Investor Presentation

Second Quarter 2016 Forward looking statements This presentation contains statements that constitute forward‐looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward‐looking statements include statements regarding the current intent, belief or expectations of our officers or management with respect to future developments, including such important matters as (1) our asset growth and financing plans, (2) trends affecting our financial condition or results of operations, (3) the impact of competition and regulations, (4) projected capital expenditures and (5) liquidity. Forward‐ looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those described in forward‐looking statements included in this presentation as a result of various factors. These factors, many of which are beyond our control, include the actions of competitors, future global economic conditions, market conditions, changes in interest rates and foreign exchange rates, changes in legislation or regulations applicable to our business, operating and financial risks, the outcome of legal proceedings and the factors discussed under “Risk Factors” in our annual report on Form 20‐F for the year ended December 31, 2015.

The results in this presentation appear as they were originally reported in our financial statements.

2 Overview

Content

Cable

Sky

3 Our Core Businesses Content and Distribution

Licensing Advertising Network Subscription & Syndication

Four broadcast channels in 26 pay‐tv networks and 51 Univision royalties Mexico City complemented feeds in Mexico and globally Content licensing fees through affiliated stations Exports to 70+ countries

Sky* Cable

Video: 7.8 million subs Video: 4.2 million RGUs(1) Data: 3.3 million RGUs A leading DTH system in Voice: 2.1 million RGUs Mexico and C. America In Mexico

In addition, Televisa has equity and warrants which upon its exercise and subject to any necessary approval from the Federal Communications Commission (“FCC”) in the United States, would represent approximately 36% on a fully diluted, as‐converted basis of the equity capital in Univision Holdings Inc.

* In partnership with AT&T which owns 41.3% of Sky. (1) Revenue generating units 4 Revenue breakdown Consolidated net revenue US$5.3b(1)

LTM 2Q'16 LTM 2Q'16 YoY YoY US$mm(2) growth(3) growth(3) 38% Content 2,060 11.0% 3.3% 8%

25% Advertising 1,327 2.1% ‐6.2%

4% Network Subsc. 239 34.7% 30.8% 22% 38% 9% Licensing and Synd. 494 25.2% 24.4% 32% Cable 1,747 12.9% 20.4%

22% Sky 1,202 18.1% 13.8% 32%

8% Other 469 7.8% ‐1.9%

(1) As of LTM 2Q'16. Consolidated net sales include elimination of intersegment operations amounting to US$143.7 million. (2) Equivalent in US$ at the FX rate of 17.3334 Ps/US$. The average of rates published by Mexico’s Central Bank for LTM ending June 30, 2016. (3) 2Q'16 year over year and LTM growth in peso terms. 5 5 Operating segment income(1) Net OSI(2) of US$2.0b

LTM Margin 2Q'16 LTM YoY LTM US$mm(3) growth(4) 2Q'16 2%

40% Content 860 ‐1.6% 41.8% 33% 40% 25% Sky 547 10.3% 45.5%

33% Cable 717 25.6% 41.0%

2% Other 41 2.5% 8.8% 25%

(1) Operating Segment Income –OSI –is defined as operating income before depreciation and amortization, corporate expenses, and other expense net. (2) Net OSI is after corporate expenses. As of LTM ending June 30, 2016 Net OSI includes Corporate Expenses of US$123.0 million. (3) Equivalent in US$ at the FX rate of 17.3334 Ps/US$. The average of rates published by Mexico’s Central Bank for LTM ending June 30, 2016. (4) LTM year year over year growth in peso terms. 6 6 Ongoing diversification of our top line and O.S.I. A CAGR of 10% and 9%, respectively, since 2007

Revenue by Business Segment OSI by Business Segment

100 40.0

80 30.0

60

20.0 Billion Billion

Ps. Ps. 40

10.0 20

0 0.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2Q16 2Q16

Content Sky Cable Pub. & Other Content Sky Cable Pub. & Other

• Sky and Cable revenues have expanded at a CAGR of • Rapid OSI expansion driven by Sky and Cable. 11.3% and 33.4%, respectively, since 2007. • Potential for OSI to continue expanding as businesses • Content revenues have remained resilient in spite of many grow and margins expand. regulatory and competitive challenges over the years. • Diversified portfolio of assets provide additional sources of growth.

7 Source: with information from Grupo Televisa's public filings. Conservative balance sheet Capacity to continue supporting strategic initiatives

Net Debt / EBITDA Ratio 2.0 Debt composition 1.8

1.6 1.6 1.5 1.4 1.3 Ps$, 1.1 35% 1.2

0.8 US$, 0.6 65% 0.4 0.1

0.0 Cash and equivalents ‐0.1 ‐0.2 ‐0.4 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2Q16 Ps$, Total debt* (2Q'16): Ps$126.3 billion 24% Cash and equiv.: Ps$63.9 billion Net debt: Ps$62.3 billion

US$, Average maturity: 16.3 years 76% Moody’s Baa1 S&P BBB+ Fitch BBB+

* Includes capital lease obligations 8 Source: with information from Grupo Televisa's public filings. Capital expenditures fueling growth The capex profile has changed along with the Company

Capex Total Televisa Revenue Generating Units

2,000 18.0 17.3 16.3 1,800 16.0 1,600 14.0 13.5 7.8 1,400 7.3 12.0 11.1 1,200 10.0 9.5 6.6 1,000 millions (millions) 7.9

8.0 6.0

US$ 800 6.3 5.2 RGUs 6.0 600 4.8 4.0 4.1 3.6 3.0 9.0 9.5 400 4.0 2.0 1.8 6.9 1.6 5.1 200 2.0 3.9 4.4 2.8 3.3 2.0 2.4 0 0.0 (1) 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2007 2008 2009 2010 2011 2012 2013 2014 2015 2Q16 2Q16

Content Sky Cable RGUs Cable Subs Sky

• Since 2007, Televisa has invested close to US$8 billion in • Through Sky and Cable, since 2007, Televisa has grown its customer premise equipment, upgrades to the network, RGUs close to five times. satellite capacity, and other capital expenditures driven by • As of 2Q´16, Televisa reached over 17 million video, voice growth. and data revenue generating units

(1) During first quarter 2010, we booked US$147mm related to the new satellite IS‐16, however US$111mm were payable in 2011. 9 Source: with information from Grupo Televisa's public filings. The telecom opportunity is significant Just getting started

Total Revenues: Ps.388.9 billion Total Subscribers: 160.0 million 2015 2015

3.0% 4.9% 3.4% 1.6% 3.5% 4.3% 6.2% 1.2% 5.6% 5.7% 5.4% 7.0% AMX 7.9% TEF 16.4% AT&T OtrosOther Dish Mega 63.9% 59.6% TV‐Sky TV‐Cable

10 Source: with information from Grupo Televisa's public filings, companies’ filings, and internal estimates. Market Highlights A diverse shareholder base

Ownership by Geographic Region Public Market Highlights

Unidentified, Azcárraga 11.8% Trust, 14.7% . Publicly traded in Mexico since 1991 and in the NYSE since 1993. Other, 5.5% . One of the 10 largest companies in Mexico based on market capitalization. Europe, 5.4% . Average daily traded value of approximately US$64 million (1Q’16).

. Float of 85% of its total capital.

. Coverage by 16 sell side analysts and research houses.

North America, 62.6%

• Average turnover for top 30 institutional shareholders is 35%. (as of 1Q’16) • 83% of institutional shareholdings are in the form of ADRs and 17% are in the form of CPOs. (as of 1Q’16)

11 Source: Ipreo and internal estimates. Media and Telco dynamics –watching them closely Important differences between Mexico or Televisa and the U.S.

Size of the advertising market

Allocation of advertising budgets

Demand for pay television

Transformational technologies

Dependence on content with short life‐span

12 Size of the advertising market The Mexican advertising market is undeveloped

GDP vs. Ad Spend Per Capita Total Advertising Spend / GDP

600 1.80% United States 1.63% 1.61% 1.60% 500 1.40% Australia 2014 400 UK 1.20% 1.14% Canada 1.02% 0.97% 1.00% 0.94% Capita Japan 0.84% 300 Germany 0.78% Per 0.80% 0.68% 0.58% 200 France 0.60% Spend South Korea 0.48%

Ad GLOBAL Italy 0.40% 100 Brazil Spain Russia 0.20% China Mexico 0 India 0.00% 0 10,000 20,000 30,000 40,000 50,000 GDP Per Capita (2014E)

• The level of advertising expenditures to GDP is very much • Mexico´s total ad spend to GDP has been growing slowly determined by the level of economic development. but still has much room for improvement. • Mexico has significant room for ad spend upside as GDP • At 0.48%, it is less than that of Brazil, Argentina and Chile. per capita increases over time.

13 Source: MoffetNathanson, The World Bank, MAGNA Global, company reports, Zenith Ad Spend report and JP Morgan Allocation of advertising budgets In Mexico, the relative scale of FTA is very important

Advertising by Platform ‐ US Advertising by Platform ‐ Mexico 200 80,000

180 70,000 160 60,000 140 50,000 120

billion 100 40,000

million

US$ 80 Ps$ 30,000 60 20,000 40 10,000 20

‐ ‐ 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 FTA Pay TV Radio Outdoor FTA Pay‐TV Radio Outdoor Newspapers Magazines Other Online Newspapers Magazines Other Online

• In the U.S. online already accounts for close to 30% of • In Mexico, FTA advertising has expanded at a CAGR of total ad spend. 3.4% from 2005 through 2014. • Pay‐tv advertising spend is almost as relevant as FTA • Ad spend on pay TV has been growing, but still remains a advertising spend. fraction of total TV ad spend.

14 Source: Grupo Televisa's public filings, Morgan Stanley analysis, and Mexican Media Association Demand for pay television Unlike the U.S., Mexico pay‐tv penetration is growing fast

Pay TV Penetration Market Share Pay TV –Subs*

90% 84% 84% 85% 85% 84% 82% 82% 83% 83% 82% 84% 83% Other 80% Dish 4% 70% 15%

60% 56% Sky 52% 42% 48% 50% 45% 40% 40% 36% Megacable 29% 16% 30% 25% 26% 22% 24% 19% 20%

10% TelevisaCable 23% 0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Mexico USA

• Analysts estimate that pay‐tv penetration could reach • 39% of pay‐tv subs are cable subs, and 57% are DTH subs 65% to 70% of total Mexican households. • The pay‐tv industry in Mexico added close to 1.1 million video subscribers in the last 12 months*.

Source: with information from Grupo Televisa's public filings, internal estimates and Morgan Stanley 15 * As of 2Q'16 Transformational technologies Mexico is a few years behind

Access to Key Technologies US Access to Key Technologies Mexico

100 100 90 90 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 ´04 ´05 ´06 ´07 ´08 ´09 ´10 ´11 ´12 ´13 ´14 ´01 ´02 ´03 ´04 ´05 ´06 ´07 ´08 ´09 ´10 ´11 ´12 ´13 ´14

Smartphone Pay TV Mobile Smartphone PayTV Mobile Computer Internet Computer Internet

• At least 80% of the population already has a computer, • Less than one fifth of smartphones are connected to a internet, pay‐tv and a mobile phone. Over 60% has a data plan. Majority of them relies on WiFi. (source: CIU) smartphone. • Average internet speed (Mbps) ranges from 2.27 Mbps • Average internet speed (Mbps) in the U.S. is close to 12 (Telmex) to 3.06 (Televisa). (source: Netflix) Mbps. • Less than half of the population has access to an internet‐ connected computer.

16 Source: IFT, World Bank, PEW Research, Statista, Morgan Stanley, CONAPO, INEGI, Akamai, Internal estimates. Dependence on content with short life‐span Less sports and news, more scripted content for Televisa

U.S. FTA Share of GRPs Televisa Share of Gross Rating Points (GRPs) News, 100% 17% Various, 90% Kids, 29% 1% 80%

70%

60%

50% Sports, 31% 40% Drama, 22% 30%

20%

Televisa Share of GRPs 10%

News, 0% 9% Kids, 2010 2011 2012 2013 2014 1H´15 8% Drama Various Movies & Series News Sports, 5% Cartoons Magazine Sports Various, 44%

• Televisa is known for its dramas, but it produces all genres of content. • Televisa‘s exposure to content with short‐life span (sports and news) is one‐third

Drama, that of the US´s. 34% • Highly profitable scripted content delivers the majority of Televisa´s GRPs.

Various includes: comedy shows, game shows, cultural programming, debates, musicals, reality shows, religion and talk shows, among others. Source: Televisa, Nielsen & MoffetNathanson. May 27, 2015. 17 Overview

Content

Cable

Sky

18 Three pillars of our content strategy

I. Strengthening our content

II. Re‐pricing our advertising inventory

III. Expanding sources of content revenue

19 I. Strengthening our content Exploring a number of initiatives

Improving the appeal of our prime time dramas Replacing Reinforcing less popular our OTT 3rd party platform content with own

Acquiring selected Developing exclusive new 3rd party formats content

Producing Content premium synergies content for with our pay TV Univision networks

20 II. Repricing our advertising inventory The cost of FTA advertising in Mexico is very low vs ROW

US$ per CPM1 Belgium 27.2 Switzerland 25.9 Australia 15.5 Norway 14.4 Canada 11.1 USA 10.6 Austria 9.7 Findland 9.3 Germany 8.9 Denmark 8.9 Chile 8 Sweden 7.4 Holland 7 Ireland 6.9 Japan 6.8 New Zealand 6.8 UK 6.5 Korea 6.4 Spain 6 Greece 5.7 France 5.6 Check Republic 5.3 Italy 5 Hungary 4.9 Slovakia 3.7 Poland 3.4 Portugal 3.2 Mexico 2.3 Turkey 1.2

1 Cost per thousand 30" net people + 18 yrs 21 Source: Cortex Media, 2012 II. Repricing our advertising inventory (Cont´d) The reach and efficiency of our FTA channels is unparalleled

Relative Reach per Platform Reach by socio‐economic level (FTA TV vs 117 pay TV ) 90 120

80 24.6 100 70 19.1 22.2 60 80 18.4 reached

50 (millions) 60 HH 40 of 40.2 37 17.2 % 30 40 Population 12.6 20 20 15.9 10 32.8 31 10.6 0 0 1 4 7 1013161922252831343740434649525558616467 Population FTA Pay‐TV Number of spots pay‐TV FTA TV D/E D+ C A/B/C

• On pay‐tv, 38 spots provide the reach of 1 spot on free • Pay‐tv penetration has increased significantly, but its to air TV. potential for launching and maintaining mass market • Due to its low cost, ample reach, and efficiency, FTA brands in an optimal manner is still limited. television is the most effective media for many advertisers.

Source: E&Y Comunicación Masiva en México 2015 22 II. Repricing our advertising inventory (Cont´d) Our customers: mostly non‐durable consumer goods companies III. Expanding other sources of content revenue Network Subscription Revenue

Network Subscription RGUs and Channels Network Subscription Revenues

300 30 26 4.1 25 25 24 4 22 25 250 21 3.6 3.2 3.3 17 17 20 15 15 200 3 2.9 15 2.6 2.4 RGUs

Channels

of 2.1 150 10 of 268 273 2 1.8 241 223 5 1.5 Millions 100

196 Number

165 0 136 1 116 50 95 84 ‐5

0 ‐10 0 (2) (3) 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q16 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2Q16 (1) RGUs Channels Revenues Ps. billions • 5 of top 8 entertainment, 3 of top 6 movie, top 3 music • Network Subscription revenue should benefit from networks. growing pay TV penetration in Mexico and abroad, and the • CAGR of 11.3% in average ratings per channel among its growing appeal of our pay TV networks. top distributed networks since 2005.

(1) Refers to the number of channels times the number of households reached. (2) Prior to 2011, network subscription revenues were classified under Pay Television Networks and included as additional revenues. (3) Starting on September 10, 2013 we had to forgo retransmission revenues as a result of the implementation of the must‐offer rules that came into effect with the telecommunications reform. 24 III. Expanding other sources of content revenue (Cont´d) Licensing and Syndication Revenue

Univision Royalties Non‐Univision Revenues

350 350 (1) 325 314 311 300 300 273 248 250 250 225 190 200 200 178 169 172 175 170 156 147 143 150 138 150

100 100 87 69 72 68

50 50

0 0 (2) 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2Q16 2Q16 Royalties (US$mm) (US$mm) • Starting in 2011, a new royalty rate of 11.84% on total • Exports of our content have remained stable in the last audio‐visual revenues plus 2% on revenues above $1.66 few years. billion. • In 2015 we licensed over 80 thousand hours of content • Step‐up in 2018 from 11.84% to 16.13% an then to 16.45% 70+ countries. in June 2018. • License agreement expires the later of 2025(3) or 90 months following a Televisa sell down. (1) In 2014, Univision transmitted the World Cup which contributed with US$174.2 million of incremental net advertising revenue. (2) Prior to 2011, licensing and syndication revenues were classified under Programming Exports and are not directly comparable. (3) Upon a Univision IPO the agreement is extended to the later of 2030 or 90 months following a Televisa sell down. 25 Source: with information from Grupo Televisa's and Univision public filings. Trajectory of our Content business Strong O.S.I. in spite of challenges

Operating Segment Income (Ps billion) Regulatory & Competitive Challenges 20.0

15.6 15.5 ´06 Electoral reform and resulting loss of political ad 16.0 15.4 14.5 14.6 14.9 revenue. Ban on most government advertising 13.4 13.8 12.7 13.0 during election time (Q2´09, Q2´12, Q2´15)

12.0 ´09 Mexico´s GDP drops by 5% billion

Ps$ 8.0 ´11 Loss of AMX/Carso, representing 4% of total broadcast revenues.

4.0 ´13 Loss of part of the retransmission revenue (starting Q3´13) from pay‐tv platforms in Mexico

0.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM ´14 No more TV advertising of food and beverage with 2Q16 high caloric content in certain day‐parts (starting Q3´14) Content OSI ´15 Restructuring of advertising sales business

For the years 2007 to 2010, Content O.S.I. is the sum of TV, Broadcasting, Pay TV Networks, and Programming Exports on line O.S.I. Source: with information from Grupo Televisa's public filings. 26 Overview

Content

Cable

Sky

27 Extensive Cable Infrastructure Mexico´s 2nd Largest

• Network with over 110 thousand km (MSOs), 31 thousand of which are fiber. Additional 30,000 km in Bestel, Metrored and GTAC backbone.

• More than 94% has bidirectional capabilities.

• More than 58% operates with 1 GHz. Approximately 26% with 870 MHz.

• Cablevisión, Cablemás, and TVI operate using DOCSIS 3.0. Close to 80% of their customers have DOCSIS 3.0 equipment.

• 12.5 million homes passed

Source: with information from Grupo Televisa's public filings. 28 Aggressive offerings Providing the market with better, low‐cost services

IZZI, a double‐play telecom offer with a video add‐on

Unlimited High Speed PackTV 50+ SD and access to TV everywhere Telephony Internet and catch‐up with VEO + Ps 150

Unlimited calls to 10Mbps of speed Izzi fixed and mobile Dr. WiFi assistance PackHD numbers in Mexico, 24/7 support 100+ SD and HD and access to TV the US, Canada, Latin +Ps 300 everywhere and catch‐up with VEO America, and Europe Access to more than 6 digital solutions 8,000 hotspots through the national PackHDMax WiFi network “Zona 180+ SD and HD and access to TV +Ps 500 YOO” everywhere and catch‐up with VEO App and dual tuner DVR

Ps 400/mo. (taxes included)

Source: izzi telecom. 29 Attractive terms T&Cs that are not being matched by the preponderant

TELMEX Paquete Paquete Paquete Todo México izzi 333 Conectes 5 Acerques Sin Límites Local calls Unlimited 100 calls 100 calls Unlimited Unlimited (up to 1,000 calls) (up to 1,000 calls)

Calls to mobile Unlimited Not included 200 min. Unlimited Unlimited phones (up to 600 min.) (up to 600 min.)

LD to the US 1 1 Unlimited Not included Unlimited Unlimited Unlimited and Canada (Up 1,000 min.) (Up 1,000 min.) (Up 1,000 min.)

Global LD 3 4 4 Unlimited 2 Not included Unlimited Unlimited Unlimited (up to 500 min.) (up to 500 min.) (up to 500 min.)

Internet Speed Up to 10 Up to 20 Up to 40 Up to 10 Mbps Up to 5 Mbps Mbps Mbps Mbps 6 Price per $400.00 $333.00 $389.00 $599.00 $999.00 month (Ps)

All figures include taxes and are denominated in Mexican pesos For illustrative purposes only. With information from Telmex, IFT, and izzi as of April 7, 2016. LD = Long Distance. 1 Excludes Alaska, Hawaii, and PR. 2 Excludes Cuba, satellite destinations, and some remote islands. 3 Includes 50 countries in America and Europe. 4 Includes 90 countries around the world, excludes Cuba, satellite destinations, islands in Africa and Oceania. 5 This package is also offered with internet speeds of up to 20 Mbps for $499 and of up to 50 Mbps for $699. 6 Telmex is currently offering 100 Mbps on this package until June 30, 2016 where their infrastructure allows it. Source: izzi telecom, Telmex, IFT. 30 More customers and more services per customer Net additions accelerating rapidly

RGUs Televisa Cable (million) RGUs per Household

12.0 3.0x (4) 2.7x 2.7x 2.6x 2.5x (3) 2.4x 2.6x 10.0 9.5 2.5x 2.3x 9.0 2.2x 2.1x 2.0x (2) 8.0 2.0x 1.8x 2.2x 2.2x 2.3x 6.9 1.7x 2.0x 1.9x 1.8x 6.0 1.5x 1.7x 5.1 1.6x 4.4 1.4x 3.9 1.3x 4.0 3.3 1.0x 1.2x 2.8 2.4 2.0 (1) 2.0 0.5x Top U.S. Cable Televisa Cable

0.0 0.0x 2007 2008 2009 2010 2011 2012 2013 2014 2015 2Q16 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2Q16

• Strong organic growth and strategic acquisitions have • Televisa´s cable companies are on a similar path to its U.S. allowed us to expand our cable RGUs at a CAGR of close counterparts with their 3play offering. to 20% since 2007. • The two most recent acquisitions are primarily video customers and the opportunity for conversion to 3play is mostly untapped. (1) Number of unique customers is not reported. Video RGUs has been used as a proxy of unique customers. (2) Figure includes the acquisition of Cablecom in September 2014 and of Telecable in January 2015. (3) Figure includes only Cablevisión, Cablemás and TVI. (4) Televisa IR estimate 31 Source: with information from Grupo Televisa's public filings. And beating the competition Higher net adds with a smaller footprint

Telephony Net Additions Data Net Additions 350 250

300 200 250 150 200

150 100

100 50 50 0 0

‐50 ‐50 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

Telecom Providers Televisa Cable Telecom Providers Televisa Cable

• In 1Q16 for the 9th consecutive quarter Televisa added • Televisa has added more data subscribers than the more voice RGUs than the telecom providers. telecom providers in 7 of the last 10 quarters.

Telecom providers refers to Telmex, Axtel, Maxcom and Telefónica. Source: with information from Grupo Televisa's public filings, and the public filings of Axtel, Maxcom, Telefónica and Telmex. 32 Capex supporting growth We are where U.S. cable was in 2000‐2002

US Cable ‐ Capex Composition 2000‐2002 US Cable ‐ Capex Composition 2012‐2014 Line Extensions, Line Extensions, Rebuild/ Scalable 6% 7% Upgrade, 8% Infrastructure , 9% Scalable Infrastructure , 16% Rebuild/ Upgrade, 36%

Support Expenditures, 14%

Support Expenditures, 16% CPE Expenditures, 53%

CPE Expenditures, 35%

• In the U.S. during rebuilding phase, network upgrades • More recently, rebuilding and upgrades among top U.S. accounted for the largest share of capex. cable companies have accounted for less than 10% on average.

The cable companies considered for this analysis include: Time Warner Cable, Cablevision, Charter, Comcast and Cox Communications. Source: with information from Grupo Televisa's public filings. 33 Trajectory of our Cable segment On track for further growth in size and profitability

Operating Segment Income (Ps billion) Strategic Milestones

14.0 45.0% 41.0% 40.0% ´05 Cablevision begins to offer DVR and HD services 37.3% 37.7% 40.0% 12.0 35.0% 35.8% 33.1% 32.2% 32.2% 35.0% ´06 Cablevision completes digitalization of its network 10.0 30.0% ´06 Acquisition of 50% of TVI 8.0 25.0% ´07 Cablevision launches voice services

20.0% 6.0 ´09 Televisa Cable launches YOO

15.0% 4.0 ´09 Cablevision begins conversion to fiber‐to‐the‐curve 10.0%

2.0 5.0% ´11 Acquisition of 100% of Cablemás

0.0 0.0% ´14 Acquisition of 100% of Cablecom 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2Q16 ´15 Acquisition of 100% of Telecable Televisa Cable OSI Televisa Cable OSI Margin ’16 Acquisition of the remaining 50% of TVI

• OSI has expanded by almost five times since 2008. • The acquisition of other cable operators has contributed • OSI Margin continues to grow as the business benefits to the pace of growth in this segment. from economies of scale. • With two recent acquisitions, there is opportunity for further margin expansion.

Source: with information from Grupo Televisa's public filings. 34 Overview

Content

Cable

Sky

35 Success of low‐cost offering changed ARPU profile Changing mix reduced ARPU, but has recently stabilized

Sky ARPU and Revenues Sky Video Customers (million) 600 25 9.0 7.8 20.8 8.0 481 7.3 500 464 457 448 19.3 20 7.0 6.6 17.5 6.0 16.1 400 375 6.0 14.5 295 15 5.2 12.5 5.0 300 11.2 263 4.0 10.0 240 230 230 240 4.0 9.2 8.4 10 3.0 7.7 200 3.0 2.0 1.6 1.8 5 2.0 100 1.0

0 0 0.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM* 2007 2008 2009 2010 2011 2012 2013 2014 2015 2Q16 2Q16

Revenues (Ps. billions) ARPU (Ps.)

• Originally, Sky focused on the high‐end segment of the • Sky subscribers have expanded at a CAGR of 23.7% since market with premium pay‐TV offerings. the launch of VeTV in 2009. • For the first time since 2006, ARPUs in Sky are starting to increase.

* ARPU for 2Q16 36 Source: with information from Grupo Televisa's public filings and Sky. Mandated LLU could expand the potential for Sky Sky plc in the U.K., an interesting case study

BSkyB RGUs Originally a provider of only DTH television services, Sky plc, formerly BSkyB, has offered broadband services since 25,000 2007 by renting access to the copper and fiber networks of BT 20,000 As of 2013, Sky plc had equipment in telephone exchanges covering 88% of the UK’s population 15,000 The result has been strong growth in broadband subscribers as more and more households sign up for its 10,000 bundled packages.

5,000 LLU, or local loop unbundling, propelled Sky plc revenues, with broadband going from representing less than 2% of total revenues in 2007, to over 20% in 2014. 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Broadband has become the main growth engine for Sky plc, with broadband contributing 86% of total revenues Television Broadband Telephony growth in 2012, and 73% in 2013.

Source: Company data, Barclays Research • The experience of BSkyB illustrates the potential for Sky as a result of the mandated local loop unbundling (LLU) on the network of the preponderant telecom company.

37 Trajectory of SKY Contributing with two‐thirds of Televisa´s pay‐TV RGUs

Operating Segment Income (Ps billion) Strategic Milestones 12.0 60%

48.2% ´05 DirecTV subscribers are migrated to Sky 10.0 46.4% 46.9% 46.6% 50% 44.8% 45.1% 45.3% 45.6% 45.5% ´07 Sky reaches 1.6 million subscribers 8.0 40% ´07 Initiates operations in Central America and the Dominican Republic 6.0 30% ´09 Sky launches pre‐paid offering VeTV for 4.0 20% Ps.169/month

´10 Sky launches satellite IS16 and starts offering HD 2.0 10% ´10 Sky adds 1 million subs, reaching 3 mm by YE 0.0 0% 2008 2009 2010 2011 2012 2013 2014 2015 LTM ´12 Sky reaches 5 million subscribers 2Q16 ´15 Sky launches satellite SKYM‐1 Sky OSI Sky OSI margin

• Sky´s OSI has doubled since 2008, all organically. • The launch of the VeTV offer was transformational for • The OSI margin has remained stable, at mid 40s, over Sky. this period of time. • With the recent satellite launch, Sky is capable to offer additional premium services.

Source: with information from Grupo Televisa's public filings 38 Investor Relations Website: www.televisair.com

Carlos Madrazo Investor Relations Officer + (52) 55 5261 2446 Av. Vasco de Quiroga 2000, A4 Col. Santa Fe CP. 01210 [email protected]

Eduardo Nestel Investor Relations Director + (52) 55 5261 2438 Av. Vasco de Quiroga 2000, A4 Col. Santa Fe CP. 01210 [email protected]

39