Investor Presentation

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. 2Overview Content Cable Sky 3Our Core Businesses Content and Distribution Licensing <ul style="display: flex;"><li style="flex:1">Advertising </li><li style="flex:1">Network Subscription </li></ul>& Syndication Four broadcast channels in Mexico City complemented through affiliated stations 26 pay‐tv networks and 51 feeds in Mexico and globally Univision royalties Content licensing fees Exports to 70+ countries Cable Sky* Video: 7.8 million subs Video: Data: Voice: 4.2 million RGUs(1) 3.3 million RGUs 2.1 million RGUs In Mexico A leading DTH system in Mexico and C. America 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 4Revenue breakdown Consolidated net revenue US$5.3b(1) LTM 2Q'16 2Q'16 YoY LTM YoY <ul style="display: flex;"><li style="flex:1">US$mm(2) </li><li style="flex:1">growth(3) growth(3) </li></ul>8% 38% Content 2,060 <ul style="display: flex;"><li style="flex:1">11.0% </li><li style="flex:1">3.3% </li></ul><ul style="display: flex;"><li style="flex:1">25% </li><li style="flex:1">Advertising </li></ul><ul style="display: flex;"><li style="flex:1">1,327 </li><li style="flex:1">2.1% </li><li style="flex:1">‐ 6.2% </li></ul><ul style="display: flex;"><li style="flex:1">4% </li><li style="flex:1">Network Subsc. </li></ul>Licensing and Synd. 239 494 34.7% 25.2% 30.8% 24.4% 22% 38% 9% 32% Cable 22% Sky 1,747 12.9% 20.4% 18.1% 13.8% 32% 1,202 469 <ul style="display: flex;"><li style="flex:1">8% Other </li><li style="flex:1">7.8% </li><li style="flex:1">‐1.9% </li></ul>(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. 55(1) Operating segment income Net OSI(2) of US$2.0b <ul style="display: flex;"><li style="flex:1">LTM </li><li style="flex:1">Margin </li></ul>LTM 2Q'16 <ul style="display: flex;"><li style="flex:1">2Q'16 </li><li style="flex:1">LTM YoY </li></ul>US$mm(3) growth(4) 2% 41.8% 45.5% 41.0% 8.8% ‐1.6% 40% Content 25% Sky 860 33% 40% 10.3% 547 25.6% 33% Cable 2% Other 717 2.5% 41 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$. The average of rates published by Mexico’s Central Bank for LTM ending June 30, 2016. (4) LTM year year over year growth in peso terms. 66Ongoing diversification of our top line and O.S.I. A CAGR of 10% and 9%, respectively, since 2007 <ul style="display: flex;"><li style="flex:1">Revenue by Business Segment </li><li style="flex:1">OSI by Business Segment </li></ul>40.0 30.0 20.0 10.0 0.0 100 80 60 40 20 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2Q16 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2Q16 <ul style="display: flex;"><li style="flex:1">Content </li><li style="flex:1">Sky </li><li style="flex:1">Cable </li><li style="flex:1">Pub. & Other </li><li style="flex:1">Content </li><li style="flex:1">Sky </li><li style="flex:1">Cable </li><li style="flex:1">Pub. & Other </li></ul>••Sky and Cable revenues have expanded at a CAGR of 11.3% and 33.4%, respectively, since 2007. Content revenues have remained resilient in spite of many regulatory and competitive challenges over the years. ••Rapid OSI expansion driven by Sky and Cable. Potential for OSI to continue expanding as businesses grow and margins expand. Diversified portfolio of assets provide additional sources of growth. •7Source: with information from Grupo Televisa's public filings. Conservative balance sheet Capacity to continue supporting strategic initiatives Net Debt / EBITDA Ratio 2.0 Debt composition 1.8 1.6 1.5 1.6 1.2 0.8 0.4 0.0 ‐0.4 1.4 1.3 Ps$, 35% 1.1 0.6 US$, 65% 0.1 ‐0.1 Cash and equivalents ‐0.2 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2Q16 Ps$, 24% Total debt* (2Q'16): Cash and equiv.: Net debt: Ps$126.3 billion Ps$63.9 billion Ps$62.3 billion <ul style="display: flex;"><li style="flex:1">16.3 years </li><li style="flex:1">Average maturity: </li></ul>US$, 76% <ul style="display: flex;"><li style="flex:1">Moody’s Baa1 </li><li style="flex:1">S&P BBB+ </li><li style="flex:1">Fitch BBB+ </li></ul>* Includes capital lease obligations Source: with information from Grupo Televisa's public filings. 8Capital expenditures fueling growth The capex profile has changed along with the Company Capex Total Televisa Revenue Generating Units 17.3 7.8 2,000 1,800 1,600 1,400 1,200 1,000 800 18.0 16.0 14.0 12.0 10.0 8.0 16.3 13.5 6.6 7.3 9.0 11.1 6.0 9.5 5.2 7.9 4.0 6.3 3.0 6.0 4.8 2.0 600 4.1 1.8 9.5 3.6 1.6 2.0 4.0 400 6.9 5.1 4.4 2.0 3.9 200 3.3 2.8 2.4 00.0 2007 2008 2009 2010(1) 2011 2012 2013 2014 2015 LTM 2Q16 2007 2008 2009 2010 2011 2012 2013 2014 2015 2Q16 <ul style="display: flex;"><li style="flex:1">Content </li><li style="flex:1">Sky </li><li style="flex:1">Cable </li></ul><ul style="display: flex;"><li style="flex:1">RGUs Cable </li><li style="flex:1">Subs Sky </li></ul>•Since 2007, Televisa has invested close to US$8 billion in customer premise equipment, upgrades to the network, satellite capacity, and other capital expenditures driven by growth. ••Through Sky and Cable, since 2007, Televisa has grown its RGUs close to five times. As of 2Q´16, Televisa reached over 17 million video, voice 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. Source: with information from Grupo Televisa's public filings. 9The telecom opportunity is significant Just getting started Total Subscribers: 160.0 million 2015 Total Revenues: Ps.388.9 billion 2015 4.3% 1.6% <ul style="display: flex;"><li style="flex:1">3.4% </li><li style="flex:1">3.0% 4.9% </li><li style="flex:1">3.5% </li></ul>1.2% 6.2% 7.0% 5.6% 5.7% 5.4% AMX 16.4% TEF 7.9% AT&T Otrhoesr Dish Mega TV‐Sky TV‐Cable 59.6% 63.9% 10 Source: with information from Grupo Televisa's public filings, companies’ filings, and internal estimates. Market Highlights A diverse shareholder base <ul style="display: flex;"><li style="flex:1">Ownership by Geographic Region </li><li style="flex:1">Public Market Highlights </li></ul>Unidentified, Azcárraga Trust, 14.7% 11.8% ...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 <ul style="display: flex;"><li style="flex:1">GDP vs. Ad Spend Per Capita </li><li style="flex:1">Total Advertising Spend / GDP </li></ul>600 500 400 300 200 100 0 1.80% 1.60% 1.40% 1.20% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% 1.63% 1.61% United States Australia UK Canada 1.14% 1.02% 0.97% 0.94% 0.84% Japan Germany 0.78% 0.68% 0.58% France 40,000 0.48% South Korea <ul style="display: flex;"><li style="flex:1">Italy </li><li style="flex:1">GLOBAL </li></ul>Brazil China Spain Russia Mexico India <ul style="display: flex;"><li style="flex:1">0</li><li style="flex:1">10,000 </li><li style="flex:1">20,000 </li><li style="flex:1">30,000 </li><li style="flex:1">50,000 </li></ul>GDP Per Capita (2014E) ••Mexico´s total ad spend to GDP has been growing slowly but still has much room for improvement. At 0.48%, it is less than that of Brazil, Argentina and Chile. ••The level of advertising expenditures to GDP is very much determined by the level of economic development. Mexico has significant room for ad spend upside as GDP 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 <ul style="display: flex;"><li style="flex:1">Advertising by Platform ‐ US </li><li style="flex:1">Advertising by Platform ‐ Mexico </li></ul>200 180 160 140 120 100 80 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 ‐60 40 20 ‐<ul style="display: flex;"><li style="flex:1">2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 </li><li style="flex:1">2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 </li></ul><ul style="display: flex;"><li style="flex:1">FTA </li><li style="flex:1">Pay TV </li><li style="flex:1">Radio </li></ul>Other Outdoor Online <ul style="display: flex;"><li style="flex:1">FTA </li><li style="flex:1">Pay‐TV </li><li style="flex:1">Radio </li></ul>Other Outdoor <ul style="display: flex;"><li style="flex:1">Online </li><li style="flex:1">Newspapers Magazines </li><li style="flex:1">Newspapers Magazines </li></ul>••In Mexico, FTA advertising has expanded at a CAGR of 3.4% from 2005 through 2014. Ad spend on pay TV has been growing, but still remains a fraction of total TV ad spend. ••In the U.S. online already accounts for close to 30% of total ad spend. Pay‐tv advertising spend is almost as relevant as FTA advertising 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 <ul style="display: flex;"><li style="flex:1">Pay TV Penetration </li><li style="flex:1">Market Share Pay TV – Subs* </li></ul>90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 85% 85% <ul style="display: flex;"><li style="flex:1">84% </li><li style="flex:1">84% </li></ul><ul style="display: flex;"><li style="flex:1">84% </li><li style="flex:1">84% </li></ul>83% <ul style="display: flex;"><li style="flex:1">83% 83% </li><li style="flex:1">82% </li></ul>82% 82% Other 4% Dish 15% Sky 42% 56% 52% 48% 45% 40% Megacable 16% 36% 29% 26% 25% 24% 22% 19% TelevisaCable 23% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 <ul style="display: flex;"><li style="flex:1">Mexico </li><li style="flex:1">USA </li></ul>••Analysts estimate that pay‐tv penetration could reach 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*. •39% of pay‐tv subs are cable subs, and 57% are DTH subs Source: with information from Grupo Televisa's public filings, internal estimates and Morgan Stanley * As of 2Q'16 15 Transformational technologies Mexico is a few years behind Access to Key Technologies Mexico Access to Key Technologies US 100 90 80 70 60 50 40 30 20 10 0 100 90 80 70 60 50 40 30 20 10 0<ul style="display: flex;"><li style="flex:1">´04 ´05 ´06 ´07 ´08 ´09 ´10 ´11 ´12 ´13 ´14 </li><li style="flex:1">´01 ´02 ´03 ´04 ´05 ´06 ´07 ´08 ´09 ´10 ´11 ´12 ´13 ´14 </li></ul>Smartphone Computer <ul style="display: flex;"><li style="flex:1">Pay TV </li><li style="flex:1">Mobile </li><li style="flex:1">Smartphone </li></ul>Computer <ul style="display: flex;"><li style="flex:1">PayTV </li><li style="flex:1">Mobile </li></ul><ul style="display: flex;"><li style="flex:1">Internet </li><li style="flex:1">Internet </li></ul>••At least 80% of the population already has a computer, internet, pay‐tv and a mobile phone. Over 60% has a smartphone. Average internet speed (Mbps) in the U.S. is close to 12 Mbps. •••Less than one fifth of smartphones are connected to a data plan. Majority of them relies on WiFi. (source: CIU) Average internet speed (Mbps) ranges from 2.27 Mbps (Telmex) to 3.06 (Televisa). (source: Netflix) 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 <ul style="display: flex;"><li style="flex:1">U.S. FTA Share of GRPs </li><li style="flex:1">Televisa Share of Gross Rating Points (GRPs) </li></ul>News, 17% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Various, 29% Kids, 1% Sports, 31% Drama, 22% Televisa Share of GRPs News, 9% 2010 Drama Cartoons 2011 Various Magazine <ul style="display: flex;"><li style="flex:1">2012 </li><li style="flex:1">2013 </li><li style="flex:1">2014 </li><li style="flex:1">1H´15 </li></ul>Kids, 8% Movies & Series News Sports Sports, 5% 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 that of the US´s. Drama, 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 Replacing less popular 3rd party content dramas Reinforcing our OTT platform with own Acquiring selected exclusive 3rd party content Developing new formats Producing premium content for our pay TV networks Content synergies with Univision 20

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