresponds to it.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWO.-TRUST.</B>- Dated __________________
one thousand nine hundred and ninety-three, <B>MR. EMILIO AZCARRAGA MILMO</B>, committed to irrevocable trust before Nafin&rsquo;s
Trust Department, one Series &ldquo;A&rdquo; share, which evidences part of the capital stock of the trading company named <B>&ldquo;GRUPO
TELEVISA&rdquo;, JOINT STOCK COMPANY OF FIXED CAPITAL</B>, so that <B>&ldquo;NAFIN&rdquo; </B>issues based on it and on the other
securities which are committed by other trustees, Ordinary Participation Certificates with the characteristics to be determined
in the corresponding Trust Agreement, the undersigned notary adds a certified copy of this document to the file of the appendix
of this book of protocol under the same number of this deed and under letter &ldquo;B&rdquo; which corresponds to it and of which
it transcribes on its conducive part what is of the following literal manner.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TRUST AGREEMENT ENTERED INTO,
ON THE ONE HAND, AS FIRST TRUSTOR, WHICH WILL BE HENCEFORWARD NAMED AS THE &lsquo;&lsquo;FIRST TRUSTOR&rdquo;, BY MR. EMILIO AZCARRAGA
MILMO, REPRESENTED BY MR. JULIO BARBA HURTADO, ATTORNEY AT LAW; AND ON THE OTHER, AS TRUSTEE, BY &ldquo;NACIONAL FINANCIERA, S.N.C.&rdquo;,
WHICH HENCEFORWARD WILL BE KNOWN AS THE &ldquo;TRUSTEE&rdquo; REPRESENTED BY ____________________. THE PRESENT AGREEMENT IS ENTERED
INTO WITH THE APPEARANCE OF THE COMPANY NAMED &ldquo;GRUPO TELEVISA, S.A.&rdquo;, HENCEFORWARD G-TELEVISA, REPRESENTED BY _____________________.
THE PARTIES GRANT WHAT IS RECORDED ACCORDING TO THE FOLLOWING STATEMENTS AND CLAUSES:</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>S T A T E M E N T S</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">I.&#9;The <B>FIRST TRUSTOR </B>states:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">a)</TD><TD STYLE="text-align: justify">That he is a Mexican citizen in full exercise of his rights and that he has the legal capacity
to enter into the present agreement and that the representation that Mr. Julio Barba Hurtado, Attorney at Law, has, is certified
in public deed number ___________, drawn up before the certification of Mr. ___________________ Attorney at Law, Public Notary
_____________ of the Federal District and that his power has not been limited or revoked on the date of the granting of this deed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">b)</TD><TD STYLE="text-align: justify">That he is a shareholder of <B>G-TELEVISA</B>, and by that virtue, he is a holder of &ldquo;A&rdquo;
Series shares representing the capital stock of such company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">c)</TD><TD STYLE="text-align: justify">That the shares which represent the capital stock of <B>G-Televisa</B>, are registered in the National
Registry of Securities and Brokers, Securities Section of the National Commission of Securities (Comisi&oacute;n Nacional de Valores)
and in the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A. de C.V.) where they are quoted and traded.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">d)</TD><TD STYLE="text-align: justify">That <B>G-TELEVISA&rsquo;s </B>shareholders in a General Extraordinary Shareholders Meeting, and
in a Special Shareholders Meeting of &ldquo;L&rdquo; Shares, which will be held on December __, 1993, shall approve the following
proposals:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.-</TD><TD STYLE="text-align: justify">To issue premium dividend and limited voting shares to form a series which will be named Series
&ldquo;D&rdquo; or &ldquo;Dividend Premium&rdquo;;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.-</TD><TD STYLE="text-align: justify">To reorganize the series of shares which represent the capital stock, with the purpose of increasing
the number of outstanding shares through the issue of new shares and corresponding exchange of three new shares for each presently
outstanding share;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.-</TD><TD STYLE="text-align: justify">That in exchange for each currently outstanding Series &ldquo;A&rdquo; or Series &ldquo;L&rdquo;
share, three shares shall be delivered to their holders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.-</TD><TD STYLE="text-align: justify">That the three shares to be delivered in exchange for each outstanding share shall be: one Series
&ldquo;A&rdquo; share, one Series &ldquo;D&rdquo; Share and one Series &ldquo;L&rdquo; Share; except in the case of 81,885,000
Series &ldquo;A&rdquo; shares, held by Grupo Televicentro, SA de C.V., with respect to which three Series &ldquo;A&rdquo; shares
shall be exchanged for each Series &ldquo;A&rdquo; Share, for a total of 245,655,000 Series &ldquo;A&rdquo; Shares (the &ldquo;Control
Position&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.-</TD><TD STYLE="text-align: justify">That, once the new shares are issued, they shall be represented by a single and indivisible title,
(hereinafter the <B>TITLE</B>), which evidences one Series &ldquo;A&rdquo; share, one Series &ldquo;D&rdquo; share and one Series
&ldquo;L&rdquo; share of the capital stock of <B>G-TELEVISA</B>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.-</TD><TD STYLE="text-align: justify">That each representative <B>TITLE </B>of shares may be deposited in trust for an irrevocable term
which will not be less than ten years;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.-</TD><TD STYLE="text-align: justify">That the purpose of such <B>TRUST</B> will be, among others, to issue non-redeemable ordinary participation
certificates (hereinafter the <B>CERTIFICATES </B>or <B>&ldquo;CFOs&rdquo;</B>); representing shares of the Company committed to
the trust;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.-</TD><TD STYLE="text-align: justify">That each <B>CERTIFICATE </B>which is issued through such <B>TRUSTEE</B>, will grant its holder
the right to an undivided interest in the shares deposited in trust, equivalent to one <B>TITLE </B>representing one Series &ldquo;A&rdquo;
share, one Series &ldquo;D&rdquo; share and one Series &ldquo;L&rdquo; share;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.-</TD><TD STYLE="text-align: justify">That the shareholders who put their shares in such trust will receive one <B>CERTIFICATE </B>for
each <B>TITLE </B>representative of three shares in the aforementioned form;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.-</TD><TD STYLE="text-align: justify">That another purpose of the <B>TRUST</B> is to favor that the different series shares in which
the capital stock of <B>G-TELEVISA</B> will be divided, quote in identical conditions in the national stock exchange and in the
international stock exchange through the <B>CERTIFICATES</B>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.-</TD><TD STYLE="text-align: justify">That <B>G-TELEVISA</B> will keep in the nominative shares register book, an account and registration
of the <B>TITLES </B>that are so issued and outstanding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.-</TD><TD STYLE="text-align: justify">That the foreign investors who at present hold Series &ldquo;L&rdquo; shares, in exchange for the
certificates which represent the Series &ldquo;L&rdquo; shares, receive a <B>CERTIFICATE </B>of those which are issued by the <B>TRUSTEE</B>.
Accordingly <B>G-TELEVISA</B> shall previously deliver to the <B>TRUSTEE</B>, directly or through an authorized institution for
the deposit of securities, the <B>TITLES </B>each of which evidences one of each one of the Series &ldquo;A&rdquo;, &ldquo;D&rdquo;
and &ldquo;L&rdquo; shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.-</TD><TD STYLE="text-align: justify">That the <B>CERTIFICATES </B>which are issued through the <B>TRUST</B>, will confer to their holders
the following rights:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>i)</I></TD><TD STYLE="text-align: justify">Each <B>CERTIFICATE </B>will represent for its holder the right to the property of one <B>TITLE</B>,
which in turn evidences three of <B>G-TELEVISA&rsquo;s </B>shares, one Series &ldquo;A&rdquo; Share, one Series &ldquo;D&rdquo;
share, one Series &ldquo;L&rdquo; share, plus the shares of the same company which each one of them may be entitled to receive
due to stock dividends.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>ii)</I></TD><TD STYLE="text-align: justify">Each <B>CERTIFICATE </B>will grant its holder the right to receive the dividends in cash which
correspond to the shares which it represents.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>iii)</I></TD><TD STYLE="text-align: justify">The Mexican <B>CERTIFICATES&rsquo;</B> holders will be entitled to instruct the <B>TRUSTEE </B>so
that it appoints a proxy, who exercises the voting rights which correspond to the shares deposited in trust, according to the instructions
that such holders directly give to the proxy. <B>CERTIFICATE </B>holders who are non-Mexican nationals will have such voting rights
with respect to Series &ldquo;L&rdquo; shares evidenced by the <B>CERTIFICATES </B>in question, and regarding the Series &ldquo;A&rdquo;
and &ldquo;D&rdquo; shares, the <B>TRUSTEE </B>will vote in the same manner as the majority of the outstanding Series &ldquo;A&rdquo;
and &ldquo;D&rdquo; shares, respectively, held by Mexican nationals (directly or through CPOs) are voted.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>iv)</I></TD><TD STYLE="text-align: justify">The holders will be entitled to instruct the <B>TRUSTEE </B>of the <B>CERTIFICATES</B>, to the
extent permitted by applicable law, about the subscription of capital stock, when exercising their pre-emptive rights or when otherwise
subscribing for shares, provided that they provide the necessary funds in the form and terms established in the By-laws.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>v)</I></TD><TD STYLE="text-align: justify">After a ten years term has elapsed from the date on which the restructuring of <B>G-TELEVISA</B>&rsquo;s
capital stock has been consummated (the &ldquo;Tenth Anniversary&rdquo;), the Mexican nationals, holders of <B>CERTIFICATES</B>;
will be able to receive the shares deposited in trust by exchanging the <B>CERTIFICATES </B>which represent them. Foreigners, through
previous delivery of the <B>CERTIFICATES </B>and payment of the necessary fees, in the form and terms established in the By-laws,
will be able to instruct the <B>TRUSTEE </B>to request from <B>G-TELEVISA</B> the issue of titles for each series of shares, so
that such <B>TRUSTEE </B>transfers their ownership to a legally qualified person to acquire them, according to the indication of
the holder of the corresponding <B>CERTIFICATE</B>, giving him, in due course, the product of the transfer after expenses and taxes
are deducted. The <B>TRUSTEE </B>will learn the nationality of the holders of Certificates based upon the information of the brokers
which it receives from the institution for the deposit of shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">e)</TD><TD STYLE="text-align: justify">That with the purpose of carrying out the exchange of his own shares of <B>G-TELEVISA</B> and that
other shareholders carry out the same, he appears to enter into the present agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">f)</TD><TD STYLE="text-align: justify">That <B>G-TELEVISA</B> requested and obtained from the Ministry of Commerce and Industrial Promotion
and from the National Commission of Securities, authorization for the constitution of the present trust and so that the <B>CERTIFICATES
</B>which are issued under it, are registered at the Securities Section of the National Registry of Securities and Brokers and
at the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A. de C.V.) and quote in it and in other stock exchanges.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: justify">The documents issued by both institutions are enclosed to be a part of the present agreement, under
numbers 1 and 2 respectively.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>II</B>&#9;The <B>TRUSTEE </B>declares:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">a)</TD><TD STYLE="text-align: justify">That it is a National Credit Institution which is ruled by the ordinances of its own Organic Law.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">b)</TD><TD STYLE="text-align: justify">That it is legally qualified to act as <B>TRUSTEE</B>, therefore it agrees to receive the assignment
that is given to it through this act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">c)</TD><TD STYLE="text-align: justify">That according to sub-sub-paragraph b) of section XIX of article 106 of the Credit Institutions
Law, it unequivocally informed the <B>FIRST TRUSTOR </B>about the contents and legal significances of such provision, which is
written in clause Twenty-Sixth of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Due to what has been expounded,
the parties grant the following:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>C L A U S E S</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FIRST.</B>- <B>CONSTITUTION</B>.-
The <B>FIRST TRUSTOR </B>and the <B>TRUSTEE </B>agree to enter into the present agreement, by virtue or which the first one constitutes
a Trust to carry out the purposes which are henceforward established, by virtue of which he places in trust the assets which are
hereinafter identified.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SECOND.</B>- <B>PARTIES</B>.-
The following are parties to this Trust:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FIRST TRUSTOR</B>:&#9;EMILIO
AZCARRAGA MILMO.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 153pt; text-align: justify; text-indent: -153pt"><B><U>SECOND
TRUSTOR</U></B>:&#9;Individuals, corporate entities <U>or other entities</U>, either Mexican nationals or foreigners, that after
the constitution of this Trust, deposit in it one or more of <B>G-TELEVISA&rsquo;s</B> shares, for the purpose of receiving <B>CERTIFICATES
</B>which are issued according to this Agreement.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 153pt; text-align: justify; text-indent: -153pt"><B>TRUSTEE</B>:&#9;NACIONAL
FINANCIERA, S.N.C.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 153pt; text-align: justify; text-indent: -153pt"><B>BENEFICIARIES</B>:&#9;The
<B>FIRST TRUSTOR </B>and the Beneficiaries with the purpose of receiving <B>CERTIFICATES</B>, one for each <B>TITLE </B>which represents
three shares which are deposited in Trust, understanding that each <B>CERTIFICATE </B>which they receive will evidence one <B>TITLE
</B>which represents three of <B>G-TELEVISA&rsquo;s </B>shares, one &ldquo;A&rdquo; share, one &ldquo;D&rdquo; share and one &ldquo;L&rdquo;
share, once the <B>TRUSTEE </B>has carried out the corresponding exchange of the share contributed by the <B>FIRST TRUSTOR </B>and/or
the Beneficiaries.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 153pt"></TD><TD STYLE="text-align: justify">Mexican investors and individuals, corporate entities or economic entities, foreigners or individuals,
corporate entities or other entities can be beneficiaries pursuant to article 2o, of the Law to Promote Mexican Investment and
Regulate the Foreign Investment.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>THIRD.</B>- <B>DESIGNATION OF
<U>SECOND TRUSTOR</U></B>.- The persons that after the subscription of this agreement, join the agreement which is contained in
it through the contribution of shares to the Trust; by that sole fact they will be subject to the provisions herein determined.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FOURTH.</B>- <B>TRUST EQUITY</B>.-
The equity of this Trust will consist of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.-</TD><TD STYLE="text-align: justify">One of <B>G-TELEVISA&rsquo;s </B>Series &ldquo;A&rdquo; shares, which through this agreement is
contributed by the <B>FIRST TRUSTOR</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.-</TD><TD STYLE="text-align: justify">Series &ldquo;A&rdquo;, Series &ldquo;L&rdquo; and Series &ldquo;D&rdquo; shares which the Second
<U>Trustor</U> contribute.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.-</TD><TD STYLE="text-align: justify">Series &ldquo;A&rdquo;, Series &ldquo;D&rdquo; and Series &ldquo;L&rdquo; shares which the <B>TRUSTEE
</B>receives through an exchange which is done by the institution for the Deposit of Securities, of those contributed by the <B>FIRST
TRUSTOR </B>or by the <B>SECOND TRUSTOR</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.-</TD><TD STYLE="text-align: justify">The shares the <B>TRUSTEE </B>receives by subscription of the capital stock, according to the By-laws
and as long as it timely receives from the holders of certificates the necessary funds.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">5.-&#9;The shares the Trustee receives
from payment of dividends in kind.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FIFTH.</B>- <B>PURPOSES</B>.-
The purpose of this Trust is to constitute a mechanism of implementation of the agreements to which sub-sub-paragraph d) of number
I. in the chapter of declarations of this agreement makes reference.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">For such purpose, the <B>TRUSTEE
</B>will carry out the following activities:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.-</TD><TD STYLE="text-align: justify">It will receive and keep in trust until at least the Tenth Anniversary, the shares<BR>
<B>G-TELEVISA </B>contributed by the <B>FIRST TRUSTOR </B>and the <B>SECOND BENEFICIARIES</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.-</TD><TD STYLE="text-align: justify">The <B>TRUSTEE </B>will proceed, in due course, to the exchange by means of the Institution for
the deposit of securities, of the Series &ldquo;A&rdquo; and Series &ldquo;L&rdquo; shares which are deposited in trust, <U>including
the Series &ldquo;A&rdquo; share deposited by the <B>FIRST TRUSTOR</B></U>, to receive, for each one of them, three shares-one
Series &ldquo;A&rdquo; share, one Series &ldquo;D&rdquo; share and one Series &ldquo;L&rdquo; share.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.-</TD><TD STYLE="text-align: justify">Supported by the new Series &ldquo;A&rdquo;, Series &ldquo;D&rdquo; and Series &ldquo;L&rdquo;
shares, received by contribution of a Beneficiary, through exchange, or received directly from the Company <U>by virtue of being
related to shares previously issued to foreigners</U>, the <B>TRUSTEE </B>will proceed to carry out an issue of ordinary participation
certificates.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.-</TD><TD STYLE="text-align: justify">The <B>TRUSTEE </B>will carry out the issue of ordinary participation certificates, in the amounts
and upon the terms and conditions stipulated by the Technical Committee, according to the following:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>i)</I></TD><TD STYLE="text-align: justify">Each <B>CERTIFICATE </B>will represent for its holder the right to the property of a <B>TITLE</B>,
which in turn evidences three of <B>G-TELEVISA&rsquo;s </B>shares, one Series &ldquo;A&rdquo; share, one Series &ldquo;D&rdquo;
share, and one Series &ldquo;L&rdquo; share, plus shares of the Company which each one of them may be entitled to receive due to
stock dividends.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>ii)</I></TD><TD STYLE="text-align: justify">Each <B>CERTIFICATE </B>will grant to its holder the right to receive the dividends which correspond
to the shares it represents.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>iii)</I></TD><TD STYLE="text-align: justify">Mexican holders of <B>CERTIFICATES </B>will be able to instruct the <B>TRUSTEE </B>to appoint a
proxy, who will be able to exercise the voting rights which correspond to the shares deposited in trust, according to the instructions
that such holders directly give to the proxy. The holders of <B>CERTIFICATES </B>which are not Mexican nationals will have the
such rights, as regards Series &ldquo;L&rdquo; shares evidenced by the mentioned <B>CERTIFICATES</B>, and regarding Series &ldquo;A&rdquo;
and &ldquo;D&rdquo; shares, the <B>TRUSTEE </B>will vote such shares in the same manner as a majority of the outstanding &ldquo;A&rdquo;
and &ldquo;D&rdquo; shares, respectively, held by Mexican nationals, are voted.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>iv)</I></TD><TD STYLE="text-align: justify">The holders of <B>CERTIFICATES</B>, will be able to instruct the <B>TRUSTEE</B>, to the extent
permitted by applicable law and according to the By-laws, about the subscription of capital stock, when exercising their preemptive
rights or when otherwise subscribing for shares; provided that they provide the necessary funds.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>v)</I></TD><TD STYLE="text-align: justify">After the Tenth Anniversary of the restructuring of <B>G-TELEVISA&rsquo;s </B>capital stock, the
Mexican <B>CERTIFICATES </B>holders will be able to receive the shares deposited in trust by exchanging the <B>CERTIFICATE </B>or
<B>CERTIFICATES </B>which represent them. The holders who are not Mexican nationals, after the delivery of the <B>CERTIFICATES
</B>and payment of the necessary funds and according to what is determined by the By-laws, will be able to instruct the <B>TRUSTEE
</B>to request from <B>G-TELEVISA </B>the issue of titles for each series of shares, so that such <B>TRUSTEE </B>transfers the
ownership of the shares to the legally capable person to acquire them, according to the indication of the holder of the corresponding
<B>CERTIFICATE</B>, giving this holder, in due course, the product of the transfer, once expenses and taxes are deducted. The <B>TRUSTEE
</B>will learn the nationality of the holders of <B>CERTIFICATES </B>based upon the information of the brokers who receive it from
the institution which has the deposited shares.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SIXTH.</B>- <B>ISSUE.</B>- After
obtaining the corresponding authorizations, the <B>TRUSTEE </B>will issue the <B>CERTIFICATES </B>in an equal number to the total
of the new shares issued by <B>G-TELEVISA</B> which the <B>TRUSTEE </B>receives divided by three.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SEVENTH.</B>- <B>PLACING</B>.-
The <B>TRUSTEE </B>will place <B>CERTIFICATES </B>in equal number to that of the <B>TITLES </B>which are deposited in trust.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>THE TRUSTEE </B>will make as
many placings of <B>CERTIFICATES </B>as it may be necessary with an invariable back up of the income of shares to the equity of
the <B>TRUSTEE </B>on the corresponding issue.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>EIGHTH.</B>- <B>COMMON FUND</B>.-
The shares which are committed in trust will form the common fund of the issue of the <B>CERTIFICATES</B>, each <B>CERTIFICATE
</B>representing only one <B>TITLE</B>, which in turn stands for three shares&ndash;one Series &ldquo;A&rdquo;, one Series &ldquo;D&rdquo;
and one Series &ldquo;L&rdquo; share.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>NINTH</B>.- Upon any change
in par value, split-up, consolidation or any other reclassification of the A Shares, L Shares and D Shares, or upon any merger
or consolidation affecting the Company, the <B>CPO TRUSTEE </B>shall determine whether to execute and deliver additional CPOs representing
any securities that shall be received by the CPO Trustee in exchange for, in conversion of, or in respect of, the A Shares, L Shares
and D Shares held in the CPO Trust, or call for the surrender of outstanding CPOs, to be exchanged for new CPOs, and shall determine,
in each case, any required amendments to be made to the CPO Trust Agreement, the CPO Deed. If as a result of a redemption of the
A Shares, L Shares and D Shares, the A Shares, L Shares and D Shares held in the CPO Trust are called for redemption, the <B>CPO
TRUSTEE </B>will, in accordance with the instructions of the CPO Technical Committee (as hereinafter defined), determine, in any
manner deemed to be equitable and practicable by such CPO Technical Committee, the CPOs that are to be redeemed (in a number equal
to the number of A Shares, L Shares and D Shares held in the CPO Trust so called for redemption), and pay the holders of such CPOs
the proportionate share of the consideration paid by the Company in respect thereof.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The assets deposited in trust will
form a group subject to distribution among the <B>CERTIFICATES </B>holders, only in case the structure of <B>G-TELEVISA&rsquo;s
</B>capital stock is modified in such a way that it will not be possible to correlate in whole numbers the shares deposited in
trust with the new structure. In this case, the <B>TRUSTEE </B>with the agreement of the Common <U>representative</U> of the holders
of the <B>CERTIFICATES</B>, will determine the form and terms of the distribution to their benefit.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TENTH.-HOLDERS</B>.- Mexican
nationals and Non-Mexican nationals <U>individuals, corporations and other entities,</U> will be able to acquire the <B>CERTIFICATES
</B>which are issued under this Trust. In both cases they can act on their own behalf or that of third parties.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In case any foreigner, either at
present or in the future, is holder of one or several <B>CERTIFICATES</B>, it will be considered that it is neutral investment
which will not be computed for the purpose of determining the amount and proportion of the participation of foreign investors in
the capital stock, according to the terms determined by General Resolution Number Three which establishes special criteria and
mechanisms for the application of several ordinances of the Regulations of the Law to Promote Foreign Investment.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>ELEVENTH.</B>- <B>TITLES</B>.-The
<B>CERTIFICATES </B>the <B>TRUSTEE </B>issues will be able to be evidenced by one or several titles, which represent one or several
<B>CERTIFICATES</B>.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWELFTH.</B>- <B>DEPOSIT</B>.-
The title or titles which represent the <B>CERTIFICATES </B>will be deposited, in some company authorized by the Ministry of Treasury
and Public Credit to act as institution for the deposit of securities according to the terms of the law in force.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The institution for the deposit
of securities will open as many accounts, as it deems necessary to credit the Trustors, an equal number of <B>CERTIFICATES </B>issued
by the <B>TRUSTEE</B>, in respect of <B>TITLES </B>which represent one Series &ldquo;A&rdquo; share, one Series &ldquo;L&rdquo;
share and one Series &ldquo;D&rdquo; share which represent <B>G-TELEVISA&rsquo;s </B>capital stock, had they put them intrust on
their own behalf or that of third parties.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The <B>TRUSTEE </B>will agree with
the depositary institution of the <B>TITLES </B>and the <B>CERTIFICATES</B>, that such institution will notify the brokers at the
stock exchange, the Mexican Stock Exchange, the National Securities Commission and the <B>TRUSTEE</B>, at the close of each working
day, regarding the number of <B>CERTIFICATES </B>they have transferred on their own behalf, or on behalf of their clients, and
also the number of <B>TITLES </B>which represent three shares, one Series &ldquo;A&rdquo; share, one Series &ldquo;L&rdquo; share
and one Series &ldquo;D&rdquo; share which represent the capital stock of <B>G-TELEVISA</B>, which have been deposited with the
<B>TRUSTEE </B>through the deposit of the <B>CERTIFICATES</B>. The institution for the deposit of securities must deliver the corresponding
account status to the <B>TRUSTEE</B>, at the latest the following working day after the operation is carried out.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Such depositary institution shall
assume the responsibility of implanting the necessary control measures, with the purpose that at all times the relationship of
one <B>TITLE </B>is kept. This <B>TITLE</B>, in turn stands for three shares in the form mentioned in the preceding paragraph,
for each placed <B>CERTIFICATE</B>, and always takes actions to provide that for no reason whatsoever shall the number of outstanding
<B>CERTIFICATES </B>surpass the authorized amount of the issue.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>THIRTEENTH.</B>- <B><U>CASH</U>
DIVIDENDS</B>.- The <B>TRUSTEE </B>will deliver to the holders of the <B>CERTIFICATES </B>the dividends in cash which correspond
to the shares committed in trust, in each case in the same currency in which they were received. For these effects it will be understood
that the <B>TRUSTEE </B>has carried out its assignment through the allocation and compensation techniques they perform, inside
their corresponding activities spheres, the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A. de C.V.), the institution where
the shares and the <B>CERTIFICATES </B>are deposited, and also the financial brokers who intervene in the operation on their own
behalf or that of third parties.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If a distribution by the Company
consists of a dividend in A Shares, L Shares, and D Shares evidenced by CPOs, such A Shares, L Shares and D Shares will be held
in the CPO Trust and the <B>CPO TRUSTEE </B>will distribute to the holders of the outstanding CPOs, in proportion to their holdings,
additional CPOs in an aggregate number of CPOs representing financial interests in A Shares, L Shares and D Shares, as the case
may be, received by the CPO Trustee as such dividend. If the maximum amount of CPOs that may be delivered under the CPO Deed would
be exceeded as a result of a dividend in A Shares, L Shares and D Shares, a new CPO deed would need to be entered into setting
forth the amount of the new CPOs (including those CPOs exceeding the number of CPOs authorized under the CPO Deed) to be issued.
In the event that the CPO Trustee receives any distribution with respect to A Shares, L Shares and D Shares held in the CPO Trust
other than in the form of cash or additional shares, the CPO Trustee will adopt such method as it may deem legal, equitable and
practicable to effect the distribution of such property.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FOURTEENTH.</B>- <B>VOTING RIGHTS</B>.-
The <B>CERTFICATES </B>holders will be able to instruct the <B>TRUSTEE </B>to grant proxy on behalf of the person who they individually
appoint, so that such person exercises the voting rights which correspond to the shares deposited in trust, according to the instructions
received directly from the holder.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The proxy will be granted to exercise
such rights by the shares which hold the <B>CERTIFICATE </B>or <B>CERTIFICATES </B>whose holder would have instructed the <B>TRUSTEE
</B>for the indicated purpose.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The <B>TRUSTEE </B>must receive
the instructions in writing, with a minimum time of five <U>business</U> days, <U>prior to the shareholders meeting day</U>. Any
instruction received after the set time limit has elapsed will be considered as not granted, in the sole discretion of the <B>TRUSTEE</B>.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In the aforementioned time limit
of five days the <B>TRUSTEE </B>will grant me proxies and will negotiate the dispatch of the corresponding evidences.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The non-Mexican national holders
will be awarded this right, only regarding Series &ldquo;L&rdquo; shares.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Due to the fact that the <B>CERTIFICATES
</B>will trade at the stock exchanges, the <B>TRUSTEE </B>does not have the obligation to verify or to record the nationality of
the holders.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The <B>TRUSTEE </B>will neither
be responsible for the way in which the proxies vote, or for their absence at the corresponding meeting.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Regarding the shares deposited
in trust for which the <B>TRUSTEE </B>has not received instruction in the precedingly mentioned terms, the <B>TRUSTEE </B>will
exercise the right, voting in the same manner as a majority of the shareholders of the corresponding series.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The <B>CPO TRUSTEE </B>will be
required, until the Tenth Anniversary of the restructuring of the series of shares which represent the capital stock, will exercise
the voting rights which correspond to Series &ldquo;L&rdquo; Shares, which are held by a) Grupo Televicentro, b) Grupo Televicentro&rsquo;s
subsidiaries and c) Grupo Tetevicentro&rsquo;s shareholders, (the &ldquo;Founding Partners&rdquo;), in the same manner in which
the majority of the shares of such series would have voted at the relevant meeting, so that the investor public determines the
sense of the voting of this series. For this purpose, the Secretary of <B>G-TELEVISA</B> will confirm to the <B>TRUSTEE</B>:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>i)&#9;</I>The date in which
the Meeting would have decided to carry out the restructure and;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>ii)</I></TD><TD STYLE="text-align: justify">How many Ordinary Participation Certificates issued by the <B>TRUSTEE </B>were held by the Founding
Partners at the close of business on the Record Date before the holding of a Shareholders Meeting in which Series &ldquo;L&rdquo;
shareholders vote.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FIFTEENTH.</B>- <B>SUBSCRIPTION</B>-
In case increases to G-Televisa&rsquo;s capital stock are decreed due to new contributions, the <B>TRUSTEE </B>will subscribe and
pay the increase proportionally to those deposited in trust, as long as it had timely received the corresponding funds from the
<B>CERTIFICATES </B>holders, according to the terms and conditions set forth in the By-laws.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The <B>TRUSTEE </B>will deliver
to the <B>CERTIFICATES </B>holders as many additional <B>TITLES </B>from those aforementioned as it corresponds, as long as there
are <B>CERTIFICATES </B>available from the issue carried out, otherwise it will inform the Technical Committee, so that it gives
instructions for another issue or in case it was possible, for the direct delivery of the shares.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In case that as a consequence of
the increase of capital stock new investors had subscribed and paid shares, if they deposit them with the <B>TRUSTEE</B>, it will
deliver <B>CERTIFICATES </B>in exchange for their contribution, if they are available or it will inform the Technical Committee
in the form indicated in the preceding paragraph.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SIXTEENTH</B>.- <B>COMMON <U>REPRESPITATIVE</U></B>-
Divisi&oacute;n Fiduciaria of Banamex, SA., Grupo Financiero Banamex Accival, is appointed to act as proxy of the holders of the
<B>CERTIFICATES</B>.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SEVENTEENTH</B>.- <B>TECHNICAL
COMMITTEE INTEGRATION</B>.- The <B>FIRST TRUSTOR </B>establishes a Technical Committee which will be formed by members who will
be appointed from among the persons who are part of <B>G-TELEVISA&rsquo;s </B>Executive Committee.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The <B>FIRST TRUSTOR </B>must notify
the <B>TRUSTEE </B>in writing the names of those who form the Technical Committee, and also any change produced in its integration.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The <B>TRUSTEE </B>will only implement
the instructions received by the Committee integrated according to the last notification it would have received.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>EIGHTEENTH</B>.- <B>TECHNICALstrychnine</B>
<B>COMMITTEE.</B>- <B>FUNCTIONING.</B>-<B> </B>The Technical Committee will meet as many times as it deems necessary to accomplish
the purposes of this Trust, by its Chairman summon. The <B>TRUSTEE </B>will also be able to summon for matters considered in Clause
Nineteenth, sub-sub-paragraph 3 and sub-sub-paragraph 4.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Committee will be presided
over by the Chairman of <B>G-TELEVISA&rsquo;s </B>Executive Committee or by the person appointed by such Executive Committee, and
the person who among its members is appointed by the Committee itself will act as secretary of minutes.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">So that the Technical Committee
can validly act, the presence of a majority of its members will be required. For the purpose of instituting a quorum the participation
of the alternate members will not be considered, in case the corresponding regular member is present.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The agreements of the Committee
will be taken by simple majority of votes of those assembled with the right to vote. The Chairman will have a quality vote in case
of a draw in the voting.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A minute will be drafted of every
meeting. This minute must be signed by all the members present at the corresponding meeting.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The agreements of the Committee
will be communicated to the <B>TRUSTEE</B>, through a writing which will be signed by the Secretary of the Committee.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>NINETEENTH</B>.- <B>TECHNICAL
COMMITTEE.</B>-<B> AUTHORITY</B>.- The Technical Committee will have the following powers:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.-</TD><TD STYLE="text-align: justify">To instruct the <B>TRUSTEE </B>about the characteristics of the issue of <B>CERTIFICATES </B>in
the case considered by the Fifth Clause, sub-sub-paragraph 4 of this agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.-</TD><TD STYLE="text-align: justify">To appoint proxy for the exercise of the voting rights of the shares deposited in trust, regarding
those about which the <B>TRUSTEE </B>does not receive instructions from the holders of the <B>CERTIFICATES</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.-</TD><TD STYLE="text-align: justify">To solve any situation not considered in this agreement, <U>and any issuance of <B>CERTIFICATES</B>.</U></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.-</TD><TD STYLE="text-align: justify">To appoint proxy for the exercise of voting rights inherent in the shares underlying the trust
equity.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTIETH</B>.- <B>SHARES REDEMPTION</B>.-
If the shares deposited in trust would be partially redeemed or if the capital stock of the Company is reduced through a refund
or cancellation in any manner of the outstanding shares that form a part of the trust equity, the <B>TRUSTEE </B>will notify this
fact to the Common <U>Representative</U>, so that by following the procedure considered by article 222 of the General Law of Titles
and Credit Operations, the determination of the <B>CERTIFICATES </B>which will be affected will be made.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-FIRST</B>.- <B>REDEMPTION
OF THE CERTIFICATES</B>.- When the holders of the <B>CERTIFICATES </B>are Mexican nationals, after ten years have elapsed from
the date of the restructuring of the capital stock of <B>G-TELEVISA</B>, they will be able to redeem the <B>CERTIFICATES </B>by
the exchange of the <B>TITLE </B>or <B>TITLES </B>which represent the shares. The foreigners, by the previous supply of the necessary
fees, will be able to instruct the <B>TRUSTEE </B>to request from <B>G-TELEVISA</B> the issuance of titles for each series of shares,
with the purpose that such <B>TRUSTEE </B>transmits the ownership of the titles to a duly qualified person to acquire them according
to the instructions of the holder of the corresponding <B>CERTIFICATE</B>, giving him, in due course, the product of the transfer,
once expenses and taxes are deducted.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-SECOND</B>.- <B>ANTICIPATED
EXTINCTION</B>.- If as a consequence of what was considered by the preceding clauses Nineteenth and Twentieth, it turns out that
the total amount of the issued <B>CERTIFICATES </B>has been withdrawn from circulation; the <B>TRUSTEE </B>will proceed to cancel
the issue and extinction of this Trust with the participation of the Common <U>Representative</U>.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Besides what is hereby determined,
the Trust will be able to be extinguished at any time and at any instance considered by article 357 of the General Law of Credit
Operations and Titles.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Upon the extinction of the Trust,
the <B>TRUSTEE </B>will proceed to dispose of the shares committed in trust, according to instructions received from the Technical
Committee, and proceed to distribute among holders of the CPOs, the returns from the sale of the shares of stock, in proportion
to their respective holdings.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-THIRD</B>.- <B>FOREIGNERS.</B>-<B>
</B>The foreign individuals and entities, foreign economic units without juridical status, Mexican enterprises in which foreign
capital stock participates majoritarily, and the immigrants who are linked to any economic decision center abroad, by the sole
fact of the holding of the participation certificates, it will be understood that they agree with the Mexican Government before
the Ministry of Foreign Relations, to be considered as Mexican nationals regarding the participation certificates and they agree
by that same fact to waive the protection of their Governments, under the penalty, otherwise, of losing the totality of the certificates
on behalf of the Mexican Nation.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-FOURTH</B>.- <B>EXPENSES,
FEES AND TAXES</B>.-<B> </B>All the expenses, fees and taxes which are incurred by the entrance into this agreement, or the fulfillment
of its ordinances, will be paid by <B>G-TELEVISA</B>, which must pay them within 48 hours after the written notice received from
the <B>TRUSTEE</B>.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-FIFTH</B>.- <B>DURATION</B>.-
The Trust will have a maximum duration of 30 (thirty) years counted starting on the date the present Agreement is signed. Twelve
months prior to the expiration of such term, the Technical Committee of the Trust will be able to determine and instruct the <B>TRUSTEE
</B>to transfer the Trust equity to another trust in the fiduciary institution which the Technical Committee of the <B>TRUSTEE
</B>determines, with similar objectives to those considered in the present Trust, considering that the ordinary participation certificates
issued by the fiduciary institution based on the equity of the new trust, will be simultaneously exchanged at the issue by the
<B>CERTIFICATES </B>which would be issued according to this Trust.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If twelve months before such term
ends, the <B>TRUSTEE </B>has not received instructions from the Trust&rsquo;s Technical Committee regarding the form and terms
to transfer the equity of this Trust to another one, neither regarding the form and terms to carry out the exchange of the <B>CERTIFICATES
</B>it would have issued in accordance to what is here considered, for shares of <B>G-TELEVISA</B>, or to sell <B>G-TELEVISA&rsquo;s
</B>shares which are still part of the Trust, the <B>TRUSTEE </B>will proceed to sell all of <B>G-TELEVISA&rsquo;s </B>shares which
still form part of the Trust equity at the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A. de C.V.), avoiding to cause
contrary effects to the healthy stock exchange practices; and will proceed to deliver the net amount of the product of such sate
to the holders of the <B>CERTIFICATES </B>it would have issued, in the corresponding proportion.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-SIXTH</B>.- <B>ENGAGEMENT
FOR SUPPORTS</B>.-<B> </B>In case it would be necessary for the best achievement of the objectives of the Trust, the <B>TRUSTEE
</B>will be able to enter into an agreement, upon previous written instruction of the Technical Committee, for the necessary services,
equipment, systems and staff; the staff the <B>TRUSTEE </B>would hire for this purpose will not form part of Nacional Financiera,
S.N.C.&rsquo;s staff, but must be considered at the service of the equity of the present Trust, according to Article 82 of the
Credit Institutions Law.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-SEVENTH</B>.- <B>LEGAL
PROHIBITION</B>.-<B> </B>Sub-sub-paragraph b), Section XIX, Article 106 of the Credit Institutions Law to the letter provides:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;It will be forbidden for
the Credit Institutions:&rdquo;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;&hellip;XIX.- When performing
the operations pursuant to section XV of article 46 of this Law:&rdquo;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;...b) To answer the trustors,
mandators, or constituents, about the nonfulfillment of the debtors, for the credits which are granted, or of the issuers, for
the securities which are obtained, unless it is their fault, according to what is established at the end of article 356 of the
General Law of Credit Operations and Titles, or to guarantee the receipt of proceeds for the funds whose investment is trusted
to them.&rdquo;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;If when the Trust mandate,
or commission, constituted to grant credits, ends, these credits would not have been paid by the debtors, the institution will
have to transfer them to the trustor or to the trustee, as the case may be, or to the ma<U>n</U>dator <U>or constituent</U>, refraining
itself from paying the due amount.&rdquo;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;Any pact, contrary to what
is implemented in the two preceding paragraphs, will not have any legal effect at all.&rdquo;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;In the Fiduciary, mandate
or commission agreements, this paragraph will be inserted in a noticeable way, together with a declaration of the trust in the
sense that it made its contents known unmistakably to the persons from whom it had received assets for its investment;...&rdquo;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-EIGHTH.</B>- <B>FIDUCIARY
FEES. (TO BE DEFINED).</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWENTY-NINTH.-TRUSTEE&rsquo;S
RESPONSIBILITY.</B>- The <B>TRUSTEE </B>will grant powers on behalf of the persons, and with the powers the Technical Committee
determines, to carry out the defense of the Trust, without any liability for the <B>TRUSTEE </B>due to the performance or the fees
and expenses incurred due to the exercise of the power.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>THIRTIETH.</B>- <B>FOREIGN INVESTMENTS
REGISTRY.</B>- The <B>TRUSTEE </B>shall request the filing of this Agreement in the Third Section of the Foreign Investments Registry,
within 60 (sixty) business days after the signing hereof.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>THIRTY-FIRST.</B>- <B>NOTICES
OF DOMICILES.</B>- All communications which the parties have to give one another according to this agreement, will be in writing
and sent to the other party by certified mail with acknowledgement of receipt, telex, telecopy, or by any other means which guarantees
its receipt, to the following domiciles:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.5in; text-indent: -2.5in"><B>THE FIRST TRUSTOR.</B>&#9;Av.
Chapultepec No.19-4o piso<BR>
Col. Doctores, C.P. 06724<BR>
M&eacute;xico, D.F.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.5in; text-indent: -2.5in"><B>THE TRUSTEE</B>:&#9;Insurgentes
Sur 1971<BR>
IV Tower Fifth Floor<BR>
Col. Guadalupe Inn<BR>
01020 M&eacute;xico, D.F.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>THIRTY-SECOND.</B>- <B>JURISDICTION
AND COMPETENCE.</B>- This agreement is subject, for the interpretation and implementation to the Mexican United States laws.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">To solve any controversy originated
due to this agreement, the parties are expressly submitted to the jurisdiction of the competent courts in Mexico City. Federal
District, expressly waiving from this moment on any other jurisdiction which may correspond to them by reason of their present
or future domiciles.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">THE <B>FIRST</B> <B>TRUSTOR</B></P>
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">THE <B>TRUSTEE</B></P>
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt; padding-left: 5.4pt">JULIO BARBA HURTADO<BR>
ATTORNEY AT LAW<BR>
Proxy for Mr. Emilio<BR>
Azc&aacute;rraga Milmo</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">For Nacional Financiara,S.N.C.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">For GRUPO TELEVISA, S.A.</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">WITNESSES</P>
        <P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>THIRD.</B>- <B>ASSETS DEPOSITED
IN TRUST</B>:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.-</TD><TD STYLE="text-align: justify"><B>MR. EMILIO AZCARRAGA MILMO </B>deposited in the Trust to which the preceding declaration refers,
ONE ordinary nominative Series &ldquo;A&rdquo; share representing part of the capital stock of the joint stock company named <B>&ldquo;GRUPO
TELEVISA&rdquo; MEXICAN LIMITED LIABILITY STOCK COMPANY.</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">B.-</TD><TD STYLE="text-align: justify">The shares which represent the equity of the Trust are registered in the Mexican Stock Exchange
(Bolsa Mexicana de Valores. S.A. de C.V.), Joint Stock Company of Variable Capital Stock.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Regarding the shares to which the
preceding paragraph makes reference, NAFIN determines:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">a)</TD><TD STYLE="text-align: justify">That they are part of the Common fund which will precisely back up the issue to which this deed
makes reference.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">b)</TD><TD STYLE="text-align: justify">That the shares in question are, and will be accepted for quotation in the National <U>Registry
of Securities and Intermediaries </U>of the National Securities Commission.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">c)</TD><TD STYLE="text-align: justify">That they represent three series of shares of the issuing corporation, Series &ldquo;A&rdquo; is
integrated by a total of 472,770,000 (FOUR HUNDRED AND SEVENTY-TWO MILLION SEVEN HUNDRED AND SEVENTY THOUSAND ) shares, of which
227,115,000 (TWO HUNDRED AND TWENTY SEVEN MILLION ONE HUNDRED AND FIFTEEN THOUSAND) shares will be <U>deposited in the Trust</U>,
and a total of 227,115,000 (TWO HUNDRED AND TWENTY-SEVEN MILLION ONE HUNDRED AND FIFTEEN THOUSAND) Series &ldquo;L&rdquo; shares,
and a total of 227,115,000 (TWO HUNDRED AND TWENTY-SEVEN MILLION ONE HUNDRED AND FIFTEEN THOUSAND) Series &ldquo;D&rdquo; shares,
which to comply with the Trust mentioned in statement TWO of this document, are to be included in the common fund of the issue,
subject matter of this deed.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FOURTH.</B>- <B>MINUTES OF THE
TECHNICAL COMMITTEE OF THE TRUST.</B>- The Technical Committee, at a meeting held on <U>&#9;</U>, one thousand nine hundred and
ninety-three, agreed, according to the powers granted by the Trust agreement, to issue Ordinary Participation Certificates of this
Trust, with the characteristics determined by statement TWO of this deed. A copy of the Minutes of the Meeting of the Technical
Committee in which the aforementioned agreement was taken, is attached to the appendix marked with the number of this deed and
under letter &ldquo;C&rdquo; and which to the letter reads:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FIFTH.</B>- <B>REPORT OF NACIONAL
FINANCIERA.</B>- That &ldquo;<B>NACIONAL FINANCIERA</B>&rdquo;, <B>NATIONAL CREDIT INSTITUTION</B>, prepared the report referred
to in Article 228 (Two hundred and twenty-eighth) of the General Law of Credit Titles and Operations, in order to, based on the
outstanding market value of the assets representing the certificates issued, determine the total currently traded nominal value
of the issue, and the right nominal value assigned to each certificate; the aforementioned report is written in the document which
is attached to the appendix marked with the number of this deed with a &ldquo;D&rdquo; letter, which to the letter says:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SIXTH.</B>- <B>COMMUNICATIONS
TO THE NATIONAL BANKING COMMISSION</B>.- Nacional Financiera, Sociedad Nacional de Cr&eacute;dito, issued official communications
requesting the approval of the National Banking Commission for the issue of non-redeemable Ordinary Participation Certificates.
A copy of such communications is attached to the appendix marked with the number of this deed under letter &ldquo;E&rdquo;.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">II.-&#9;<B>OF THE NATIONAL BANKING
COMMISSION</B>:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>SEVENTH</B>.- The proxy of the
National Banking Commission declares:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.-</TD><TD STYLE="text-align: justify"><B>REPRESENTATION</B>.- That he is the Chairman of the aforementioned Commission, as evidenced
with the document attached to the appendix marked with the number of this deed and under letter &ldquo;F&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in">B.-&#9;<B>APPROVAL</B>.-
That such agency has issued its approval to carry out the issue of Participation Certificates to which this deed makes reference,
as evidenced with official communication number <U>&#9;</U>, dated <U>&#9;</U> one thousand nine hundred and ninety-three, enclosed
to the appendix of this deed under letter &ldquo;G&rdquo;.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">III.-</TD><TD STYLE="text-align: justify"><B>OF THE <U>COMMON REPRESENTATIVE</U></B>:</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>EIGHTH</B>.- The legal proxy
of &ldquo;<U>&#9;</U>&rdquo;, declares:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in">A.-&#9;<B>LEGAL
STATUS AND REPRESENTATION</B>.- <U>&#9;</U> evidences its legal existence and the status of its proxy with the certified copy of
the corresponding preliminary information, which is attached to the appendix of this deed under letter &ldquo;H&rdquo;.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in">B.-&#9;<B>DESIGNATION</B>.-
That in the minutes of the <U>Technical Committee meeting of&#9;, 1993 referred</U> to in <U>declaration</U> TWO <U>of this deed</U>,
it is certified that<BR>
&ldquo;<U>&#9;</U>&rdquo; was appointed as proxy of the holders of ordinary participation certificates (which are now issued).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">C.-</TD><TD STYLE="text-align: justify"><B>FULFILMENTS</B>.- That to comply with the provisions of Article 228 r (two hundred and twenty-eight
r) of the General Law of Credit Titles and Operations, the Notary Public has verified.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.-</TD><TD STYLE="text-align: justify">The creation of the Prior Deposit, which is the basis of this issue, referred to in the preceding
<U>declaration</U> TWO and whose contractual regulation the Notary Public knows.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.-</TD><TD STYLE="text-align: justify">The existence of <U>the</U> Series &ldquo;A&rdquo; share, which represents the capital stock of
the business corporation known as <B>&ldquo;GRUPO TELEVISA&rdquo;, MEXICAN LIMITED LIABILITY STOCK COMPANY</B>, <U>which been deposited
in the aforementioned trust</U>, circumstance which has been verified with the statement of account issued by <U>&ldquo;NAFIN&rdquo;,</U>
dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>,</B></U> one thousand nine hundred and ninety-three,
and which is attached to the appendix of this deed under letter &ldquo;I&rdquo;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.-</TD><TD STYLE="text-align: justify">The existence of the supporting documents to confirm the shares deposited in trust, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.-</TD><TD STYLE="text-align: justify">The authenticity and legality of the report given by <B>&ldquo;NACIONAL FINANCIERA&rdquo;, NATIONAL
CREDIT INSTITUTION</B>, to which statement FIVE of this deed makes reference.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.-</TD><TD STYLE="text-align: justify">The duration of the business corporation, which shares are part of the equity of the Trust and
also part of the common timid of this issue, which is NINETY-NINE years, starting on November 19, one thousand nine hundred and
ninety.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.-</TD><TD STYLE="text-align: justify">The authenticity and legality of the exhibited documents.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>NINTH.</B>- <B>OFFICIAL COMMUNICATION
OF THE MINISTRY OF COMMERCE AND INDUSTRIAL DEVELOPMENT.</B>- The official communication of the Ministry of Commerce and Industrial
Development, dated October <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>,</B> one thousand nine hundred and ninety-three,
which is attached to the appendix marked with the number of this deed and under letter &ldquo;J&rdquo; and which literally reads
as follows</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TENTH</B>.- The parties who
are present, under their strict, exclusive, and personal responsibility, attest the authenticity of the exhibited documents.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>AFTER HAVING DETERMINED THE
AFOREMENTIONED, &ldquo;THE ISSUER&rdquo; </B>executes this issue to comply with the following:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: 2pt"><B>CLAUSES</B></FONT></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FIRST.</B>- <B>ISSUE.</B>- <B>&ldquo;NAFIN&rdquo;</B>,
by unilateral statement of will and to comply with the purposes of the Trust referred to in Statement TWO of this deed, issues
a total of 227,115, 000 (Two Hundred and Twenty-Seven Million One Hundred and Fifteen Thousand) nominative Ordinary Participation
Certificates named &ldquo;<U>&#9;</U>&rdquo;,<BR>
with per share price of <U>&#9;</U>(<U>&#9;</U>), for each certificate, and with a total nominal value of <U>&#9;</U>(<U>&#9;</U>),
exclusively for the purposes provided for in articles two hundred and twenty eight (l) and section V (roman numeral five) of article
two hundred and twenty-eight (m) of the General Law of Credit Titles and Operations.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The common fund of this issue is
established:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">a.-</TD><TD STYLE="text-align: justify">With the shares which represent <B>&ldquo;GRUPO TELEVISA&rdquo; MEXICAN LIMITED LIABILITY STOCK
COMPANY&rsquo;s</B>. capital stock, 227,115,000 Series &ldquo;A&rdquo; shares, 227,115,000 Series &ldquo;L&rdquo; shares and 227,115,000
Series &ldquo;D&rdquo; shares.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in">b.-&#9;With
the rest of Series &ldquo;A&rdquo;, &ldquo;L&rdquo; and &ldquo;D&rdquo; shares of the precedingly mentioned issuer, Grupo Televisa,
up to a limit of <U>&#9;</U> all of them currently outstanding, which will later be added to the equity of the Trust and to the
common fund of this issue.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">c.-</TD><TD STYLE="text-align: justify">With the shares the Trust may deposit in proportion to the number of &ldquo;A&rdquo;, &ldquo;L&rdquo;
and &ldquo;D&rdquo; shares of <B>&ldquo;GRUPO TELEVISA&rdquo;, VARIABLE MEXICAN LIMITED LIABILITY STOCK COMPANY</B>, which it may
hold, as a consequence of an increase of capital stock due to new contributions determined by the stockholder&rsquo;s meeting,
provided that it may timely receive the necessary funds from the participation certificates holders.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">d.-&#9;With the returns in shares
to be produced by the certificates integrating the common fund.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"><B>&ldquo;NAFIN&rdquo;</B>
is <U>not</U> under the obligation to pay the holders the nominal value of the certificates issued, in terms of article 228 j (two
hundred and twenty-eight j), of the General Law of Credit Titles and Operations.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">For the investment and exchange
of the participation certificates issued under this deed the following shall prevail:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.-</TD><TD STYLE="text-align: justify">For each title which evidences one Series &ldquo;A&rdquo; share, one Series &ldquo;D&rdquo; share
and one Series &ldquo;L&rdquo; share deposited in the Trust established in Statement TWO of this deed, &ldquo;NAFIN&rdquo; shall
issue an ordinary participation certificate corresponding to the issuing corporation, up to the amount provided for in the first
paragraph of this clause.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">B.-</TD><TD STYLE="text-align: justify">For no reason whatsoever will &ldquo;NAFIN&rdquo; be able to issue an amount of certificates greater
to the amount of share titles of the issuing corporation which are deposited in the mentioned Trust and which are part of the Common
Fund of this issue.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SECOND.</B>- <B>CERTIFICATES
INVESTMENT.</B>- <B>&ldquo;NAFIN&rdquo;</B> will register the <U>CPO&rsquo;s</U> in the National <U>Registry of Securities and
Brokers</U> and the aforementioned <U>CPO&rsquo;s</U> will be offered to the general public, through the Mexican Stock Exchange,
Mexican limited liability stock company and through the authorized Stock Exchange Firms, and through other Private institutional
markets abroad. The <U>Ordinary Participation Certificates</U> are issued to be acquired by Non-Mexican nationals, according to
the terms the official communication of the Executive Secretary of the National Commission of Foreign Investments, dated October,
one thousand nine hundred and ninety-three, which authorized the Constitution of the Trust dated October <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
one thousand nine hundred and ninety-three, mentioned in the SECOND statement of this deed, from which a copy is attached to the
appendix marked with the number of this deed, under letter &ldquo;K&rdquo;.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>THIRD.</B>- <B>PRICE OF INVESTMENT.</B>-
The participation certificates, subject matter of this issue will be invested at a price equal to the market value of the shares
placed in trust, supporting the currently outstanding certificates, understanding as market value the outstanding value in each
working day of the Mexican Stock Exchange, Mexican limited liability stock company, with the variations that during the same term
of the stock exchange day can be experienced.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FOURTH.</B>- <B>CHARACTERISTICS
OF THE CERTIFICATES.</B>- The certificates will have the following characteristics:</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in">a.-&#9;They
will have the mention they are ordinary participation certificates, as well as the denomination &ldquo;<U>&#9;&#9;</U>&rdquo;;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">b.-</TD><TD STYLE="text-align: justify">They will be nominative,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">c.-</TD><TD STYLE="text-align: justify">They will be <U>non</U> redeemable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">d.-</TD><TD STYLE="text-align: justify">For the purposes provided for under article two hundred and twenty-eight (l) and section V (roman
numeral five) of article two hundred and twenty-eight (n) of the General Law of Credit Titles and Operations, they will contain
the mention of their par value<U>, which will be equivalent to the closing price of the corresponding shares of &ldquo;<B>G-TELEVISA</B>&rdquo;,
Joint Stock Company, placed in trust which back them up according to the last registered closing price on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in the Mexican Stock Exchange, Joint Stock Company of Variable Capital, according to the terms of article 228 (two hundred and
twenty-eight) of such ordinance.</U></TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"><B>&ldquo;THE ISSUER COMPANY&rdquo;
</B>is <U>not</U> liable to pay the certificates holders the par value of their certificates, according to article two hundred
and twenty eight (j) of the aforementioned legal code.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">e.-</TD><TD STYLE="text-align: justify">They will not have a minimum guaranteed income.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">f.-</TD><TD STYLE="text-align: justify">They will comply with the other requirements and mentions referred to in article 228 (n) (two hundred
and twenty-eight (n) of the Law on the matter.</TD></TR></TABLE>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FIFTH.</B>- <B>CERTIFICATES
TITLES.</B>- The participation certificates which are issued will be evidenced by titles which will be deposited in the <B>&ldquo;S.D.
INDEVAL&rdquo;, MEXICAN LIMITED LIABILITY STOCK COMPANY, SECURITIES DEPOSIT INSTITUTION</B>, endorsed in administration in the
terms and for the purposes of the provisions of articles fifty-seven, sixty seven, seventy-four, and other regarding the Mexican
Stock Exchange Law, therefore, the holders of the certificates will evidence their rights to comply with the provisions of the
second paragraph of the same article seventy-four and seventy-eight of the same law.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;NAFIN&rdquo; </B>will
authorize that <B>&ldquo;S.D. INDEVAL&rdquo;, MEXICAN LIMITED LIABILITY STOCK COMPANY, SECURITY DEPOSIT INSTITUTION</B>, opens
special deposit accounts to register the acquisitions of the <U>CPO&rsquo;s</U> which each holder of these titles carries out,
in compliance with the legal ordinances.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SIXTH.-TERM.</B>- The term the
certificates will be in force is the same as that of the trust established by the agreement entered into dated October <U>&#9;</U>,
one thousand nine hundred and ninety-three.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In case of the annulment of the
trust referred to in statement TWO of this deed, <B>&ldquo;NAFIN&rdquo;</B> will proceed to transfer the certificates which form
the equity of the Trust and will place at the disposal of the holders of the underlying <U>CPO&rsquo;s</U>, the undivided interest
of the proceed it obtains due to such transfer, according to the aforementioned agreement.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Upon termination of the validity
of this issue, it will be annuled and <B>&ldquo;NAFIN&rdquo;</B> will proceed to the transfer of the shares under the trust supporting
the issue of certificates and will place at the disposal of its holders the undivided interest to be obtained from such transfer.
<B>&ldquo;NAFIN&rdquo; </B>will have to start the acts and operations which tend to terminate the trust twelve months in advance
before such term is fulfilled, when the twelve months have elapsed, it will proceed to sell the titles for the preceding purposes
and at all times it must comply with what article two hundred and twenty-eight (t) in force of the General Law of Credit Titles
and Operations establishes.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SEVENTH.</B>- <B>RIGHTS AND
OBLIGATIONS OF THE HOLDERS.</B>- The participation certificates which are issued represent for their holders the right to the undivided
interest of the proceeds of the shares under trust, which form the common fund of this issue on the dates that the issuing corporation
may determine and/or it may pay dividends to its stockholders.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Consequently, the <U>CPO&rsquo;s</U>
will confer to their holders the right to the undivided interest of the net product of the sale of the securities which form the
common fund of this issue, on the date that the issuing corporation declares its termination.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Foreign individuals and economic
entities without juridical status, Mexican corporations in which foreign capital may have a majority participation, and those immigrants
connected with any Foreign Economic Decision Center, by the sole and exclusive fact of the registration and holding of the Participation
Certificates referred to in this deed, shall agree with the Mexican Government before the Ministry of Foreign Relations to be considered
as Nationals regarding the Participation Certificates they acquire and those they rightly hold and they therefore agree to waive
the protection of their Governments under the penalty, otherwise, of losing the ownership of the <U>CPO&rsquo;s</U> on behalf of
the Mexican Nation.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>EIGHTH.</B>- <B>&ldquo;NAFIN&rdquo;</B>
will give instructions to <B>&ldquo;S.D. INDEVAL&rdquo;, MEXICAN LIMITED LIABILITY STOCK COMPANY</B>, to use the economic rights
which correspond to the shares that integrate the common fund of this issue, paying directly to the accounts of the holders of
the underlying <U>CPO&rsquo;s</U>, the amount of the <U>dividends</U>, when these are ordered and paid in cash by the corporation
issuing the shares integrating the common fund. In the cases that the shareholders Meeting of the issuing corporation determines
to pay dividends through shares, the corresponding rights will be executed by <B>&ldquo;S.D. INDEVAL&rdquo;, JOINT STOCK COMPANY
OF VARIABLE CAPITAL STOCK, INSTITUTION FOR SECURITIES DEPOSIT</B>, on behalf of and in favor of <U>Trustee</U>, which will include
the income of these shares to the common fund of the issue, and will release the same amount of participation certificates, on
behalf of the holders of such certificates in the proportion which corresponds to their holding.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The <B>&ldquo;ISSUER&rdquo; </B>and
<B>&ldquo;S.D. INDEVAL&rdquo;, MEXICAN LIMITED LIABILITY STOCK COMPANY</B>, must take the necessary steps that the market may require
when the amount of the issued certificates has to be increased through a new issue, so that, at all times, all the holdings of
the certificate holders can be evidenced by the variations in the capital stock of the corporation which issues the shares deposited
in trust. At all times, the maximum amount to be issued of these certificates will be equal to the total amount of shares of the
corresponding Series of the issuing company.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><U>In case of payment of dividends
in kind, there will not be need to carry out new issues and the corresponding non-redeemable. Ordinary Participation Certificates
will be issued, as long as they are in the Common Fund and the exchange of the corresponding sole title is carried out</U>.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">When the economic rights mean the
right to an option, as in the registration cases, this right will be exercised by the Trustee, through <B>&ldquo;S.D.INDEVAL&rdquo;,
SECURITY DEPOSIT INSTITUTION</B>, therefore, it is hereby authorized so that, on its account, it may receive the funds for the
registration of the holders of the participation certificates; the shares product of the registrations made by <B>&ldquo;S.D. INDEVAL&rdquo;,
SECURITY DEPOSIT INSTITUTION</B>, in these terms they will be given to the trust to be included in the common fund of the issue
and for the liberation of the same amount of participation certificates on behalf of the certificates holders according to the
amounts each one of them may have submitted for such purpose.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>NINTH.</B>- <B>&ldquo;NAFIN&rdquo;
</B>will exercise the voting rights of the assets deposited in trust in the terms set forth In the trust mentioned in Statement
TWO in this deed.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The holders of the underlying Shares
holders will be entitled to the voting rights granted by the assets under trust, according to what such Agreement implements.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TENTH.</B>- <B>INDEVAL&rsquo;s
FEES.</B>- <B>S.D. INDEVAL&rsquo;</B>s fees, <B>MEXICAN LIMITED LIABILITY STOCK COMPANY </B>by the administration and custody of
the participation certificates which are deposited in such company will be paid by the financial brokers who, in turn, will charge
those amounts to the participation certificates holders.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>ELEVENTH.</B>- <B>THE ACCEPTANCE
THE PROXY GIVES OF ITS APPOINTMENT</B>.-<BR>
&ldquo;<U>&#9;</U>&rdquo;, accepts the appointment as proxy, he ratifies the declarations done in statement EIGHT of this deed;
he assumes the obligations and rights which are derived from this instrument and the trust agreement based on the present issue
and authorizes with his signatures the multiple titles to which CLAUSE FIFTH makes reference.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>TWELFTH.</B>- <B>TRUSTEE&rsquo;S
FEES.</B>- The <B>TRUSTEE </B>will charge fees in the amounts which are agreed on in a separate instrument between the <B>TRUSTEE
</B>and <B>&ldquo;GRUPO TELEVISA&rdquo;, JOINT STOCK COMPANY</B>. The <B>TRUSTEE&rsquo;s</B> fees, those of the Common Representative
of the holders of the certificates, and any other expenses, contributions, rights and emoluments which are borne due to this deed,
to its registration in the Public Registry of Commerce and in the National Registry of Securities and Brokers, in due course, will
be paid by <B>&ldquo;GRUPO TELEVISA&rdquo;, JOINT STOCK COMPANY</B>, according to the agreement which it has enetered into with
<B>&ldquo;NACIONAL FINANCIERA&rdquo; NATIONAL COMPANY OF CREDIT, INSTITUTION OF DEVELOPMENT BANK</B>.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>THIRTEENTH.</B>- The total amount
of dividends to which the holders are entitled, and the total amount of the sale of the Common Fund, without engendering interests
on behalf of the holders of the CPO&rsquo;s, until the prescription to which Article 228 y (two hundred and twenty-eight y) of
the General Law of Credit Titles and Operations.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FOURTEENTH.</B>- According to
the terms of article two-hundred and twenty-eight (m) &ldquo;in fine&rdquo; of the General Law of Credit Titles and Operations
in force the &ldquo;<B>ISSUER</B>&rdquo;, the &ldquo;<B>COMMON REPRESENTATIVE</B>&rdquo; and the Stock Exchanges which place among
the investor public CPO&rsquo;s must include in the corresponding notices or advertisements any preceding agreements.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>FIFTEENTH.</B>- <B>COMMON REPRESENTATIVE
FEES</B>.- &ldquo;Divisi&oacute;n Fiduciaria of Banamex. S.A., Grupo Financiero Banamex Accival&rdquo;, will receive the fees that
are determined jointly by <B>&ldquo;NAFIN&rdquo; </B>and <B>&ldquo;GRUPO TELEVISA&rdquo;, JOINT STOCK COMPANY</B>, in the agreement
which they have entered into to which clause TWELFTH refers.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SIXTEENTH.</B>- <B>APPEARANCE
OF THE NATIONAL BANKING COMMISSION.</B>- Regarding what has been declared in statement SEVENTH and in compliance with what Article
228 (o) (two hundred and twenty-eight o) of the General Law of Credit Titles and Operations determines, the &ldquo;<B>NATIONAL
BANKING COMMISSION</B>&rdquo; appears in this deed, represented by its Chairman Mr. &#9;, Attorney at Law, who signs the present
instrument.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SEVENTEENTH.</B>- <B>LEGISLATION
AND COURTS.</B>- For the interpretation<B>,</B> integration and fulfillment of the present deed the Mexican bank and stock usages
and laws will be applicable.</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>5
<FILENAME>grupotelprerel.htm
<DESCRIPTION>FORM OF PRE-RELEASE SIDE LETTER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE BANK OF NEW YORK</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">101 Barclay Street</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10286</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 3.5in">September 20, 2007</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Grupo Televisa, S.A.B.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Avenida Vasco de Quiroga 2000, Edificio &ldquo;A&rdquo;,
Piso 3</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Santa F&eacute;, 01260 M&eacute;xico, D.F.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">M&eacute;xico</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">Re:</TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">Amended and Restated Deposit Agreement dated as of September 20, 2007 (the &ldquo;Deposit Agreement&rdquo;) among Grupo Televisa, S.A.B. (the &ldquo;Company&rdquo;), The Bank of New York, as Depositary (the &ldquo;Depositary&rdquo;), and all holders and beneficial owners from time to time of Global Depositary Receipts issued thereunder</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We refer to the Deposit
Agreement. Capitalized terms defined in the Deposit Agreement and not otherwise defined herein are used herein as defined in the
Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We hereby agree that, without
the prior consent of the Company, (i) we will not (a) Pre-Release Receipts or (b) permit any Pre-Release to remain outstanding
at any time, except pursuant to agreements, covenants, representations or warranties substantively to the effect of Sections 3(a),
3(e), 4, 7(a) and 14 of the ADR Pre-Release Agreement attached hereto (or, in lieu of Section 14, we will indemnify the Company
to the same extent that the counterparty to a Pre-Release would be required by said Section 14 to indemnify the Company) and (ii)
we will undertake a Pre-Release only pursuant to written agreements that meet the requirements of Section 1058(b) of the United
States Internal Revenue Code of 1986, as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We confirm that we currently
do not, and do not intend to, make any Pre-Release to any person until such person has undergone the Depositary's standard credit
review process.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If, after the date hereof,
the Depositary's ADR Department is advised by counsel that there has occurred a material change in the U.S. federal income tax
law (including judicial and administrative interpretations thereof) regarding the treatment of Pre-Release, we agree to notify
the Company promptly of such change and to advise the Company as to the changes, if any, that we intend to make, or have made,
to the Pre-Release procedures then being followed by us as a result of such change in the tax law. We will in good faith consult
with the Company and consider all suggestions, without any obligation on our part to change our Pre-Release procedures.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will indemnify and hold
harmless the Company and each Owner from time to time of a Receipt against all losses, claims, damages, liabilities and expense
(including reasonable attorneys' fees) based upon a breach by the Depositary of any agreement of the Depositary set forth in this
letter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If any action or claim
shall be brought against the Company in respect of which indemnity may be sought pursuant to the preceding paragraph or the second
paragraph of this letter, the Company shall notify the Depositary in writing of such action or claim giving reasonable details
thereof. The Depositary shall have the option of assuming the defense thereof, with counsel satisfactory to the Company (who shall
not, except with the consent of the Company, be counsel to the Depositary in connection with such action or claim), and, after
notice from the Depositary to the Company of its election so to assume the defense thereof, the Depositary shall not be liable
to the Company or any other indemnified party for any legal expenses of other counsel or any other expenses, in each case subsequently
incurred by the Company or any other indemnified party, in connection with the defense thereof other than reasonable costs of investigation.
No compromise or settlement of such action or proceeding may be effected by either party without the other party's consent (which
shall not be unreasonably withheld) unless (i) there is no finding or admission of any violation of law and no effect on any other
claims that may be made against such other party and (ii) the sole relief provided is monetary damages that are paid in full by
the party seeking such compromise or settlement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 3in">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in">THE BANK OF NEW YORK,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 3in">as Depositary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 3in">By: __________________________</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>6
<FILENAME>grupoopin.htm
<DESCRIPTION>EXHIBIT 4.1 - OPINION OF DEPOSITARY'S COUNSEL
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: left">Writer&rsquo;s Direct Dial</P>
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-variant: small-caps; text-transform: uppercase">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EXHIBIT 4</U></B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 17pt; font-variant: small-caps">Emmet,&nbsp;Marvin&nbsp;&amp;&nbsp;Martin,</FONT><FONT STYLE="font-variant: small-caps">&nbsp;</FONT><FONT STYLE="font-size: 14pt">LLP</FONT></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Counsellors
        at Law</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">_____</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">120 Broadway</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.5pt">New York,
        New York 10271</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">_____</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 238-3000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 653-1760</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">_____</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fax: (212) 238-3100</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fax: (212) 653-1730</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 1pt">http://www.emmetmarvin.com</FONT></P></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-variant: small-caps">177
        Madison Avenue</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-variant: small-caps">Morristown,
        New Jersey 07960</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-variant: small-caps">(973)
        538-5600</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><FONT STYLE="font-variant: small-caps">Fax:
        (973) 538-6448<BR>
        <BR>
        </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">July 21, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Bank of New York Mellon,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">as Depositary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">101 Barclay Street</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, New York, 10286</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: left">Re:</TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">American Depositary Shares representing Ordinary Participation Certificates representing financial interests in shares of Grupo Televisa, S.A.B.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We refer to the registration
statement to be filed on Form F-6 under the Securities Act of 1933 (the &quot;Registration Statement&quot;) by the legal entity
created by the agreement (the &quot;Deposit Agreement&quot;) for issuance of American Depositary Shares (&quot;ADSs&quot;), which
may be evidenced by American Depositary Receipts (&quot;ADRs&quot;), representing Ordinary Participation Certificates representing
financial interests in shares of Grupo Televisa, S.A.B., for which you propose to act as Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are of the opinion
that the ADSs covered by the Registration Statement, when issued in accordance with the terms of the Deposit Agreement, will, when
sold, be legally issued and will entitle the holders thereof to the rights specified in the Deposit Agreement and the ADRs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This opinion may
be used by you as an exhibit to the Registration Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 12pt 3in; text-align: justify">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 2pt 3in; text-align: justify"><U>/s/ EMMET, MARVIN &amp; MARTIN,
LLP</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 2pt 3in; text-align: justify">EMMET, MARVIN &amp; MARTIN, LLP</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>7
<FILENAME>grupotelmexopin.htm
<DESCRIPTION>EXHIBIT 4.2 - OPINION OF MEXICAN COUNSEL
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt/13.2pt Times New Roman, Times, Serif; margin: 0 352pt 0 0"><FONT STYLE="letter-spacing: -0.1pt">July 21,
2017</FONT></P>

<P STYLE="font: 10pt/13.2pt Times New Roman, Times, Serif; margin: 0 352pt 0 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/13.2pt Times New Roman, Times, Serif; margin: 0 352pt 0 0"><FONT STYLE="letter-spacing: -0.1pt">The Bank of
New York Mellon</FONT></P>

<P STYLE="font: 10pt/13.2pt Times New Roman, Times, Serif; margin: 0 5.6in 0 0"><FONT STYLE="letter-spacing: -0.1pt">225 Liberty
Street</FONT></P>

<P STYLE="font: 10pt/13.2pt Times New Roman, Times, Serif; margin: 0 1pt 0 0"><FONT STYLE="letter-spacing: -0.1pt">New York, N.Y.
10286</FONT></P>

<P STYLE="font: 10pt/11.1pt Times New Roman, Times, Serif; margin: 29.15pt 0 0">Dear Sirs,</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12.3pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.05pt">I
have acted as Mexican counsel to Nacional Financiera, S.N.C. (the &quot;CPO Trustee&quot;), a national credit institution and development
bank organized under the laws of the United Mexican States, in connection with the registration of Global Depositary Shares (&quot;GDSs&quot;)
under the United States Securities Act of 1933 pursuant to the Registration Statement on Form F-6 filed with the Securities and
Exchange Commission on or about the date hereof (the &quot;Registration Statement&quot;). Each of the GDSs will represent five
(5) of the <I>Certificados de Participaci&oacute;n Ordinarios </I>(Ordinary Participation Certificates) (the &quot;CPOs&quot;)
issued by the CPO Trustee pursuant to the terms of that certain Mexican trust agreement dated November 22, 1993 between Emilio
Azcarraga Milmo and Nacional Financiera, S.N.C., as trustee, and acknowledged by Grupo Televisa, S.A.B., as amended by the agreement
dated February 14, 2000 between the estate of Emilio Azcarrago Milmo, Nacional Financiera, S.N.C., as trustee, Banco Nacional de
Mexico, S.A., as common representative, and acknowledged by Grupo Televisa, S.A.B. (the &quot;Trust Agreement&quot;), formalized
by public deed dated December 10, 1993, as amended on February 21, 2000 (the &quot;CPO Deed&quot;), which is registered with and
may be examined at the Public Registry of Commerce of the Federal District in Mexico City. Each CPO represents financial interests
in, and limited voting rights with respect to, 25 Series A Shares, without par value, 35 Series B Shares, without par value, 35
Preferred Payment Shares, without par value, and 35 Series L Shares, without par value, of Grupo Televisa, S.A.B.</FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12.05pt 0 0; text-align: justify; text-indent: 0.5in">In preparing
the opinion expressed below, I have examined and relied upon originals or copies authenticated to my satisfaction of the Trust
Agreement, the CPO Deed and certain corporate records of the CPO Trustee. In addition, I have made such other investigations as
I considered necessary or appropriate as a basis for the opinion herein expressed.</P>

<P STYLE="font: 10pt/14.15pt Times New Roman, Times, Serif; margin: 11.75pt 0 0; text-align: justify; text-indent: 0.5in">Based
on the foregoing, I am of the opinion that the CPOs are duly authorized, validly issued, fully paid and nonassessable; and entitle
the holders thereof the rights specified in the Trust Agreements and the CPO Deed.</P>

<P STYLE="font: 10pt/13.85pt Times New Roman, Times, Serif; margin: 11.95pt 0 0; text-align: justify; text-indent: 0.5in">I hereby
consent the use of this opinion as Exhibit 4.2 of the registration of Global Depositary Shares evidenced by Global Depositary Receipts
under the United Stated Securities Act of 1933, pursuant to the Registration Statement on Form F-6 filed with the Securities and
Exchange Commission.</P>

<P STYLE="font: 10pt/14.05pt Times New Roman, Times, Serif; margin: 12.25pt 0 0; text-align: justify; text-indent: 0.5in">This
opinion is limited to the matters of Mexican law, and except as specifically expressed herein, no opinion whatsoever is expressed
with respect to the Registration Statement.</P>

<P STYLE="font: 10pt/13.5pt Times New Roman, Times, Serif; margin: 12pt 0 0">Very truly yours,</P>

<P STYLE="font: 12pt/13.5pt Times New Roman, Times, Serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 88%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="letter-spacing: -0.05pt">Nacional Financiera, S.N.C.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">As trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Berenice Mart&iacute;nez Mej&iacute;a</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Berenice Mart&iacute;nez Mej&iacute;a</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Trustee Delegate</TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>8
<FILENAME>grupotel466.htm
<DESCRIPTION>CERTIFICATION UNDER RULE 466
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">Exhibit 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Certification Under Rule 466</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Depositary, The Bank of New York Mellon,
represents and certifies the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">That it previously has filed a Registration Statement on Form F-6
(Grupo Televisa, S.A.B., Registration No. 333-146130) which the Commission declared effective, with terms of deposit identical
to the terms of deposit of this Registration Statement except for the number of foreign securities a Depositary Share represents.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">That its ability to designate the date and time of effectiveness
under Rule 466 has not been suspended.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 3in">THE BANK OF NEW YORK MELLON,<BR>
As Depositary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">By: <U>/s/ Slawomir Soltowski</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Name: Slawomir Soltowski</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Title: Managing Director</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
