Our Company

Vitro, S.A. de C.V. (NYSE: VTO; BMV: VITROA), through its Founded in 1909, Monterrey, Mexico-based Vitro has subsidiary companies, is one of the world’s leading glass strong joint ventures and strategic alliances with major producers. The company focuses on three core businesses: world-class partners and industry leaders that provide its flat glass, glass containers, and glassware. Within these subsidiaries with access to important international markets, businesses, Vitro’s subsidiaries serve diverse product distribution channels, and state-of-the-art technology. markets, including construction and automotive glass; Vitro’s subsidiaries have facilities and distribution centers in beverage, cosmetics, food, liquor, and wine glass eight countries, located in Europe, North, Central, and containers; and glassware for commercial, industrial, and South America, and export products to more than 70 retail uses. Vitro also produces raw materials and capital countries worldwide. goods for the glass industry.

Flat Glass Glass Containers Glassware

Vitro Plan: Vitro + Pilkington (UK) Vitro Envases Norteamérica (VENA) Crisa Corporation (USA) 1965 – 35% Compañía Vidriera Crisa Industrial: Crisa Corp. + LGA4, Cristales Automotrices + Posselt Empresas Comegua: VENA + Cervecería a Libbey subsidiary (USA) 1997 – Family (Mexico) 1999 – 49% Centroamericana (Guatemala) & Cervecería de 49% Cristales Inastillables de México Costa Rica (Costa Rica) 1964 – 50.3% Crisa Libbey: Vitro + LGA3, a Libbey Distribuidora de Vidrio de México Fabricación de Máquinas subsidiary (USA) 1997 – 49% Distribuidora de Vidrio y Cristal Industria del Álcali Fabricación de Cubiertos Distribuidora Nacional de Vidrio Metalúrgica Oriental Plásticos Bosco Química M: Vitro Plan + Solutia Procesadora de Materias Primas Industrializables Vitrocrisa Holding: Vitro + Libbey (USA) 1995 – 49% Servicios Integrales de Acabados Europe, a Libbey subsidiary (USA) Vitro AFG: Vitro Plan + AFG Vidriera Guadalajara 1997 – 49% Industries (USA) 2002 – 50% Vidriera Los Reyes Vitrocrisa Vitro America (USA) Vidriera México Vitrocrisa Comercial Super Sky (USA) Vidriera Monterrey Vitro Automotriz Vidriera Querétaro Vitrocar Vidriera Toluca Vitro Colombia Vidrio Lux (Bolivia) Vitro Flex: Vitro Plan + Fairlane VGD Soluciones Integrales de Diseño Holdings, a Visteon subsidiary Vitro Packaging (USA) (USA) 1979 – 38% Vitro Flotado Cubiertas Vidrio Plano Vidrio Plano de México Vitro Vidrio y Cristal VVP Europa Holdings Vitro Cristalglass: VVP Europa Holdings + Prado Family & Inversiones Gargalón (Spain) The reference to the term “Joint Venture” in this report does not imply or infer the definition of “Joint 2001 – 40% Venture” set forth in the International Accounting Standards. It refers to those corporations in which Vitro Vitro Chaves-Industria de owns a controlling interest and one or more third parties (either domestic or foreign) own the remaining Vidro: Vitro Cristalglass + interest of the corresponding corporation. We believe our usage of the term “Joint Venture” is consistent Chaves Family (Portugal) with international business and legal practices. 2002 – 40% Contents

Financial Highlights 2 Summarizes Vitro’s 2004 financial results.

Chairman´s Letter 4 Chairman, Adrian Sada G., reviews Vitro’s strategic development, macroeconomic environment, performance, and outlook.

CEO’s Letter 6 CEO, Federico Sada G., discusses Vitro’s progress on its strategic priorities, year-over-year results, and objectives.

Vitro Overall 8 Provides a picture of Vitro’s multinational operations.

Flat Glass 10 Highlights the business’ initiatives to strengthen customer relationships, provide value-added products and services, About the Cover and improve operating efficiency.

Glass Containers 12 The prism featured on the cover symbolizes the crystallization of our Reviews the business’ customer relationship strategic efforts to become a glass-focused company. It further highlights management, new product development, and operating efficiency. our organization’s commitment to transparency with all of our stakeholders—including our investors, our employees, and our communities. Glassware 14 Underscores the business’ commitment to This piece comes from our Crisa Collection Workshop, where our craftsmen new product development, strong customer relationships, and improved operating efficiency. conceive and create unique and artful glass masterpieces.

Corporate Social Responsibility 16 Reviews the company’s commitment to the environment, its employees, its communities, and other important stakeholders.

Board of Directors 20 Our Mission, Provides the composition of and pertinent information about Vitro’s Board members Vision & Values and committees. Operating and Financial Review 22 Reviews the company’s performance and developments in 2004. Vitro is a customer-committed corporation that is dedicated to providing Management’s value-added products and services in profitable and growing markets. This Financial Responsibility 28 Mission is sustained through our values, personnel development, and Underscores management’s responsibility for, and system of, internal control. state-of-the-art technology. Our Vision is to become a leader in the global glass industry in terms of Auditor’s Report 29 Offers the independent auditor’s reports profitability, efficiency, quality, and service. We believe that the only way for of Vitro’s financial statements. us to realize our vision is to remain true to our time-tested values: Our Consolidated Customer Orientation enables us to anticipate and satisfy customers’ Financial Statements 30 needs; Our commitment to Quality drives us to consistently exceed Presents Vitro’s financial statements under Mexican GAAP. customers’ expectations; Our Creativity and Innovation lead us to constantly search for new ideas to develop and improve our value-added Glossary / products and services; and Our Teamwork and Integrity foster a collegial Shareholder Information 53 Provides a glossary of relevant industry environment in which to meet and exceed our constituents’ expectations. terms and helpful investor information.

2004 Annual Report | 1 Financial Highlights

Vitro, S.A. de C.V. and Subsidiaries (In millions of constant pesos as of December 31, 2004, except where indicated otherwise; dollar figures are in millions of US dollars).

December 31,

2004 (US$(1)) 2003 (US$(1)) % change (2) 2004 (Ps.) 2003 (Ps.) % change (2)

Income Statement

Consolidated net sales $ 2,272 $ 2,238 1.5 Ps. 26,181 Ps. 26,238 (0.2)

Domestic 993 1,020 (2.6) 11,483 11,845 (3.1)

Export 637 579 10.0 7,323 6,724 8.9

Foreign Subsidiaries 642 639 0.5 7,375 7,669 (3.8)

Operating income 136 165 (17.7) 1,570 1,960 (19.9)

Net loss of majority interest (21) (51) (267) (596)

Net loss of majority interest (0.08) (0.18) (0.98) (2.17) earnings per common share(3)

EBITDA 353 364 (2.9) 4,089 4,286 (4.6)

Balance Sheet

Total assets 2,801 2,748 1.9 31,231 32,412 (3.6)

Total liabilities 2,070 1,978 4.7 23,078 23,366 (1.2)

Stockholders’ equity 731 770 (5.1) 8,153 9,046 (9.9)

Stockholders’ equity of majority interest 480 514 (6.6) 5,349 6,023 (11.2)

Personnel 25,465 25,829 (1.4) 25,465 25,829 (1.4)

Capital expenditures 126 160 (21.3) 1,453 1,871 (22.3)

Financial Indicators

Debt / EBITDA (times) 4.3 3.9 4.1 3.9

Interest Coverage (times) 2.0 2.3 2.0 2.3 (EBITDA / total net financial expense)

EBITDA / sales (%) 15.5 16.3 15.6 16.3

(1) Dollar figures reported herein are in nominal dollars resulting from dividing each month’s nominal pesos by that month’s ending exchange rate. (2) Change from 2003 to 2004. (3) Based on the weighted average shares outstanding.

2 | 2004 Annual Report Pesos US Dollars

Consolidated Net Sales Consolidated Net Sales In millions of constant pesos as of December 31, 2004 In millions of US dollars

28,276 28,359 28,494 28,912 27,691 27,634 27,317 26,901 26,238 26,181 1,607 1,795 2,001 2,039 2,132 2,292 2,369 2,343 2,238 2,272

95 96 97 98 99 00 01 02 03 04 95 96 97 98 99 00 01 02 03 04

EBIT EBIT In millions of constant pesos as of December 31, 2004 In millions of US dollars

6,230 5,172 5,327 5,391 4,364 3,411 2,622 2,272 1,960 1,570 320 300 365 369 333 285 226 194 165 136

95 96 97 98 99 00 01 02 03 04 95 96 97 98 99 00 01 02 03 04

EBITDA EBITDA In millions of constant pesos as of December 31, 2004 In millions of US dollars

8,546 7,279 7,370 7,598 6,607 5,628 5,002 4,599 4,286 4,089 440 433 505 520 505 471 437 403 364 353

95 96 97 98 99 00 01 02 03 04 95 96 97 98 99 00 01 02 03 04

Dollar figures reported herein are in nominal dollars resulting from dividing each month’s nominal pesos by that month’s ending exchange rate.

Discontinued Operations On July 3, 2002, we sold our controlling 51% interest in Vitromátic, our joint venture with Whirlpool that engaged in the production and distribution of household products, to Whirlpool for US$148.3 million in cash. Our consolidated financial statements have been reclassified to reflect Vitromátic as a discontinued operation for all periods presented in our financial statements. Therefore, Vitromátic’s results are included in the line items titled “Net loss from discontinued operations”. Therefore, except as otherwise expressly provided, any discussion of our results of operations or our debt or other liabilities in this annual report does not include the results or debt or other liabilities of Vitromátic or its subsidiaries.

2004 Annual Report | 3 Chairman’s Letter

To Our Shareholders:

A few years ago we made the commitment to focus on our glass operations. We embarked on this strategy because glass is a profitable industry in which we have a renowned reputation for our high-quality products and services, our century-old knowledge, our modern technology, our efficient operations, and our remarkable list of world-class customers.

Consistent with this strategy, we have divested non-strategic assets and transformed Vitro from a diverse conglomerate to a focused glass company. Since 2001, we have executed six major transactions worth approximately US$290 million. With the 2004 sale of our interests in Vitro Fibras—our former fiberglass operation—and Vitro-American National Can (Vancan), we largely exited our remaining non-core businesses. Now we can turn all of our energy and resources to achieving our goal: to make Vitro a leader in the global glass industry. On a macro level, the economic picture is a bit brighter than last year. Present trends such as a moderately appreciating Mexican peso, coupled with economic growth on both sides of the U.S./Mexico border, should benefit Vitro. However, U.S. economic growth has yet to stimulate a corresponding increase in non- residential construction—an important sector for our flat-glass business. Aside from these macro-economic variables, the main external factor impacting our performance was the rising cost of natural gas. In 2004 we partly mitigated the effect of these costs by lowering our natural gas consumption through our alternative-fuel initiative and our improved furnace efficiency and utilization. Our consolidated results for 2004 once again demonstrated the value of Vitro’s balanced business portfolio. While our flat-glass business was the stronger performer in 2003, our glass-containers business drove our performance in 2004. In 2004 our consolidated net sales increased 1.5 percent to US$2.3 billion, compared with US$2.2 billion a year ago. However, on a comparable basis,1 we recorded a sales gain of 4.4 percent. Comparable sales grew at all of our three businesses with flat glass up 4.2 percent, glass containers up 4.7 percent, and glassware up 5 percent. Our consolidated EBITDA declined 2.9 percent to US$353 million, compared with US$364 million in 2003; on a comparable basis,1 we reported a 2.5 percent

4 | 2004 Annual Report increase in EBITDA year over year. The strong performance As I noted earlier, high natural gas prices are a big issue of our glass-containers business partially offset declining for our industry. To address this issue, we have not only EBITDA at our flat-glass and glassware businesses. improved our furnace efficiency and utilization, but we 2004 was a good year for our glass-containers have also started implementing our new patented business. On a comparable basis,1 our sales and EBITDA technology, which enables our plants to use alternate increased 4.7 percent and 14.3 percent, respectively, year sources of lower cost fuel to reduce and stabilize our over year. Our sales growth reflected strong demand from energy costs. We expect to advance this alternative-fuel the beer, wine and liquor, and cosmetic market segments. initiative substantially by the end of 2005. These segments’ sales increases were partly offset by a Through our new Code of Business Conduct and tough year for our bottling clients in the soft-drink Professional Ethics, we reinforced our commitment to high industry. On a comparable basis,1 our EBITDA margin rose standards of corporate governance and ethics. Our new from 18.4 to 20 percent, driven by higher production code of ethics governs all of our stakeholder relationships efficiencies. These efficiencies offset increased energy, and ensures our employees abide by uniformly high levels freight, and packaging prices. of conduct in their daily interactions. Through our One word characterizes our flat-glass business in 2004: mandatory ethics courses and seminars, we foster universal stabilization. We were able to successfully navigate a employee awareness, understanding, and enforcement of rough period of price volatility in the Mexican market and, our code’s precepts. at the same time, gain market share and volumes. Though Looking forward, our goal is to continue delivering on not as strong as we originally expected, this core business’ our commitments to strengthen and improve our financial performance stabilized in the summer, and we saw an flexibility; enhance our operating efficiency and improving sequential trend—in both sales and EBITDA— productivity; and consolidate and bolster our presence in over the last three quarters of the year. Our outlook for our core glass markets. Though we still face considerable this business is optimistic; starting this year, our competitive and cost pressures, I am confident that we automotive OEM business should begin to see the positive have the people, the passion, and the vision to surmount impact of 19 new contracts. And we expect to operate at the challenges and create sustainable value for you. higher capacity from 2005 through 2009. Sales at our glassware business decreased 0.6 percent Sincerely, compared with 2003. However, on a comparable basis,1 sales increased 5 percent. Continued weak demand from house appliance OEM’s, as a result of a relatively slow economic recovery in Mexico and the United States, negatively affected glassware’s sales mix. In addition to a less profitable sales mix, glassware’s EBITDA was negatively impacted by increased energy, packaging, and freight costs. Over the near and long-term, we will continue to concentrate on our strategic priorities to focus on our three core glass businesses. Adrián Sada G. Streamlining Vitro’s capital structure remains a clear Chairman of the Board priority. In addition to paying down debt, we are Vitro, S.A. de C.V. increasing the company’s financial flexibility to reduce risk. Over the last 18 months, we have successfully tapped February 28, 2005 the international capital markets and raised nearly US$1 billion. As a result, we have reduced our short-term 1 Excluding Envases Cuautitlán, Vitro Fibras, and Vancan, which were divested in debt from 28 percent to 19 percent of our total debt. September 2003, March 2004, and September 2004, respectively.

2004 Annual Report | 5 CEO’s Letter

Dear Fellow Shareholders:

Our message this year is simple. We are delivering on our commitments: 1. to become a glass company; 2. to strengthen our company’s financial structure and flexibility; 3. to build on our core strengths—our long-standing customer relationships, our high-quality value-added products, our balanced portfolio of businesses, our geographic diversification, and our leading-edge technology; 4. and to create value for you.

In 2004 our consolidated sales were US$2.3 billion, up 1.5 percent year over year. On a comparable basis,1 our consolidated net sales rose 4.4 percent. Our operating cash flow (EBITDA) was US$353 million, off 2.9 percent from 2003. However, on a comparable basis,1 our consolidated EBITDA increased 2.5 percent. We generated US$19 million of free cash flow—versus negative free cash flow of US$13 million in 2003—due to our lower interest expenses and capital expenditures. And our net loss was US$1 million, compared with a net loss of US$34 million a year ago; our bottom-line improvement reflected lower total financing costs. Vitro today is a very different company than it was only a few years ago. Our divestiture of Vancan and Vitro Fibras marked, to a large extent, the final leg of our One Vitro strategy to become a glass company. Consistent with this strategy, we have executed six major transactions worth approximately US$290 million since 2001. In addition to providing our company with capital to strengthen our financial position, the culmination of these transactions enables us to devote all of our energy, attention, and resources to the development of our core glass businesses throughout the world. A significant leg of our strategy is our ongoing effort to improve our capital structure. In addition to paying down net debt, our priority over the past year was to provide financial flexibility. And that is exactly what we did. Our first step was to broaden our access to the financial markets and secure a variety of funding sources—which we did. Over the last 18 months, we have successfully tapped the international capital markets, raising nearly US$1 billion in long-term funds through both public and private sources. Our second step was to change our financial structure, relocating debt from the holding company to our subsidiaries. In this way, we are aligning our debt with our cash-flow generation and, thereby, lowering Vitro’s overall financial risk.

6 | 2004 Annual Report Third, we reduced our short-term debt from 28 percent to continued to introduce innovative, value-added products 19 percent of our total debt. By taking these steps, we across our operations. For the 2004 Athens Olympic should improve our capital structure, enhance our financial Games alone, our glass-containers and glassware flexibility, and support the growth of our core businesses. businesses teamed up to produce approximately 80 million As part of our ongoing effort to streamline our special commemorative pieces for our customers. operations, we continued to work on lowering our sales, We further remain focused on developing our core glass general, and administrative (SG&A) expenses. Excluding businesses, selectively pursuing growth opportunities distribution costs, we reduced our SG&A by 2 percent; where we can create value and enjoy a competitive factoring in our distribution costs, SG&A remained stable as advantage. In 2004, Vitro Cristalglass, our European a percentage of our consolidated sales. Moving forward, subsidiary, started operations in Asturias, Valencia, and we will continue to focus on SG&A reduction measures. Galicia, Spain. These new operations consist primarily of Thanks to our alternative energy initiative, we managed state-of-the-art double-glazed glass-manufacturing to save approximately US$5 million in 2004. Our new facilities. With these new facilities, we consolidated our proprietary technology enables our furnaces to burn growing position in Europe’s value-added architectural and alternative lower-cost sources of fuel in lieu of natural gas. construction glass market. Thus far, we have converted 21 percent of our glass- While it’s positive to reflect on our strategic progress, I containers business’ MMBTUS needs for glass-melting am more enthusiastic about the prospects and challenges purposes and 37 percent of our flat-glass MMBTUS needs. that lie ahead. As we move forward, I am grateful for the Our next step is to transform a second flat-glass furnace and support and counsel of our Board of Directors. I am our Querétaro containers plant, which represents 26 percent especially appreciative of the experience, dedication, and of this business’ MMBTUS needs. Given current natural gas hard work of our people. Their passion provides us with a prices, we expect this technology will significantly reduce significant competitive edge. our cost of energy over the near and long-term. On behalf of the talented men and women who make The Vitro brand is widely recognized all over the world up Vitro, I thank you for your support. As we continue to as a leading manufacturer of high-quality glass products. build on our position as a leading global glass producer, I Through our recently launched Vitromart commercial am confident that we can create sustainable value for you. network, we have enabled preferred distributors to directly benefit from Vitro’s strong brand awareness and forge Sincerely, closer relationships with architects, contractors, installers, and other important customers. Thus far, we have signed up 150 network participants, with approximately 200 points of sale across Mexico. In 2004 we continued to build on our long-term relationships with a well-diversified base of customers— including such blue-chip companies as Allied/Domecq, Avon, Bacardi, Cadbury Schweppes, Coca-Cola, Coty, Cuervo, DaimlerChrysler, Ford, Gerber, General Motors, Federico Sada G. Grupo Modelo (brewers of Corona), Hamilton President and Chief Executive Officer Beach/Proctor-Silex, HEB, Herdez, House of Fuller, Nestlé, Vitro, S.A. de C.V. Nissan, Pepsi Co., Procter & Gamble, Soriana, Volkswagen, and Wal-Mart. As a result, no one customer accounted for February 28, 2005 more than 5 percent of our consolidated net sales. New product development is a key component of our 1 Excluding Envases Cuautitlán, Vitro Fibras, and Vancan, which were divested in company’s near and long-term success. During 2004, we September 2003, March 2004, and September 2004, respectively.

2004 Annual Report | 7 Vitro Overall

At year-end 1999

Household Glassware Products 8% 19% …to become a glass- focused company Diverse Industries 12%

With over 90 years of experience in the glass industry, we Glass Containers Flat Glass 28% 33% are an expert and leader in glass manufacturing, packaging, and distribution. So, over the last few years, we’ve concentrated on developing our core flat-glass, At year-end 2004 glass-containers, and glassware businesses.

Glassware 10%

Flat Glass 49% Glass Containers 41%

…to develop a strong, diversified base of customer relationships

Our high-quality products and services have enabled us to Silex, HEB, Herdez, House of Fuller, Nestlé, Nissan, build long-standing relationships—some of which are over Pepsi Co., Procter & Gamble, Soriana, Volkswagen, 50 years old—with customers that are leaders in their and Wal-Mart. To forge even closer relationships with our industries, including Allied/Domecq, Avon, Bacardi, customers and distributors, we’ve rolled out two novel Cadbury Schweppes, Coca-Cola, Coty, Cuervo, commercial networks—Vitrocar and Vitromart—dedicated DaimlerChrysler, Ford, Gerber, General Motors, Grupo to serving Mexico’s aftermarket automotive and Modelo (brewers of Corona), Hamilton Beach/Proctor- construction sectors.

8 | 2004 Annual Report …to sustain a broad market & geographic reach

We operate in eight countries; we have distribution centers throughout the Americas and Europe; and we export our products to more than 70 countries.

United States

We are a major processor and distributor of flat glass and a leading supplier of specialty glass Spain packaging. We are Spain’s leading fabricator and distributor of architectural and construction flat-glass products.

Portugal

We are a processor and distributor of glass and glazing products for the European construction industry.

Mexico

We are the largest producer, distributor, and marketer of flat glass, glass containers, and glassware in Mexico.

Guatemala

Through Comegua, we produce, distribute, and market glass containers across the country and Central America.

Costa Rica

Comegua, our joint Colombia venture with two regional breweries, is Central We process tempered and America’s largest producer Bolivia laminated glass for the of glass containers. automotive and We manufacture and construction industries. distribute glass containers for the soft-drink, beer, food, wine and liquor, and pharmaceutical industries.

2004 Annual Report | 9 Flat Glass

Business overview

We focus on manufacturing, processing, and distributing flat glass for the construction and automotive industries. We are the leading manufacturer and distributor of flat glass in Mexico and the second largest flat- glass producer in Latin America. Through Flat Glass’ net sales our Vitro America subsidiary, we are the In millions of US dollars largest full-service distributor and installer

Total 687 755 842 891 940 1,064 1,134 1,109 1,102 1,100 of architectural and automotive glass in the

490 566 625 649 661 790 874 837 848 806 United States. We also enjoy a growing presence in Europe’s market for high-end

Domestic construction glass. & Foreign

In 2004 our sales of complex curvature glass, side and Export 197 189 217 242 279 274 260 272 254 294 back tempered windows, windshields, and other 95 96 97 98 99 00 01 02 03 04 automotive products to the OEM (original equipment manufacturer) and aftermarket represented Exports Comprise Growing Share of 2004 Flat Glass’ Sales approximately 39 percent of our total flat-glass revenues. Our flat-glass sales were US$1.1 billion in dollar Our sales of rolled glass, tempered architectural safety terms, with exports accounting for more than 26 percent of this business’ total revenues. glass, insulated glass, and other products to the construction industry comprised approximately 61 percent of our flat-glass revenues.

Strategic business outlook

We view our flat-glass business as a primary source of long-term growth. In recent years, we have strengthened the market position of our flat-glass business in Mexico, the United States, Spain, Portugal, and Colombia. Looking forward, we will continue to focus on increasing our production of higher-margin, value-added construction Vitro Flex Lands Historic Contract and automotive products and, where appropriate, pursue For the first time in its history, Visteon awarded one plant the contract to selective investment opportunities in other attractive produce all of the pieces of automotive glass for a vehicle; Vitro Flex will provide the full set of automotive glass for the Ford Mustang S-197 2005. geographic markets.

10 | 2004 Annual Report 2004 per-capita glass consumption the contract to supply Telefonica’s new Communication Consumption per capita m2 City Complex, north of Madrid, Spain; the complex is Europe’s largest urban glass-construction project 0.07 0.45 0.63 1.03 1.45 1.53 2.01 underway today. India Mexico Germany Spain This project is a testament to our product quality and Brazil France Canada innovation. We specially designed our new Superdual-T double-glazed glass to suit the architect’s exacting specifications. This energy-efficient glass is both aesthetically and environmentally pleasing; it offers all of the benefits of natural light, while protecting against the 0-5,000 5,000-10,000 20,000-30,000 sun’s harmful heat and ultraviolet rays. GDP per capita USD We further solidified our position in the automotive Given its relatively low per-capita glass consumption OEM market. Thanks to our improved productivity and versus other countries, Mexico offers considerable upside growth potential. operating flexibility, we are prepared to embark on nine new platforms for DaimlerChrysler, Ford, General Motors, Delivering on our commitment and Volkswagen, all of which will commence production in 2005. We also are working on the design of windshields …to strengthen our customer relationships for DaimlerChrysler’s Jeep Wrangler, and we will start To foster closer relationships with our customers and production next year. distributors, in June 2004, we launched Vitromart, a new commercial network of preferred distributors dedicated to …to improve our operating efficiency and productivity the sale and distribution of architectural and construction- We are making across-the-board progress on our glass products. The chain—which already encompasses operating efficiency and productivity. By jointly auditing, 150 distributors, with approximately 200 stores in more comparing, and sharing the most efficient manufacturing than 100 cities across Mexico—will offer several practices at Vitro Flex and Cristales Inastillables de advantages to our distributors and customers alike. México—two of our most important automotive Preferred distributors will share the advantages of Vitro’s operations—we have elevated the productivity and strong brand awareness and ongoing marketing efforts; a flexibility of both organizations’ production systems. For unified look and appeal to their stores; a consistent array example, we have managed to increase the production of of high-quality glass products; as well as the support and Cristales Inastillables de Mexico’s bending furnaces by 15 experience of a company that’s served the Mexican market percent. And, thanks to an agreement reached with our for nearly a century. partner Visteon, we have expanded the mix of Vitro Flex’s We aim to provide Vitromart customers with an laminated glass production. integrated solution to their construction and design At Vitro America, we have begun a three-year challenges. As opposed to traveling to multiple commercial transformation process—called project Victory—designed outlets, architects, contractors, interior designers, installers, to streamline the organization and instill a more customer furniture manufacturers, and home owners, among others, and results-oriented culture. We have named this initiative will be able to walk directly into one of our 200 network Victory because it summarizes the elements that we need stores; receive advice from skilled attendants; make an to accomplish our goals: Vision, Imagination, informed decision from a range of competitively priced, Commitment, Teamwork, Open-minded, Results, You (our high-quality product offerings; and find the right answer employees). Cross-functional teams of internal and to their construction needs. external consultants and vendors are re-engineering our installation, fabrication, and corporate processes. The …to enhance our position as a leading manufacturer teams have identified numerous initiatives and begun work and distributor of value-added products and services on specific projects that will consolidate Vitro America’s In 2004 we continued to enhance our position in the position as the leading full-service distributor, fabricator, complex icon-building market. Recently, we were awarded and installer in the United States.

2004 Annual Report | 11 Glass Containers

Business overview

We focus on manufacturing and distributing glass containers for the soft drink, beer, food, Glass Containers’ net sales liquor and wine, pharmaceutical, and In millions of US dollars cosmetics industries, as well as raw Total 707 818 905 938 954 941 974 983 901 932 materials, molds, and machinery for the glass industry. We are the top producer and supplier of glass packaging in Mexico and Domestic & Foreign 506 609 702 719 726 696 725 747 653 666 Central America, one of the largest exporters of glass containers into the United States, Export 201 209 203 219 228 245 249 236 248 266 and one of the leading manufacturers of glass containers in the world. 95 96 97 98 99 00 01 02 03 04

Container Sales Up for 2004 Our 2004 sales growth reflected strong demand from the In 2004 our sales of glass containers and customized beer, wine and liquor, and cosmetic markets. packaging for baby food, preserves, sauces, and other products to the food industry represented approximately 22 percent of this business’ total revenues. Our sales to the beer, soft drinks, liquor, and wine industries comprised approximately 51 percent of this business’ total revenues. Our sales to the pharmaceutical and cosmetics industries represented approximately 12 percent of this business’ total revenues. And our sales of vertically integrated products—raw materials, machinery, and molds for the glass industry—represented the remaining 13 percent.

Strategic business outlook

Given its broad product and client base, our glass- container business should continue to generate sizable and sustainable streams of revenue and cash flow. Looking Fulfilling Our Customers’ Needs forward, we will continue to focus on strengthening our We produce more than 1.5 million amber-glass bottles daily for Grupo Modelo’s Corona and Victoria-brand beers. relationships with key customers, increasing our

12 | 2004 Annual Report Revenue mix by segment year contract to supply all of the Stelvin® wine

Vertically Food requirements for St. Julian, Michigan’s largest and oldest Integraded Products 22% 13% winery. Our customized bottles use a roll-on finish that is

Others compatible with the Stelvin® capsule, a new closure with 2% screw-cap capability. Pharmaceutical & Cosmetic 12% …to develop innovative new products and services Beverages 51% Our technological expertise enables us to introduce Revenue mix by geography products that serve our customers’ specific requirements. For example, we now make non-returnable amber glass USA We enjoy a well-diversified 26% portfolio of products and bottles to meet the needs of Grupo Modelo, Mexico’s customers, which provides largest brewery. Currently, we produce more than 1.5 us with a solid and stable base for future revenue million amber-glass bottles daily for Modelo’s Corona and and cash flow. We have Victoria-brand beers. Central & more than 800 customers; South America no customer accounts for Our ability to fulfill our customers’ demand changes 15% more than 7 percent of our more rapidly enables us to compete aggressively in the Mexico glass-containers business’ 59% consolidated sales. market for commemorative products and packaging. We recently teamed with our glassware operations to deliver approximately 80 million commemorative pieces in time for participation in value-added niche markets, developing the world’s premier sporting event, the XXVIII Olympiad in new products, and optimizing our cash-flow generation. Athens, Greece. Much like elite athletes, our people were well-trained and prepared to race against the clock, Delivering on our commitment manufacturing 45 million special-edition containers in a record 45 days. For the first time in our containers business’ …to build on our long-standing customer relationships history, we employed a mold to produce 12 different raised- Our products help to drive the success of many popular relief designs, capturing the Olympic sports of archery, consumer brands, including those of renowned tequila athletics, boxing, canoeing, cycling, diving, equestrian, distillers Cuervo, Herradura, Sauza, and Tequila Supremo. fencing, football, gymnastics, tae kwon do, and volleyball. Since our inception in 1909, we’ve catered to the growing On top of our innovative new product development, needs of Mexico’s tequila industry, and we remain the Vitro Global Design (VGD) offers our clients a complete country’s top supplier to that market. Of the 52 distillers package of value-added services. With offices in registered with the Mexican National Chamber of the Monterrey, Mexico City, Guadalajara, New York, and Tequila Industry, we directly or indirectly serve 83 percent Dallas, we work closely with our customers to create of their total volume. exclusive merchandizing design strategies and point-of- Our production quality and versatility allow us to satisfy purchase product displays. and develop this growing industry. Unlike many of our larger global competitors, we have the flexibility to design, …to improve our operating efficiency and productivity craft, and profitably produce smaller batches of Thanks to our ongoing cost-reduction initiatives and increasingly intricate tequila bottles and packages. Thanks increased capacity utilization, we’ve improved our operating to watershed industry developments—such as our one-of- efficiency and productivity. Our initiatives cut across a a-kind boutique bottles and our narrow-neck press and number of areas, including our raw-materials usage; our blow manufacturing technology—tequila distillers purchase glass production; our projects to reduce and optimize our more than 30 percent of the total pieces we sell in the electricity and fuel consumption; our headcount reduction; wine and liquor segment. our power-purchase agreement with Tractebel; and our Our flexibility further enables us to pursue niche value- packaging. As a result of these initiatives, we’ve lowered added customer relationships. In 2004 we expanded our the costs of our glass-container business by more than sales to the U.S. wine industry. We recently began a five- US$15 million over the last two years.

2004 Annual Report | 13 Glassware

Business overview

We focus on manufacturing and distributing glassware for the retail, food service, and industrial segments of the glassware industry. We are the leading producer and Glassware’s net sales distributor of glassware in Mexico. And In millions of US dollars through our joint venture with Libbey, Inc., we are among the leading distributors of Total 229 246 264 217 250 293 274 259 237 236 glassware in the United States. 169 186 191 149 174 204 194 180 159 158

Domestic & Foreign In 2004 our glassware sales totaled US$236 million, including flatware, stemware, bake ware, and home décor Export 60 60 73 68 76 89 80 79 78 78 products for the retail segment; glassware and flatware for 95 96 97 98 99 00 01 02 03 04 the food-service segment; and coffee carafes, blender jars, lids, meter covers, candle holders, and other products for Glassware Sustains Sales in 2004 Our glassware sales were US$236 million, with exports accounting the industrial segment. Of these sales, approximately 33.2 for approximately a third of this business’ total revenues. percent were derived from new products.

Strategic business outlook

Our strategy is to strengthen our glassware business, with an emphasis on developing our high value-added and industrial product lines. Looking forward, we are focusing on improving our pace of new product development, enhancing our customer relationships, and maximizing the range of products that we develop per year. We are also exploring more international markets for our products and services.

Delivering on our commitment

…to increase our new product development To satisfy our consumers’ changing preferences and desires, we continued our push into new product development. In Satisfying Consumers’ Evolving Tastes Crisa Interiors is a compelling offering for August and September of 2004, we introduced Crisa Mexican consumers. Interiors, our new line of ornamental glassware products.

14 | 2004 Annual Report Consolidated sales mix Our proactive category management process is fostering closer relationships with Mexico-based retailers Chedraui, Export Industrial 31% 20% Comercial Mexicana, and Gigante. Through this dynamic consumer-oriented process, we partner with these retailers and manage the glassware category as a strategic business

Our 2004 glassware sales unit on a store-by-store basis through in-line product Commercial reflect our strategic focus 49% merchandizing and statistical analysis. As a result of these on the industry’s retail and industrial segments. cooperative work relationships, we generate commercial and economic improvements for our customers and deliver added value to the final consumers. This craft line’s featured accessories—a fish tank with river We have further developed strong relationships with pebbles, a pair of potpourri-filled vases, a set of glass jewel- national and international market leaders. We began our covered votives, and a potpourri filigree centerpiece— commercial relationship with Soriana in 1992. Today, they provide a unique offering for the Mexican market. are Mexico’s second-largest retailer, with 162 stores in We have also evolved the caballito, the traditional tall more than 50 major cities across the country. shot glass that we have manufactured for more than 70 Our relationship with Wal-Mart started in 1993—well years. Over the past year, we have produced over 12 million before they became Mexico’s largest retailer. Over the years, caballitos for our domestic and export markets, including we’ve built a proactive working system that accounts for a the United States, the United Kingdom, Germany, the considerable percentage of Wal-Mart’s total sales of glass Dominican Republic, Costa Rica, and Nicaragua. Among our products in Mexico. In 2004 we embarked together on an most recent developments is the Squirt tequila glass, created extensive Summer Colors campaign, including a specially specially for Cadbury Schweppes. This customized glass designed display placed at 83 Wal-Mart stores across the recreates the distinctive shape and color of a Squirt bottle, a nation. These dedicated displays—which feature our soft drink that goes wonderfully with tequila. Another innovative new lines of Crisa-brand products throughout recent addition to our caballito line is the Cazadores, a the year—are part of a detailed operation to stimulate classic design with a metal jacket on the base of the glass. consumers’ impulse purchases of our products and to Athletes from over 200 different countries were not the strengthen our relationship with Wal-Mart. only ones competing for the 2004 Olympic Games in We began our relationship with IKEA, the Swedish Athens. We competed as well. And we fulfilled our pledge home-furnishings company, in 2003. And by 2004, they to provide our customers with the volume of special-edition were handling the worldwide launch of Joker, a candlestick glasses they wanted—when they needed them—and the manufactured exclusively for them. service they required from product design and development Similarly, we have worked closely with Southern Living through delivery. Teaming with Vitro Global Design, we At Home, a subsidiary of Time Inc., to develop the fulfilled our client’s demand for 6 million commemorative foundations for a long-term relationship. In less than a year, pieces, decorated with the likenesses of Phevos and Southern Living At Home—the fastest growing home décor Athena, the official 2004 mascots of the games. party-plan company in the history of direct sales—has risen to one of our five most important glassware customers. …to strengthen our customer relationships Consistent with our strategy to forge long-term alliances …to enhance operating efficiency and productivity with market players, we’re bolstering our commercial In 2004 we executed a well-defined strategy to maximize relationships with customers such as Carrefour, Casa Ley, our plant’s capacity utilization and fixed-cost absorption. Chedraui, Comercial Mexicana, IKEA, Gigante, Soriana, Among our initiatives, we used our plant to produce Southern Living At Home, and Wal-Mart. Our key to economic pieces, such as our candle products, for specific nurturing and developing such important long-term market channels and uses. We have the ability to customer relationships is to design exclusive products, manufacture these cost-competitive products faster and provide personalized service, and offer the flexibility to more efficiently. As a result, we were able to increase our rapidly adapt to their needs. plant’s capacity utilization by 16.3% over 2003.

2004 Annual Report | 15 Corporate Social Responsibility

As a good corporate citizen, we look to maintain a healthy balance between economic, environmental, and social development. By integrating social and environmental issues into our AST total quality management model, we generate benefits for our company, our employees and their families, and our communities.

Delivering on our commitment Energy Consumption Giga Joules / Tons of Glass Melted (GJ / TGM) …to the environment 14.70 13.69 11.36 11.11 10.30 10.32 9.56 9.60 As a member of the World Business Council for Sustainable Development (WBCSD), we take our commitment to environmental responsibility very seriously. Our environmental management system is a key part of our AST model. Through this system, we proactively take care of our operations’ environmental impact; comply with national and international norms and regulations; use energy and other natural resources more efficiently; create an environmental 97 98 99 00 01 02 03 04

culture; and administer our environmental quality systems. We are committed to the development and Also, pursuant to our recent agreement with the World implementation of recycling and energy-saving technology that reduces our consumption of natural gas Economic Forum, in 2005 we will begin monitoring our gas and fuel oil and, at the same time, minimizes these fuels’ emissions in accordance with the WBCSD and World emissions as much as possible. Resource Institute’s Greenhouse Gas Protocol.

Air, Water, Energy Clean Industry We have implemented energy-conservation, emissions- Since 1998, all of our domestic facilities have voluntarily reduction, and water-management programs at our participated in the Mexican government’s Clean Industry Mexican facilities. Over the last eight years, these programs program. Pursuant to this program, an independent auditor have enabled us to reduce our energy consumption by certified by PROFEPA—Mexico’s environmental protection approximately 35% per ton of glass melted, our water agency—has completed environmental audits of our 28 consumption by approximately 33% per ton of glass facilities. Thus far, 27 facilities have obtained or satisfied melted, and our nitrogen oxide (NOx) and particulate the necessary requirements for Clean Industry certification. emissions by approximately 25% per ton of glass melted— And recently, our Industria del Álcali subsidiary received well below official standards. Because glass manufacturing “Environmental Excellence” certification; Álcali was among is a water and energy-intensive process, these programs a special group of organizations that outperformed the have further helped us to reduce our operating costs. standards set by the Clean Industry program.

16 | 2004 Annual Report Vitro Parque El Manzano: a welcome retreat Started in 1972, Vitro Parque El Manzano is an ideal place for our people to enjoy themselves with their families. Located in a forest just south of Monterrey, the park offers two vacation areas—including 35 cabins and a camping area—and recreational areas, where children of all ages can play softball, football, volleyball, and ride on the swings and slides. With an average altitude of 1,650 meters above sea level and an average temperature of 10o to 28o Celsius in the summer and 15o to 10o Celsius in the

At a ceremony attended by Mexico’s President, Vicente fall, Vitro Parque El Manzano is an optimal environment in Fox, the federal environmental protection agency which to relax. awarded “Environmental Excellence” certification to our Industria del Álcali subsidiary. This certification is based on the organization’s superior environmental Infonavit: a home to call your own performance, including its commitment to eco-efficiency and environmental systems management. Through Infonavit, a Mexican governmental housing program, we assist our workers to get housing credits toward the purchase of their own homes. Over the last six years, we have provided counseling and procedural support Clean Industry Program that’s enabled our employees to receive more than 5,600 Number of Plants credits; in fact, we exceeded our goal of 850 credits for 2004 by more than 35 percent. As a result of this continuing program, we allow our employees to realize 10 10 8 their goal of home ownership and further our communities’ development. Audited

Certified 367110 Incremental Improvement Award: encouraging 1 employee innovation In Progress Our company-wide Incremental Improvement Award 98 99 00 01 02 03 04 recognizes and encourages novel technological

Consistent with our environmental management system, we voluntarily developments from teams at the business and corporate participate in the Mexican government’s Clean Industry program. levels. In 2004 the award recognized the best ideas developed and implemented during 2002 and 2003. We have further facilitated the ISO 14000 certification process. Currently, four of our companies are involved in the process.

Delivering on our commitment In recognition of our organization’s cutting- edge training system, Vidriera Monterrey was awarded the 2004 Nuevo León Prize for …to our employees, families Human Talent Development. The award Our people are fundamental to our success. Therefore, we committee was composed of unions, business organizations, university-level institutions, promote our people’s and their families’ quality of life and the state government’s training and through a range of different health, safety, formal training, competitiveness division. and award programs. Among our ongoing initiatives, we nurture their growth and development through our plant corporate health system and our sports, culture, and recreational programs at Vitro Club in Mexico City, Querétaro, Guadalajara, and Monterrey.

2004 Annual Report | 17 Under the aegis of the National Culture and Arts Council and Vitro, the first Art in Glass Competition showcased the talent of 200 artists from Argentina, Bolivia, Chile, Colombia, Ecuador, El Salvador, Mexico, Peru, and Venezuela. Of the total entries, 42 works were selected for exhibition at the Museo del Vidrio and the two winning works have become part of the museum’s permanent collection.

Jatzi-Jatzi, semilla semilla

Of the 59 registered projects—in which 254 employees lot of space when it’s buried. By recycling glass, we participated—26 won the award at the plant level and increase the life of our landfills and preserve these precious advanced to the final stage, where five projects were spaces for our community’s other waste. Also, we require adjudged the winners. Each of the five winning teams less energy to fuse a recycled glass-sand mix than a pure was awarded a US$20,000 prize in the form of financial sand mix. By using less fuel, we make more energy aid for the team members’ professional advancement, available for community development projects, and we scholarships for their children, computer equipment, and reduce our emissions. home appliances. For almost a century, we have promoted and educated the public about the many advantages of glass recycling …and our communities through our coordination, sponsorship, and participation in At Vitro, we actively support the communities in which we local, national, and international programs. In Mexico, we work and encourage our employees to get involved as support more than 70 joint recycling programs with schools, volunteers. Through our numerous social programs and hospitals, hotels, shopping and entertainment centers, and initiatives, we foster our communities’ growth and disposal sites throughout the country. As a result of our development. efforts, we re-collected 1,283 tons of glass in 2004.

Glass recycling: a win-win-win Museo del Vidrio: the art of glass Glass recycling is a win-win-win proposition for our We are the founder and proud sponsor of Museo del company, our communities, and the environment. By using Vidrio, the first and only onsite glass museum in Latin a significant percentage of recycled glass (cullet) in our America. Located in the heart of Vidriera Monterrey—our smelting processes, we improve our business, help our first glass-container plant—the museum’s mission is to communities, and enhance the quality of the environment. preserve and share the history of glass, promote Glass recycling offers many benefits to our company, our appreciation of glass’ culture, and encourage artistic work communities, and our environment. The raw material in this medium. The three-story museum exhibits many of required to manufacture glass is plentiful, but not the most beautiful and significant pieces of glass crafted renewable. When we recycle, we reduce our consumption in Mexico and abroad. The museum’s many activities of non-renewable resources and, simultaneously, improve include craft workshops, some specially designed to the quality of our air. Glass is an inert material—it’s melted educate children about the environmentally friendly art of sand that’s harmless to nature. Nevertheless, glass uses a glass recycling.

18 | 2004 Annual Report Chipinque Ecological Park: something for everyone We are a founding member, and our CEO, Federico Sada, is president of the board of trustees of Chipinque Ecological Park, a protected 1,625-hectare natural reserve, located along the edge of the eastern Sierra Madres. The park’s aims are to promote an ecological culture among our children and our community; preserve and strengthen our ecosystem; develop, promote, and support cultural and educational sports activities; involve our community in Delivering on our commitment the park’s promotion and preservation research; and develop data to achieve sustainable development. For …to high ethical and corporate-governance instance, the park’s natural resources and research standards management department develops strategies designed to We are committed to top corporate-governance prevent, restore, and mitigate the negative impacts of practices. Half of our Board of Directors is comprised fire, erosion, or problems arising from the removal of our of independent directors. Furthermore, our distinct natural resources. Finance and Planning, Evaluation and Compensation, Audit, and Corporate Responsibility Committees Wildlife for future generations provide us with valuable oversight and help us to We support the research and conservation of Mexico’s wild ensure the highest standards of corporate flora and fauna for future generations. Together with a governance at Vitro. group of institutions and individuals—including biologists, Among our recent initiatives, we will put in place veterinarians, agronomists, technicians, and scientists who a new process of internal control and certification specialize in wildlife conservation— we help to protect during the first quarter of 2005; we have launched a natural areas in the states of Baja California Sur, Sonora, new hot-line system to communicate anonymous and Tamaulipas, and Nuevo León. There, permanent programs confidential concerns regarding internal control, are conducted to conserve endangered species, such as the accounting, auditing, or asset-related matters to our Mexican grey wolf and the desert bighorn sheep. Through Board’s independent Audit Committee; and we have our participation, we further support the professional implemented a new Code of Business Conduct and development of students in biology, natural resource Professional Ethics, aligned with new U.S. and conservation, and similar areas. Through these activities, we Mexican governance standards. contribute to the sustainable development of rural areas in Our new code of ethics is based on our northern Mexico and foster the education of future experts organization’s long-standing values—our teamwork in wildlife conservation. and integrity, our customer orientation, our creativity and innovation, and our dedication to quality. It National History Museum at Chapultepec Castle: a reinforces our shared commitment to high standards cultural icon of business conduct and professional ethics. Our CEO, Federico Sada, is the president of the board of Our code governs all of our stakeholder trustees of Mexico’s most-visited museum—the National relationships—including those with our customers, History Museum at Chapultepec Castle—which re- suppliers, competitors, and fellow employees. It ensures opened in 2003 after a three-year reconstruction. Along that all of our employees abide by uniformly high with other corporations, we have helped raise funds ethical standards in the performance of their duties. through the museum’s foundation to expand its cultural We foster universal employee awareness and treasures, discover pre-Hispanic sites, and equip it with understanding of our code’s precepts through our state-of-the-art technology. mandatory ethics courses and seminars. We further provide a hot line to support and ensure compliance—and resolve any questions—with our code, anonymously, professionally, and confidentially.

2004 Annual Report | 19 Board of Directors

Our Board is elected to oversee management and to assure that the reliable, sufficient, and transparent. Established in 1998, the long-term interests of our shareholders are served; half of our Board Corporate Responsibility Committee oversees and ensures that is composed of independent Directors. In addition, the Board corporate governance rules are applied correctly. The Evaluation and performs a number of specific functions. The Board has four Compensation Committee helps the Board to evaluate and committees. The Audit Committee is comprised entirely of compensate our company’s top-level executives. And, the Finance independent Directors, and verifies that our company’s internal and and Planning Committee assists the Board to evaluate our company’s external auditing functions are conducted in an objective manner and long-term business strategy, assuring investment and financing that the financial information our company presents to the public is policies are in accordance with our company’s strategic vision.

Adrián Sada G. Federico Sada G. Adrián Sada T.

1944 1949 1920 Member since 1984 D Member since 1982 D Member since 1969 D

Chairman of the Board Finance and Planning President and Chief Honorary Chairman Committee President Executive Officer of the Board

Member of the Boards of Alfa, Gruma, Cydsa, Regio Member of the Boards of Instituto Tecnológico y de Chairman of the Board of Vitro (1972-1991); Chairman Empresas, Wharton (Latin American Executive Board Estudios Superiores de Monterrey (ITESM), Bombardier, of the Board of Fundación Martínez Sada. for the Wharton School of Finance), Consejo Mexicano Inc., Regio Empresas, and University of Texas MD de Hombres de Negocios (CMHN), and Grupo de Anderson Cancer Center; former Chairman of the Industriales de Nuevo León. Mexican Council for Foreign Trade (COMCE); President of the Mexico-France Bilateral Committee of COMCE; Chairman of the Fundación Pro Museo Nacional de Historia (Castillo de Chapultepec), A.C.; Chairman of the Board of Trustees of Parque Ecológico Chipinque, A.C. de B.P.; Member of the International Business Council of the World Economic Forum and the World Business Council for Sustainable Development.

Carlos E. Represas Jaime Serra P. Joaquín Vargas G.

1945 1951 1954 Member since 1998 A Member since 1998 A Member since 2000 A

Chairman of the Board of Nestlé México; Member of President of SAI Consultores, S.C.; Member of the Chairman of the Board of Grupo MVS the Boards of Dreyer’s Grand Ice Cream Holdings, Inc. Boards of Chiquita Brands International, Fondo Comunicaciones; Chairman of the Board of and Bombardier, Inc.; Member of the Advisory Council México, Tenaris, and Grupo Modelo; Mexico’s Corporación Mexicana de Restaurantes; Member of of the Global Business Policy Council; Chairman of the Secretary of Finance (1994), Secretary of Trade and the Boards of Grupo Costamex, Grupo Posadas, Bolsa Board of Trustees of the National Institute of Genomic Industry (1988-1994); Under-secretary of Revenue, Mexicana de Valores, and NRM Comunicaciones; Medicine of Mexico; President of the Mexico Chapter Ministry of Finance (1986-1988); Co-chair of the Member of the Consejo Mexicano de Hombres de of the Latin American Chamber of Commerce in President’s Council on International Activities of Yale Negocios (CMHN). Switzerland; Executive, Executive Vice President, and University; Member of the Trilateral Commission and President of the Americas of Nestlé, S.A. (1968–2004). the U.S.-Mexico Bilateral Council.

Dionisio Garza M. Lorenzo H. Zambrano T. Gustavo Madero M.

1954 1944 1955 Member since 1995 B Member since 1998 A Member since 1996 A

Evaluation and Compensation Audit Committee Committee President President

Chairman of the Board and Chief Executive Officer of Chairman of the Board and Chief Executive Officer of Congressman (Representative) in the 59th Federal Alfa; Chairman of the Board of Universidad de CEMEX; Chairman of the Board of Enseñanza e Legislature (2003-2006), Chairman of the Tax and Monterrey (UDEM); Member of the Board of CEMEX; Investigación Superior A.C., which is responsible for the Finance Commission; Member of the Boards of Member of the Consejo Mexicano de Hombres de management of the Instituto Tecnológico y de Estudios Hermanos Madero, and ING-Comercial América, Negocios (CMHN); Member of the Associate Board of Superiores de Monterrey (ITESM); Member of the Board División Norte. Directors of the Harvard Business School; Member of of Directors of IBM, the Citigroup International Advisory the Harvard University Advisory Committee to the Board, and the Chairman’s Council of DaimlerChrysler David Rockefeller Center for Latin American Studies; AG; Member of the Boards of Alfa, Empresas ICA, Femsa, Member of the Advisory Committee of the New York Grupo Financiero Banamex, and Televisa; Member of the Stock Exchange (NYSE). Stanford University’s Graduate School of Business Advisory Council; Member of the Boards of the Americas Society, Conservation International, and the Museo de Arte Contemporáneo (MARCO).

20 | 2004 Annual Report Andrés A. Yarte C. Tomás González S. Finance & Planning 1941 1943 Member since 1991 D Member since 1980 B Committee Corporate Adrián Sada G. (President) Responsibility Committee President Adrián Sada T. Chairman of the Board and Chief Executive Officer of Chairman of the Board and Chief Executive Officer of Dionisio Garza M. Distribuidora de Productos Cerámicos, S.A., and K- Cydsa; Chairman of the Board of Trustees of Inver, S.A. Universidad Regiomontana; Vice President of the Tomás González S. Mexican Institute for Competitiveness; Honorary Consul-General of Japan at Monterrey, Mexico; Federico Sada G. Treasurer of the Fundación Martínez Sada; Member of the Consejo Mexicano de Hombres de Negocios Jaime Serra P. (CMHN); and Member of the Board of Regio Empresas. Manuel Güemez (Examiner)

Evaluation & Compensation Committee Carlos F. Muñoz O. Raúl Rangel H. Lorenzo H. Zambrano T. (President)

1955 1949 Adrián Sada G. Member since 2000 C Member since 2001 A Carlos E. Represas

Secretary of the Board Federico Sada G. since 1998 Eduardo G. Brittingham Vice President of Fomento Bursátil; Vice President of Legal and Strategic Services Consultant; President of Super Mart; Vice President of Manufacturas de the Advisory Council of Education in Nuevo León; Vice Alejandro Garza L. Concreto; Member of the Board (North Zone) of President of the Advisory Council of the Universidad Banamex; Member of the Board of Instituto Autónoma de Nuevo León (UANL); President of the Manuel Güemez (Examiner) Tecnológico y de Estudios Superiores de Monterrey Advisory Council of the School of Law and (ITESM), Chihuahua Campus. Criminology of the Universidad Autónoma de Nuevo León (UANL); Member of the Regional Board of Banco Nacional de México (Banamex); Member of the Audit Committee Universidad Autónoma de Nuevo León Foundation, A.C.; Member of the Board of Universidad de Gustavo Madero M. (President) Monterrey (UDEM). Jaime Serra P. Joaquín Vargas G. Alejandro Garza L. Alejandro Garza L. Eduardo G. Brittingham Alfonso González M. (Finance expert, 1926 1926 Member since 1972 A Member since 1972 A non-Board member) Manuel Güemez (Examiner)

Member of the Executive Committee of Desarrollo Chief Executive Officer of Laredo Autos and Corporate Responsibility Inmobiliario Omega; Member of the Boards of Cydsa, Corporación Internacional de Manufacturas. Instituto Tecnológico y de Estudios Superiores de Committee Monterrey (ITESM), and Centro de Estudios en Economía y Educación; Member of the Wharton Andrés A. Yarte C. (President) School Latin American Board and the Joseph H. Lauder Institute of Pennsylvania. Adrián Sada G. Federico Sada G. Carlos F. Muñoz O. Raúl Rangel H. Manuel Güemez (Examiner)

Manuel Güemez Julio Escámez F.

1942 1934 Examiner since 1999 Alternate Examiner since 1999

As the Board’s Examiner he participates in the Finance Member of the Boards of Consorcio Industrial de and Planning, Evaluation and Compensation, Audit, Manufacturas and Grupo Empresarial Martel; Member and Corporate Responsibility Committees. of the Board of Vitro, S.A. de C.V. (1974–1998).

Chairman of the Boards of Regio Empresas and Grupo PREZ; Member of the Board of Grupo de Seguridad Integral; Alternate Member of the Board of Gruma.

A = Independent B = Related C = Independent Proprietary D = Related Proprietary

2004 Annual Report | 21 Operating & Financial Review

You should read this review in conjunction with our consolidated financial statements, notes thereto, and other financial information included elsewhere in this document. We prepare our financial statements in accordance with Mexican GAAP, which differs in certain respects from U.S. GAAP. This section contains forward-looking statements that involve risks and uncertainties. As a result, our actual results may differ materially from those discussed in the forward- looking statements.

Economic Environment

General 2004 was a year of moderate global economic growth. A majority of the economic indicators for Mexico and the United States—our two biggest markets—show that the economic slowdown suffered since the end of 2000 is almost past. In 2004 Mexico recorded GDP growth of 4.4 percent, more than three times higher than 2003. Among other factors, U.S. economic growth and the Mexican government’s tight fiscal and monetary policy contributed to Mexico’s GDP growth in 2004. The Mexican economy’s recent dynamism reflects the progress of the U.S. economic recovery. In the opinion of most economic analysts, the U.S. recovery will continue into the foreseeable future and should significantly affect employment indicators. While helping the country to maintain low levels of inflation and a manageable deficit, the Mexican government’s current fiscal and monetary policy has not provided the flexibility necessary to provide additional support for Mexico’s economy. As a result, new investment and growth in aggregate purchasing power have been marginal.

22 | 2004 Annual Report Several factors could further affect the growth of Mexico’s Exchange and Inflation Rates economy and its industrial sector. These factors include: More than half of our revenues come from foreign markets, either as direct exports from Mexico or as sales • The extent of the U.S. economic recovery and the from our foreign subsidiaries. In addition, a significant part participation of Mexico’s industrial sector in that of our sales in Mexico are either invoiced in or linked to recovery—at a time when China’s role as an exporter U.S. dollars. Thus, changes in the relative value of the and a destination for foreign investment is growing; currencies for which we sell our products can impact our • The Mexican government’s approval and implementation sales and operating margins. of fiscal and other structural reforms, such as energy In 2004 the Mexican peso experienced a nominal reform; and revaluation of 0.8 percent, compared with a nominal • The political atmosphere surrounding the nomination devaluation of 7.6 percent in 2003. These exchange rate process for presidential candidates in the 2006 elections. variations are reflected most in our price and income levels.

Despite these political and economic dynamics, we will continue to focus on the factors within our control and position ourselves to take full advantage of arising 2002 2003 2004 market opportunities. Mexico Inflation* 5.7% 4.0% 5.2% US Inflation** 2.4% 1.9% 3.3% Inflation Differential GDP Growth 2002 2003 2004 USA / Mexico 3.2% 2.1% 1.8% Mexico 0.8% 1.4% 4.4% Nominal Peso USA 1.9% 3.0% 4.4%* Revaluation/(Devaluation) (13.8%) (7.6%) 0.8%

* Estimated * Based on changes in the National Consumer Price Index (INPC) Source: INEGI for Mexico and the Bureau of ** Based on changes in the United States’ CPI Economic Analysis for the United States

2004 Annual Report | 23 Consolidated Results of Operations

Net Sales In 2004 our consolidated net sales were US$2,272 million, a 1.5 percent increase over 2003. On a comparable basis— excluding companies divested in 2003 and 2004 (see Strategic Divestitures)—our sales grew 4.4 percent. During resulted from 24 percent growth in export sales and the year, our three core businesses’ sales grew as a result of significantly increased sales from our flat-glass and auto- greater economic activity in Mexico and overseas, as well glass subsidiary in the United States. In terms of volume, as higher acceptance of our new products in the markets our flat-glass business increased the number of reduced where we participate. square meters sold by 19.8% in 2004. On a comparable basis, our flat-glass unit’s sales Our glass-containers business’ sales increased 4.7 increased 4.2 percent compared with 2003. This increase percent—on a comparable basis—due to increased sales of our beer and wine and liquor segments, as well as the Consolidated net sales excellent acceptance of the quality and price of our In millions of US dollars cosmetics containers in the markets abroad. These segments’ sales increases were not reflected in this Total 1,607 1,795 2,001 2,039 2,132 2,292 2,369 2,343 2,238 2,272 business’ total results because of decreased sales in the soft-drinks segment, which decline was mainly due to the introduction of new brands in the domestic market and the Domestic 742 910 1,080 1,057 1,097 1,142 1,161 1,129 1,020 993 effect of PET substitution on some bottle presentations. In 2004 our domestic and export volumes increased 8.3 percent and 2.5 percent, respectively. Foreign 405 427 428 451 452 542 619 628 639 642 Similarly, on a comparable basis, our glassware business sales increased 5 percent compared with 2003. Export 460 458 493 531 583 608 589 586 579 637 This increase was mainly due to export sales growth in the commercial segment, as well as higher sales to the 95 96 97 98 99 00 01 02 03 04 candle segment.

Total Sales Rise on Double-Digit Export Growth Our consolidated revenues grew in dollar terms to more than US$2.27 billion, driven by 10 percent growth in export sales for 2004.

24 | 2004 Annual Report EBITDA / Total net financial expense Times

1.0 1.8 2.5 2.3 2.3 2.4 2.8 2.3 2.0

Operating Income For 2004, our consolidated EBIT and EBITDA decreased 96 97 98 99 00 01 02 03 04 17.7 percent and 2.9 percent, respectively, compared with 2003. On a comparable basis—excluding companies divested in 2003 and 2004 (see Strategic Divestitures)—our EBIT decreased 10.7 percent, from US$145 million in 2003 Total Financing Cost to US$129 million in 2004, and our EBITDA increased 2.5 Our total financing cost decreased US$58 million to US$119 percent, from US$335 in 2003 to US$344 million in 2004. million in 2004, compared with US$177 million in 2003. The decrease in EBIT was mainly due to an increase in The decrease was due to a lower exchange loss in 2004— energy prices, which we partially mitigated through our from US$67 million in 2003 to US$5 million in 2004—as a price-hedging strategy and our pet-coke conversion project result of the Mexican peso’s revaluation in 2004, compared in the Monterrey flat-glass and glass-container furnaces. with the devaluation in 2003. This loss did not represent a Also, consistent with glass-container industry practices, cash outflow. in 2004 we modified our depreciation and capitalization policy for molds, reducing their useful life from eight to Results of Operations three years. This change generated an additional Despite our lower total financing cost and taxes, higher depreciation charge of approximately US$11 million. It energy costs and the other above-mentioned factors further produced a capitalization of approximately US$5 produced a net loss of US$1 million in 2004, compared million, which represented a credit in the company’s results. with the US$34 million net loss recorded in 2003. Despite high energy costs, our glass-containers business’ EBITDA rose more than 14 percent on a comparable basis; Capital Expenditures the above-mentioned sales increase contributed to plant In 2004 our capital expenditures totaled US$126 million, less efficiency and furnace utilization, allowing for a higher than the US$160 million expended in 2003. Throughout the fixed-cost absorption. Our flat-glass and glassware year, we invested mainly in converting some of our furnaces businesses’ EBITDA decreased 1 percent and 29 percent, to use alternative fuels; expanding our position as a respectively. In addition to high energy costs, our glassware distributor and processor of flat glass in Spain and Portugal; business’ EBITDA was impacted by increased packaging implementing new platforms and automating some and transportation costs. automotive-segment processes; installing a new bottle- production line for the cosmetics industry in response to this sector’s growing demand; and the previous investments for repairing flat-glass VF1 furnace, scheduled for 2005.

2004 Annual Report | 25 Consolidated Financial Position As of December 31, 2004, our debt was US$1,507 million, compared with US$1,409 million at year-end 2003. Net from cash at year end, our net debt1 at year-end 2004 was US$1,227—US$21 million less than the US$1,248 million at year-end 2003. For the second year in a row, there was significant improvement in the company’s debt profile, including: (i) a Over the last 18 months, we have successfully accessed reduction in short-term debt to total debt of from 28 domestic and international capital markets for nearly percent at year-end 2003 to 19 percent at year-end 2004, a US$1 billion, including: decrease of US$107 million; (ii) approximately 70 percent of the debt maturities in 2006 belong to our operating • In April 2004, our glassware business obtained a companies; (iii) our percentage of dollar debt increased from syndicated bank credit for US$75 million—with partial 61 percent at year-end 2003 to 80 percent at year-end maturity dates up to 2009—refinancing almost 90 2004, which justifies better debt service on our dollar flows. percent of its debt. • In July 2004, our glass-containers business placed guaranteed non-subordinated bonds in the United Debt States for US$170 million, maturing in 2011. Also, in In millions of US dollars September 2004, it obtained a US$230 million guaranteed credit for two years. Both credits were used 1,427 1,724 1,499 1,422 1,473 1,539 1,497 1,455 1,409 1,507 to pay bank and inter-company debt.

1,519* 1,865* 1,620* 1,567* 1,588* 1,634* 1,576* Furthermore, several times during 2004 we succesfully issued short-term notes (Certificados Bursátiles) through the Mexican Stock Exchange.

1 Debt net of cash, cash equivalents, and cash collateralizing long-term debt is 95 96 97 98 99 00 01 02 03 04 accounted for in the “Other long-term assets” line of our Balance Sheet. *Considering Vitromátic

26 | 2004 Annual Report Debt Structure As of December 31, 2004 & 2003 Fixed Rate Floating Rate + Fixed Spread (1) Mkt Conditions(1) 2004 51% 42% 7% Rate 80% Exposure 2003 77% 14% 9% Dollars Pesos UDIS Euros 2004 80% 11% 8% 1% Currency Exposure 2003 61% 39% Short Term Long Term 2004 19% 81% Maturity 2003 28% 72% Banks Market 2004 28% 72% Source 2003 46% 54%

(1) LIBOR, TIIE & CETES base rates

Subsequent Events approximately US$71.5 million. Vitro Fibras is a On February 7, 2005, our glass-containers business unit manufacturer and distributor of thermal isolators and successfully issued guaranteed non-subordinated notes in plastic supports. the United States for US$80 million, maturing in 2011. This • Vitro American National Can, S.A. de C.V. (Vancan)- In issuance is a reopening of the notes issued in July 2004, September 2004, we sold our shares of Vancan to which also were well-accepted by investors. Rexam Inc. for approximately US$26.5 million. Vancan is On February 24, 2005, our glass-containers business unit a manufacturer and distributor of aluminum containers. obtained a syndicated guaranteed credit for US$150 million, with a five-year maturity. Corporate Governance The amount received through these credits was used to pay the credit obtained in September 2004, reducing our At Vitro, we are committed to the highest standards of debt costs and increasing the average life of our debt from corporate governance. Among other initiatives, our Board’s 3.8 years to approximately 4.4 years. Audit Committee promoted the publication of our Code of Business Conduct and Professional Ethics to ensure the Strategic Divestitures code was fully understood and implemented by our staff in Mexico and the rest of the world. Likewise, it approved a In line with our goal of being a company that is 100 percent Protected Witness Complaint System and a Direct Line to focused on manufacturing, packaging, and distributing allow any employee to make anonymous and confidential glass products, we have divested the following three non- complaints, regarding violations of our Code or any other glass companies over the last 18 months. Thus, except for issue related to internal control, auditing, accounting, and one small business, we have accomplished our goal. asset valuation. Additionally, we carried out a strict follow- up of the internal control certification process, which we • Envases Cuautitlán, S.A. de C.V.- In September 2003, are compelled to report in our 2005 Annual Report in we sold our shares of Envases Cuautitlán, S.A. de C.V. accordance with the Sarbanes-Oxley Act. (ECSA) to Grupo Phoenix Capital Ltd. for approximately Similarly, our Compensation Committee approved US$18 million. ECSA is a manufacturer and distributor annual salary increases for all of our salaried employees; of plastic containers. fixed compensation increases for all executives, employees, • Vitro Fibras, S.A.- In March 2004, we sold our shares of and officers of the company; and short-term variable Vitro Fibras, S.A. to Owens Corning Inc. for compensation for all company executives.

2004 Annual Report | 27 Management’s Financial Responsibility

Management is responsible for the preparation of the Company’s financial statements and other financial information included in this report. This responsibility includes maintaining the integrity and objectivity of financial records and the preparation of the financial statements in conformity with Mexican Generally Accepted Accounting Principles (GAAP). The Company maintains an internal control structure intended to provide, among other things, reasonable assurance that its records reflect transactions arising from its operations in all material respects and to provide protection against significant misuse or loss of company assets. The internal control structure is supported by the selection and training of qualified personnel, written policies and procedures, and by a staff of outsourced internal auditors who employ thorough auditing programs. The Company’s internal auditor is PriceWaterhouseCoopers, which provides the outsourced internal audit services to ensure the internal controls. The Company’s financial statements have been audited by Galaz, Yamazaki, Ruiz Urquiza, S.C., Member of Deloitte Touche Tohmatsu, independent, certified public accountants; their audit was conducted in accordance with Mexican Generally Accepted Auditing Principles, which are substantially equivalent to the U.S. Generally Accepted Auditing Principles, and which has considered the Company’s internal control structure. For further reference, the Independent Auditors’ Report is included in this document. The Audit Committee of our Board of Directors is responsible for determining that management fulfills its responsibilities regarding the financial control for the register and the reporting of operations and the preparation of financial statements. The Audit Committee meets on a continuous basis with management, the internal auditors, and the independent auditors. The Audit Committee selects, compensates and oversees the firm performing the independent audit of our financial statement. Besides, only the Audit Committee can authorize the Company to engage the independent auditors in other non- audits projects. The independent auditors and internal auditors have full and free access to the Audit Committee. They meet with this Committee to discuss their audit work, the Company’s internal controls, and financial reporting matters.

Federico Sada G. Claudio L. Del Valle C. Álvaro Rodríguez A. President and Chief Executive Officer Chief Administrative Officer Chief Financial Officer

February 25, 2005

28 | 2004 Annual Report Shareholder Information Glossary of industry terms

Corporate Headquarters Exchange Listings Architectural glass satisfies the needs Av. Ricardo Margáin Zozaya 400 Bolsa Mexicana de Valores (BMV), Mexico of the construction and furniture Col. Valle del Campestre, 66265 New York Stock Exchange (NYSE), USA industries. It is used in a wide variety of Garza García, Nuevo León, Mexico products for the interior and exterior Tel. (52) 81 8863 1200 Ticker Symbols of commercial, industrial, and www.vitro.com BMV, VITROA residential buildings. NYSE, VTO (American Depositary Receipt, ADR, Financial Community Contact consisting of three non-voting VITROA Shares) The AST Model enables Vitro to Adrián Meouchi Financial Planning & IR Manager ADR Depositary Bank develop its competitive advantages, Tel. (52) 81 8863 1350 Citibank, N.A. institutionalize its business management, Fax: (52) 81 8863 1290 111 Wall Street, 20th Floor/Z7 and increase employee and shareholder e-mail: [email protected] New York, New York 10005, USA value. It further enables Vitro to Tel. (212) 657 4665 maintain a harmonious relationship with Media Contact its communities and surrounding Albert Chico Dividend Policy environment; continuously improve the Corporate Communication Manager The declaration, amount and payment of company’s processes, products, services, Tel. (52) 81 8863 1335 dividends are determined by the majority of the and results; and anticipate and rapidly Fax: (52) 81 8863 1307 voting stock, at an Ordinary Shareholders respond to environmental changes. e-mail: [email protected] Meeting. This decision is generally, but not necessarily, based on the recommendation of Category management is a consumer- Legal Contact the Board of Directors. The terms and conditions Javier Arechavaleta of payment of the dividends formally declared oriented system that optimizes the Assistant General Counsel by the corresponding Ordinary Shareholders marketing and sale of a product Tel. (52) 81 8863 1203 Meeting are generally determined by the portfolio. Where brand management Fax: (52) 81 8863 1372 Company’s Board of Directors, taking into focuses on the optimization of one e-mail: [email protected] account the Company’s financial declaration. single brand, category management focuses on the optimization of a group US Contact SEC Filings of brands, customizing them on a store- Alex Fudukidis / Susan Borinelli The Company files and submits periodical by-store basis to satisfy customer needs. Breakstone & Ruth International reports to the U.S. Securities and Exchange Tel. (646) 536 7012 / 7018 Commission (SEC). Double-glazed means there are two e-mail: [email protected] panes of glass set in a frame with an air e-mail: [email protected] space between them for insulation. Independent Auditors Galaz, Yamasaki, Ruiz Urquiza, S.C. Giga is a prefix denoting 1 billion units Member of Deloitte Touche Tohmatsu of a measure such as joules. Lázaro Cárdenas 2321 Poniente, PB Residencial San Agustín, 66260 Insulated glass is composed of two Garza García, Nuevo León, Mexico glass sheets joined by an aluminum Tel. (52) 81 8133 7300 separator, forming a hermetic air space Fax: (52) 81 8133 7383 to keep exterior heat and noise out, and www.deloitte.com/mx prevent the loss of indoor heat in winter.

ISO is the abbreviation for the International Standards Organization and Stock Performance 2004 the international standard for quality The price range for Vitro’s common stock on administration systems. the New York Stock Exchange (NYSE) and the NYSE BMV ADR Shares The joule (also called newton metre or Mexican Stock Exchange (BMV) over 2004 (in dollars) (in pesos) coulomb volt) is the standard was as follows: High Low High Low international unit of energy and work. First Quarter 4.02 2.90 14.66 11.06 Second Quarter 3.76 2.92 14.15 11.50 MMBTU is an abbreviation for millions Third Quarter 3.02 2.47 11.45 9.75 of British thermal units; Btu is a measure Fourth Quarter 3.38 2.60 12.90 10.06 of the energy required to raise the temperature of one pound of water one degree Fahrenheit.

This annual report contains historical information, certain management expectations and other forward-looking information OEM means original equipment regarding Vitro, S.A. de C.V. and its subsidiaries (collectively the “Company”). While the Company believes that these manufacturer. expectations and forward-looking statements are based on reasonable assumptions, all such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated in this report. Many factors could cause actual results, performance, or achievements Rolled glass is glass formed by rolling, of the Company to be materially different from any future results, performance, or achievements that may be expressed or including patterned and wired glass. implied by such expectations or forward-looking statements, including among others, changes in general economic, political, governmental, and business conditions worldwide and in the markets in which the Company does business, changes in interest rates, changes in inflation rates, changes in exchange rates, the growth or decline of the markets and segments where the Tempered glass is formed by initially Company sells its products, changes in raw material prices, changes in energy prices, particularly gas, changes in the business heating a cut and polished glass sheet to strategy, and other factors. Should one or more of these changes, risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated approximately 650° C. At this or expected. The Company does not assume any obligation to and will not update these forward-looking statements. The temperature, the glass reaches its assumptions, risks and uncertainties relating to the forward-looking statements in this report include those described in the required curving and is immediately Company’s annual report on form 20-F filed with the U.S. Securities and Exchange Commission, and in the Company’s other air-cooled. filings with the Mexican Comisión Nacional Bancaria y de Valores and the U.S. Securities and Exchange Commission.

Design: milenio3.com.mx Photographer: Camilo Garza / Archive photography Printing: Earthcolor-Houston This annual report is printed on recycled paper. Av. Ricardo Margáin Zozaya 400 Col. Valle del Campestre, 66265 Garza García, Nuevo León, Mexico Tel. (52) 81 8863 1200 www.vitro.com