Document:

<PAGE>

                                                                 CLOSING VERSION

                  INVESTMENT CONTRACT OF TELEVISA IN M/A AND IN
                     GESTORA DE INVERSIONES AUDIOVISUALES LA
                                   SEXTA, S.A.

              ----------------------------------------------------

                                 By and between

                         THE STOCKHOLDERS OF GRUPO ARBOL

                        THE STOCKHOLDERS OF MEDIAPRO B.V.

                            ARBOL PRODUCCIONES, S.A.

                        MEDIAPRODUCTIONS PROPERTIES, B.V.

                               THE MEMBERS OF M/A

                                       M/A

                                       SPV

                                       AND

                              GRUPO TELEVISA, S.A.

                             Madrid, March 26, 2006

                                (GARRIGUES LOGO)

   Hermosilla, 3 - 28001 Madrid - Spain - T+34 91 514 52 00 F+34 91 399 24 08

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                         <C>
IN SESSION                                                                   5

1.     PRELIMINARY OBLIGATION                                               12

2.     LINE OF CREDIT                                                       13

3.     OPTIONS FOR GAMP AND SPV                                             14

4.     ASSUMPTION OPTION                                                    14

5.     STOCKHOLDER CONTROL, HOLDING AND INTENDED USE OF THE FUNDS           15

6.     EXCLUSIVE NEGOTIATION RIGHT                                          17

7.     RIGHT OF FIRST REFUSAL                                               21

8.     NO COMPETITION                                                       23

9.     NO SOLICITATION                                                      24

10.    RIGHTS AS MINORITY STOCKHOLDER                                       25

11.    MEMBERSHIP                                                           25

12.    CONDITION FOR RESCISSION                                             25

13.    GENERAL                                                              26

    13.1   Expenses and Taxes                                               26

    13.2   Cooperation                                                      26

    13.3   Notices                                                          26

    13.4   Entire Agreement; Amendments                                     26

    13.5   Invalidity, Nullity and Partial Ineffectiveness                  27

    13.6   Non-Existence of Waiver                                          27

    13.7   Declarations                                                     27

14.    COMPLIANCE AND RESCISSION                                            27

15.    APPLICABLE LAW                                                       28
</TABLE>

                                        2

<PAGE>

<TABLE>
<S>                                                                         <C>
16.    JURISDICTION                                                         28

17.    ADDITIONAL PROVISION                                                 28
</TABLE>

                                       3

<PAGE>

                               LIST OF APPENDICES

APPENDIX G1                LA SEXTA STOCK PURCHASE AND PLACECITYSALE POLICY

APPENDIX G2:               LA SEXTA STOCKHOLDER AGREEMENT

APPENDIX I:                MERGER AGREEMENT

APPENDIX 1(B):             AUDITED FINANCIAL STATEMENTS OF GRUPO ARBOL AND
                           MEDIAPRO B.V. FOR THE YEAR 2004, CONSOLIDATED
                           FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2005, FOR
                           EACH OF THE COMPANIES AND CONSOLIDATED PRO FORMA
                           FINANCIAL STATEMENTS FOR BOTH COMPANIES AS OF
                           DECEMBER 31, 2004, AND SEPTEMBER 30, 2005, AND
                           UPDATED CHART AS OF MARCH 26, 2006, WITH ALL
                           SUBSIDIARIES OF BOTH GROUPS

APPENDIX 1 (B) II.:        ASSETS EXCEPTED FROM THE M/A MERGER

APPENDIX 2:                TELEVISA ENGAGEMENT LETTER

APPENDIX 2 BIS:            LINE OF CREDIT

APPENDIX 2 TER:            GAMP PLEDGE CONTRACT

APPENDIX 2 QUATER:         SPV PLEDGE CONTRACT

APPENDIX 3:                SPV STOCK PURCHASE OPTION

APPENDIX 3 BIS:            GAMP STOCK PURCHASE OPTION

APPENDIX 4:                M/A HOLDINGS ASSUMPTION OPTION

APPENDIX 10:               RIGHTS AS MINORITY STOCKHOLDER

APPENDIX 11:               LETTER OF MEMBERSHIP

APPENDIX 13.3:             NOTICES

                                       4

<PAGE>

                                   IN SESSION

This contract is executed in Madrid on March 26, 2006, with the participation of
Mr. Fernando Molina Stranz, Notary in Madrid and a member of the College of
Notaries, by and between

I.       AS PARTY OF THE FIRST PART,

         MR. EMILIO ARAGON ALVAREZ, of legal age, with professional domicile in
         Madrid at Carretera de Fuencarral a Alcobendas, km 12,450, and National
         Identity Card D.N.I. 2.513.515-Y.

         CARIBE MUSIC S.A. (hereinafter known as "CARIBE MUSIC"), a company
         formed under the Laws of Spain, with Tax Identification Code (T.I.C.)
         A-78968716 and company headquarters located at Menendez Pidal 43.
         CARIBE is represented herein by Mr. Emilio Aragon Alvarez, with
         National Identity Card/Tax Identification Number 2.513.515-Y, who
         appears in his position as Chief Executive Officer, as demonstrated by
         a copy of the Public Document issued before the Notary in Madrid, Mr.
         Jesus Franch Valverde, on December 27, 2001, under No. 3.070 of his
         records.

         MR. DANIEL ECIJA BERNAL, of legal age, with professional domicile in
         Madrid at Carretera de Fuencarral a Alcobendas, km 12,450, and National
         Identity Card 5.254.706-B.

         PIPEN, S.L. (hereinafter known as "PIPEN"), a company formed under the
         Laws of Spain, with Tax Identification Code (T.I.C.) B-03834389 and
         company headquarters located at Calle Penalara, Parcela 196,
         Urbanizacion Soto de Vinuelas, Tres Cantos (Madrid). PIPEN is
         represented herein by Mr. Daniel Ecija Bernal, with National Identity
         Card/Tax Identification Number 5.254.706-B, who appears in his position
         as Sole Director, as demonstrated by a copy of the Public Document
         issued before the Notary in Madrid, Mr. Emilio Lopez Melida, on May 22,
         1998, under No. 1.653 of his records.

         MR. JOSE MIGUEL CONTRERAS TEJERA, of legal age, with professional
         domicile in Madrid at Carretera de Fuencarral a Alcobendas, km 12,450,
         and National Identity Card 51.338.117-R.

         JMC 2000, S.L. (hereinafter known as "JMC 2000"), a company formed
         under the Laws of Spain, with Tax Identification Code (T.I.C.)
         B-81155608 and company headquarters located at Calle Navacerrada 3,
         Tres Cantos. JMC 2000 is represented herein by Mr. Jose Miguel
         Contreras Tejera, with National Identity Card/Tax Identification Number
         51.338.117-R, who appears in his position as Sole Director, as
         demonstrated by a copy of the Public Document issued before the Notary
         in Valencia, Mr. Miguel Gines Albalate, on December 18, 1998, under No.
         3.477 of his records.

         MR. ANDRES VARELA ENTRECANALES, of legal age, with professional
         domicile in Madrid at Carretera de Fuencarral a Alcobendas, km 12,450,
         and National Identity Card 5.383.505-X.

         MGVH 2000, S.L. (hereinafter known as "MGVH 2000"), a company formed
         under the Laws of Spain, with Tax Identification Code (T.I.C.)
         B-81916017 and

                                       5

<PAGE>

         company headquarters located at Calle C/Justiniano No. 9. MGVH 2000 is
         represented herein by Mr. Andres Varela Entrecanales, with National
         Identity Card/Tax Identification Number 5.383.505-X, who appears in his
         position as Joint Director, as demonstrated by a copy of the Public
         Document issued before the Notary in Madrid, Mr. Pablo Duran de la
         Colina, on February 27, 2003, under No. 705 of his records.

         GAVEC CARTERA 24, S.L. (hereinafter known as "GAVEC CARTERA 24"), a
         company formed under the Laws of Spain, with Tax Identification Code
         (T.I.C.) B-84359546, with company headquarters located in Madrid, at
         Carretera de Fuencarral a Alcobendas, km. 12,450. GAVEC CARTERA 24 is
         represented herein by Mr. Emilio Aragon Alvarez and Mr. Andres Varela
         Entrecanales, with National Identity Cards/Tax Identification Numbers
         2.513.515-Y and 5.383.505-X, who appear in their positions as Joint
         Agents, as demonstrated by a copy of the Public Document issued before
         the Notary in Madrid, Mr. Ignacio Paz-Ares Rodriguez, on May 25, 2005,
         under No. 1.456 of his records.

         MR. FEDERICO GARCIA ARQUIMBAU AYUSO, of legal age, domiciled at Plaza
         de los Sagrados Corazones, No. 1, 8th floor, and National Identity Card
         22.891.884-F.

         MR. MANUEL VALDIVIA SANTIAGO, of legal age, with professional domicile
         in Madrid at Carretera de Fuencarral a Alcobendas, km 12,450, and
         National Identity Card 5.352.874-S.

         Mr. Emilio Aragon Alvarez, Mr. Daniel Ecija Bernal, Mr. Jose Miguel
         Contreras Tejera, Mr. Andres Varela Entrecanales, Mr. Federico Garcia
         Arquimbau Ayuso, Mr. Manuel Valdivia Santiago, CARIBE MUSIC, PIPEN, JMC
         2000, MGVH 2000 and GAVEC CARTERA 24 are hereinafter known as the
         "STOCKHOLDERS OF THE GRUPO ARBOL".

II.      AS PARTY OF THE SECOND PART,

         MR. JAUME ROURES I LLOP, of legal age, with professional domicile in
         Esplugues de Llobregat (Barcelona), at Calle Gaspar Fabregas, No. 81,
         3rd Floor, Edificio Imagina, and National Identity Card 37.259.141-S,
         represented by Mr. Josep Maria Benet Ferran, by reason of the power of
         attorney granted on March 24, 2006, before the Notary, Mr. Miguel de
         Paramo Arguelles, in a public document with record number 2426.

         MEDIACABLE SERVICIOS DE PRODUCCION, S.L. (hereinafter known as
         "MEDIACABLE"), a company formed under the Laws of Spain, with Tax
         Identification Code (T.I.C.) B-61948444 and company headquarters
         located in Esplugues de Llobregat, at Calle Gaspar Fabregas, No. 81,
         represented herein by Mr. Josep Maria Benet Ferran, by reason of the
         power of attorney granted on March 24, 2006, before the Notary, Mr.
         Miguel de Paramo Arguelles, in a public document with record number
         2425.

         MR. JOSEP MARIA BENET FERRAN, of legal age, with professional domicile
         in Esplugues de Llobregat (Barcelona), at Calle Gaspar Fabregas, No.
         81, 3rd Floor, Edificio Imagina, and National Identity Card
         40.857.318-A.

         ATAS CORP, S.L. (hereinafter known as "ATAS CORP"), a company formed
         under the Laws of Spain, with Tax Identification Code (T.I.C.)
         B-62270590, with company headquarters located in Esplugues de
         Llobregat, at Calle Gaspar Fabregas, No. 81, represented herein by Mr.
         Josep Maria Benet Ferran, with

                                       6
<PAGE>

         National Identity Card No. 40.857.318-A, who appears as Sole Director,
         appointed by reason of the public document issued on June 23, 2000, by
         the Notary in Barcelona, Mr. Lorenzo P. Valverde Garcia, under No. 1814
         of his records.

         MR. GERARD ROMY BELILOS, of legal age, with professional domicile in
         Esplugues de Llobregat (Barcelona), at Calle Gaspar Fabregas, No. 81,
         3rd Floor, Edificio Imagina, and National Identity Card 37.663.569-B.

         MEDIAVIDEO, S.L. (hereinafter known as "MEDIAVIDEO"), a company formed
         under the Laws of Spain, with Tax Identification Code (T.I.C.)
         B-59200253, with company headquarters located in Barcelona, at Calle
         Trafalgar 4, represented herein by Mr. Gerard Romy Belilos, with
         National Identity Card No. 37.663.569-B, who appears as Sole Director,
         appointed by reason of the public document issued on September 5, 2002,
         by the Notary in Barcelona, Mr. Francisco Palop Tordera, under No. 1360
         of his records.

         MEDIACAPITAL B.V. (hereinafter known as "MEDIACAPITAL"), a company
         formed under the Laws of The Netherlands, with company headquarters
         located at Prins Hendriklaan 18, 1075 BC Amsterdam (The Netherlands).
         MEDIACAPITAL is represented herein by Mr. Gerard Romy Belilos, with
         National Identity Card No. 37.663.569-B, who appears in his position as
         agent by reason of the power of attorney issued on March 23, 2006, by
         the Notary Martijn Albers.

         CAVENDISH SQUARE HOLDING B.V. (hereinafter known as "WPP"), a company
         formed under the Laws of The Netherlands, with company headquarters
         located at Prins Alexanderplein 8, 3067 GC Rotterdam (The
         Netherlands).WPP is represented herein by Mr. Josep Tomas Aurin, in his
         position as verbally-appointed agent.

         WITGOUD INVESTMENTS B.C. (hereinafter known as "WITGOUD"), a
         limited-liability company with headquarters at Foppingadreef 22, 1102
         BS Amsterdam Zuidoost (The Netherlands), formed and duly existing under
         and in accordance with the Laws of The Netherlands, with number
         33068605 (hereinafter known as "WITGOUD"). Representing it, Mr. Josep
         Tomas Aurin is acting in his position as agent, as demonstrated by a
         copy of his Power of Representation legalized before the Notary in The
         Netherlands, Mr. Martijn Albers, dated March 24, 2006, bearing the
         appropriate apostille.

         Mr. Jaume Roures i Llop, Mediacable, Mr. Joseph Maria Benet Ferran,
         Atas Corp, Mr. Gerard Romy Belillos, Mediavideo, MEDIACAPITAL, WPP and
         WITGOUD shall hereinafter be known, jointly, as the "STOCKHOLDERS OF
         MEDIAPRO B.V."

         The Stockholders of the Grupo Arbol and the Stockholders of MediaPro
         B.V. shall hereinafter be known, jointly as the "MEMBERS OF M/A."

III.     AS PARTY OF THE THIRD PART,

         ARBOL PRODUCCIONES, S.A. (hereinafter known as "GRUPO ARBOL"), a
         company formed under the Laws of Spain, with Tax Identification Code
         (T.I.C.) A-81/763492, with company headquarters located in Madrid, at
         Carretera de Fuencarral a Alcobendas, km. 12,400. Grupo Arbol is
         represented herein by Mr. Jose Miguel Contreras Tejera, with National
         Identity Card/Tax Identification Number 51.338.117-R, who appears in
         his position as Agent, by reason of the

                                       7

<PAGE>

         powers conferred upon him by agreement of the Board of Directors, which
         agreements were publicly recorded on June 17, 1997, by the Notary in
         Madrid, Mr. Jesus Franch Valverde, under No. 1604 of his records,
         having been specially authorized for this act by reason of the company
         approvals adopted by the meeting of the Board of Directors of the
         above-named company held on March 26, 2006.

IV.      AS PARTY OF THE FOURTH PART,

         MEDIAPRODUCTION PROPERTIES B.V. (hereinafter known as "MEDIAPRO B.V."),
         a company formed under the Laws of The Netherlands, with company
         headquarters located at Prins Hendriklaan 18, 1075 BC Amsterdam (The
         Netherlands). MediaPro B.V. is represented herein by Josep Maria Benet
         Ferran, with National Identity Card No. 40.857.318-A, who appears in
         his position as agent by reason of the power of attorney issued on
         March 23, 2006, by the Notary Martijn Albers.

V.       AS PARTY OF THE FIFTH PART,

         Grupo Afinia, S.L. (hereinafter known as "MA"), a company formed under
         the Laws of Spain, with company headquarters located in Esplugues de
         Llobregat (Barcelona) at Calle Gaspar Fabregas, 81. MA is represented
         herein by Mr. Josep Maria Benet Ferran and Mr. Andres Varela
         Entrecanales, with National Identity Cards/Tax Identification Numbers
         40857.318-A and 5.383.505-X, respectively, who appear in their
         positions as Joint Agents by reason of the powers conferred upon them
         by the agreement of the Board of Directors, which agreements were
         publicly recorded on March 24, 2006, by the Notary in Madrid, Mr.
         Ignacio Paz-Ares Rodriguez under No. 783 of his records.

VI.      AS PARTY OF THE SIXTH PART,

         Inversiones Mediapro Arbol S.L. (hereinafter known as "SPV"), a company
         formed under the Laws of Spain, with company headquarters located in
         Madrid, at Carretera de Fuencarral a Alcobendas, Km, 12,450. SPV is
         represented herein by Mr. Andres Varela Entrecanales and Mr. Josep
         Benet Ferran, with National Identity Cards/Tax Identification Numbers
         5.383.505-X and 40857.318-A, respectively, in their positions as Joint
         Directors, to which positions they were appointed in the Charter of the
         company issued on March 24, 2006, before the Notary in Madrid, Mr.
         Ignacio Paz-Ares Rodriguez, under No. 788 of records, pending
         registration.

VII.     AS PARTY OF THE SEVENTH PART,

         GRUPO TELEVISA, S.A. (hereinafter known as "TELEVISA"), a Mexican
         company, with company headquarters at Av. Vasco de Quiroga, No. 2,000,
         Colonia Santa Fe, 01210 Mexico, F.D., formed in accordance with
         document number 30.200, issued in Mexico City on December 19, 1990,
         before Licenciado Francisco Javier Mondragon Alarcon, Notary Public,
         Holder of Notary's Office No. 73 in Mexico City, the first copy of
         which is recorded in the Commercial Registry under No. 142.164 of the
         Public Property and Commerce Registry of the Federal District. Televisa
         is represented herein by Mr. Salvi Rafael Folch Viadero and Mr. Joaquin
         Balcarcel Santa Cruz, who appear and represent the company by reason of
         the power of attorney granted by the Board of Directors of this company
         on February 25, 2002, before Licenciado Rafael Manuel Oliveros Lara,
         Notary Public, holder of Notary's Office No. 45 of the Federal
         District, under No. 56.299,

                                       8

<PAGE>

         apostille affixed on October 11, 2005, in conformity with the Treaty of
         the Hague of 1961.

The Stockholders of Grupo Arbol, the Stockholders of MediaPro B.V., Grupo Arbol,
MediaPro B.V., the Members of M/A, M/A, SPV and Televisa shall be known
hereinafter, jointly, as the "PARTIES," and each of them individually as the
"PARTY."

The Parties declared and reciprocally recognize the legal capacity necessary to
execute this contract.

                                     WHEREAS

A.       The Stockholders of Grupo Arbol wholly own the stock in Grupo Arbol, as
         shown in the table below.

<TABLE>
<CAPTION>

           STOCKHOLDERS OF GRUPO ARBOL            NUMBER OF SHARES            % OF AUTHORIZED CAPITAL
           ---------------------------            ----------------            -----------------------
<S>                                               <C>                         <C>
       Emilio Aragon Alvarez                           20,262                          13.52
       Caribe Music, S.A.                               6,507                           4.34
       Daniel Ecija Bernal                             20,262                          13.52
       Pipen, S.L.                                      6,507                           4.34
       Jose Miguel Contreras Tejera                     6,064                           4.05
       JMC 2000, S.L.                                  20,705                          13.82
       Andres Varela Entrecanales                       7,908                           5.28
       MGVH 2000, S.L.                                 18,861                          12.59
       GAVEC CARTERA 24, S.L.                          35,965                          24.00
       Federico G(a)Arquimbau Ayuso                     3,647                           2.43
       Manuel Valdivia Santiago                         3,167                           2.11
                                     TOTAL:           149,855                           100%
</TABLE>

B.       All of the above shares were pledged to Banco de Sabadell, S.A., in
         guarantee of the loan agreement of September 21, 2005, for a total
         amount of 46,402,810.08 Euros, of which GAVEC Cartera 24, S.L. owes the
         amount of 35,999,866.05 Euros (Tranche A).

C.       After the M/A Merger, the Stockholders of MediaPro B.V. will, directly
         or indirectly, wholly own the interests in MediaPro B.V., the parent
         company of the group including Mediaproduccion, S.L. (company wholly
         owned by MediaPro B.V., formed under the Laws of Spain, with Tax
         Identification Code (T.I.C.) B-60.18.752, with company headquarters
         located in Esplugues de Llobregat (Barcelona), Calle Gaspar Fabregas i
         Roses, No. 81, 3rd Floor, hereinafter known as "MEDIAPRO"). As of
         today, MEDIACAPITAL wholly owns the authorized capital of MediaPro B.V.

                                       9

<PAGE>

D.       Grupo Arbol and Mediapro hold 37.44% and 35.56%, respectively, of the
         capital in GAMP Audiovisual, S.A. (hereinafter known as "GAMP"). GAMP
         is a company formed under the Laws of Spain, with Tax Identification
         Code (T.I.C.) A84434968, with company headquarters located in Madrid,
         at Carretera de Fuencarral a Alcobendas, km. 12,400. The complete list
         of stockholders of GAMP is given in the table below. The stock is free
         of any lien or encumbrance.

<TABLE>
<CAPTION>
               STOCKHOLDERS OF GAMP               NUMBER OF SHARES            % OF AUTHORIZED CAPITAL
               --------------------               ----------------            -----------------------
<S>                                               <C>                         <C>
       GRUPO ARBOL                                     74,879                          37.44%
       MEDIAPRO                                        71,135                          35.56%
       DRIVE ENTERTAINMENT, S.L.                       20,002                             10%
       GABASCAR, S.A                                   20,002                             10%
       GRUP EMPRESARIAL EL TERRAT, S.L.                14,002                              7%
                                     TOTAL:           200,020                            100%
</TABLE>

E.       GAMP is a company intended solely to be a vehicle through which the
         Grupo Arbol and MediaPro, together with other partners, hold 60% of
         Gestora de Inversiones Audiovisuales La Sexta, S.A. (hereinafter known
         as "LA SEXTA"). LA SEXTA is a company formed under the Laws of Spain,
         with Tax Identification Code (T.I.C.) A-84/434935, with company
         headquarters located in Madrid, at Carretera de Fuencarral a
         Alcobendas, km. 12,400. The complete list of stockholders of La Sexta,
         in accordance with the provisions of Statement G below, is given in the
         table below. The stock is free of any lien or encumbrance.

<TABLE>
<CAPTION>
             STOCKHOLDERS OF LA SEXTA             NUMBER OF SHARES            % OF AUTHORIZED CAPITAL
             ------------------------             ----------------            -----------------------
<S>                                               <C>                         <C>
       GAMP                                            600,608                          60%
       Televisa                                        400,405                          40%
                                     TOTAL:          1,001,013                         100%
</TABLE>

F.       LA SEXTA is the shell company created for participation in a public bid
         for the award of a license for the operation of public television
         service on a state level under the system of broadcasting on networks,
         according to the Resolution of July 29, 2005, of the Secretary of State
         for Telecommunications and the Information Society, published in the
         B.O.E. of July 30, 2005 (hereinafter known as the "LICENSE") and the
         operation thereof (hereinafter known as the "Project"), which bid it
         won according to agreement of the Council of Ministers of November 25,
         2005.

                                       10

<PAGE>

G.       On October 14, 2005, Televisa acquired from GAMP stock in LA SEXTA,
         making up 40% of the authorized capital thereof, by means of the stock
         purchase and sale policy, a copy of which is appended as Appendix G1,
         and, as of today, it signed a Stockholder Agreement with GAMP, Grupo
         Arbol, MediaPro, M/A, SPV and LA SEXTA regulating, among other aspects,
         the terms and conditions governing the relations among all the parties
         thereto, among the stockholders of LA SEXTA, and among the latter and
         LA SEXTA (hereinafter known as the "LA SEXTA STOCKHOLDER AGREEMENT", a
         copy of which is appended as Appendix G2).

H.       M/A is a company created for the purposes indicated in the following
         statement. As of today, the interests in the full authorized capital of
         M/A is given in the table below. The interests are free of any lien or
         encumbrance.

<TABLE>
<CAPTION>
                      MEMBERS OF M/A                NUMBER OF INTERESTS      % OF AUTHORIZED CAPITAL
                      --------------                -------------------      -----------------------
<S>                                                 <C>                      <C>
         Emilio Aragon Alvarez                                  3,245                     5.41
         Caribe Music, S.A.                                     1,042                     1.74
         Daniel Ecija Bernal                                    3,245                     5.41
         Pipen, S.L.                                            1,042                     1.74

         Jose Miguel Contreras Tejera                             971                     1.62
         JMC 2000, S.L.                                         3,316                     5.53
         Andres Varela Entrecanales                             1,267                     2.11
         MGVH 2000, S.L.                                        3,021                     5.04
         GAVEC CARTERA 24, S.L.                                 5,760                     9.60

         Federico G(a)Arquimbau Ayuso                             584                     0.97

         Manuel Valdivia Santiago                                 507                     0.84
         Mediacapital, B.V.                                    24,000                    40.00
         Witgoud Investments B.V.                              12,000                    20.00
         TOTAL:                                                60,000                   100.00
</TABLE>

I.       Grupo Arbol and MediaPro B.V. are in the process of merging, so that
         the Shareholders of Grupo Arbol and the Shareholders of MediaPro B.V. -
         following a certain prior reorganization pursuant to which MEDIACAPITAL
         will own 66.66% and WITGOUD will own 33.33% of the capital- will
         contribute all their shares in those companies to M/A and will receive,
         in exchange, interests in M/A in proportion to their respective
         contributions (hereinafter, the "M/A MERGER"), all as provided in the
         Merger Agreement of the Business of the ARBOL and MEDIAPRO Groups dated
         February 10, 2006) (hereinafter, the "MERGER AGREEMENT", copy of which
         is attached as Exhibit I hereto). Under the Merger Agreement, the
         ownership structure of M/A following completion of the merger process
         will be the percentages set forth in the above table. The respective
         interests will be free from any lien or encumbrance other than those
         described in the following Recital.

         As of the date hereof, WPP does not hold any direct or indirect
         interest in M/A. However, as part of the Merger process, WPP will own
         10% of the preferred shares of the capital stock of WITGOUD with the
         right to convert them, as

                                       11

<PAGE>

         described in the Merger Agreement and in Exhibit 9.1(IX) to the Line of
         Credit defined below, of the entire capital of the above-mentioned
         company.

J.       Following the merger described in the previous Recital, the pledge
         mentioned in Recital B will be cancelled and replaced by a pledge on
         all equity interests of M/A owned by the Grupo Arbol Shareholders as a
         result of the subscription of the M/A capital increase, through the
         non-monetary contribution of their Grupo Arbol shares.

K.       SPV is a company wholly owned by M/A, to which Grupo Arbol and MediaPro
         intend to transfer all GAMP shares owned by the latter two companies
         (hereinafter, the "TRANSFER TO SPV"). The sole asset of SPV will be
         such GAMP shares mentioned in Recital D and all additional shares they
         may hold in that company, and its sole purpose will be to receive the
         Line of Credit defined in Clause 2 below for the capitalization of GAMP
         and subsequently of LA SEXTA.

L.       As a result of their direct or indirect joint investment in LA SEXTA,
         the Parties have reached another series of agreements for the financing
         of the Project and for the possible investment of Televisa in M/A.

M.       Considering the foregoing, the Parties have decided to enter into this
         Investment Agreement (the "AGREEMENT") in accordance with the following

                                     CLAUSES

1.       PRELIMINARY OBLIGATION

         The Grupo Arbol Shareholders, the MediaPro B.V. Shareholders and the
         M/A Members undertake to carry out the M/A Merger and the Transfer to
         SPV in good faith and within the shortest possible period of time, on
         the terms described in Recitals I, J and K and in this Clause
         (hereinafter, the "PRELIMINARY OBLIGATION"):

(a)      The Preliminary Obligation shall have been performed by June 30, 2006.

(b)      Attached as Exhibit 1(b) hereto are the audited financial statements of
         Grupo Arbol and MediaPro B.V. for fiscal year 2004, the consolidated
         financial statements as of September 30, 2005 of each company and the
         pro-forma consolidated financial statements of both merged companies as
         of December 31, 2004 and September 30, 2005, as well as a table updated
         to the date of this Agreement with all subsidiaries and affiliated
         companies of Grupo Arbol and of MediaPro B.V. The Grupo Arbol
         Shareholders and the MediaPro B.V. Shareholders represent, warrant and
         undertake, as the case may be, that:

         i.       From the date of this Agreement to the consummation of the M/A
                  Merger, both companies will act in the ordinary course of
                  business so as to maintain the integrity of their businesses.

         ii.      The assets that are part of the M/A Merger are all the assets
                  currently used by each of the Grupo Arbol Shareholders and the
                  MediaPro B.V. Shareholders in the Audiovisual Production and
                  Other Audiovisual 12

<PAGE>
                  Services, as defined in Clause 8, except for the Assets
                  excepted from the M/A Merger, which are listed in Exhibit 1
                  (b) ii attached hereto.

         iii.     The M/A Members will have non-compete obligations on the terms
                  set forth in clause 8 below.

         iv.      Prior to the execution of this Agreement, M/A and the M/A
                  Members have delivered to Televisa copy of (i) the Merger
                  Agreement and (ii) the bylaws of M/A. M/A and the M/A Members
                  represent to Televisa that they are not parties to any other
                  agreement governing the creation or transfer of interests in,
                  or the control or management of M/A.

Performance of the above-mentioned Preliminary Obligation shall be evidenced
through the delivery to Televisa of (i) copy of the notarial instruments
recording the contribution of the Grupo Arbol and MediaPro B.V. shares to M/A,
duly executed and submitted to the Commercial Registry for registration and (ii)
a certificate of the Secretary of the M/A Board of Directors describing the
ownership structure following the M/A Merger.

2.  LINE OF CREDIT

Concurrently with the execution of this Agreement, DTH Europa, S.A., a
subsidiary 100% owned, directly or indirectly, by Televisa, and with the joint
and several undertaking of Televisa, as its own obligation pursuant to the
letter attached as Exhibit 2 hereto, signs with SPV, a 100% directly owned
subsidiary of M/A, a line of credit, in order to finance part of the capital
contributions of M/A to La Sexta through its direct interest in SPV and its
indirect interest in GAMP, according to the terms and conditions set forth in
the agreement attached as Exhibit 2 bis hereto (hereinafter, the "LINE OF
CREDIT").

As provided therein, the Line of Credit will be secured by the joint and several
suretyship of M/A, Grupo Arbol and MediaPro B.V. as regards the interest, and by
Pledge Agreements with limited recourse as regards the obligation of repayment
of principal, on all GAMP shares owned by SPV and on all SPV shares owned by M/A
(hereinafter, the "GAMP PLEDGE" and the "SPV PLEDGE" and, collectively, the
"PLEDGES"), on the terms and conditions set forth in the agreements attached as
Exhibit 2ter and Exhibit 2quater hereto, respectively, to be signed prior to the
first drawdown under the Line of Credit. As provided in the GAMP Pledge, DTH
Europa, S.A. will have the obligation of lifting the pledge on the shares SPV
may sell provided that (i) it continues to hold, in any event, more than 50% of
the GAMP shares and (ii) the proceeds from such sale received by SPV are
allocated, following deduction of applicable taxes, only and solely to repayment
of the debt incurred by M/A, SPV, Grupo Arbol and/or MediaPro to finance their
investment in La Sexta other than the Line of Credit, and the balance, if any,
to the repayment of the Line of Credit.

In addition, M/A and its subsidiaries shall take the required actions for the
funds that SPV is entitled to receive, in proportion to its interest in GAMP,
from the sale, if that be the case, of 9% of the shares of LA SEXTA to be
allocated, following deduction of applicable taxes and legal reserves, (i) to
capital contributions to LA SEXTA or (ii) to the repayment of the debt incurred
by M/A, SPV, Grupo Arbol and/or MediaPro to

                                       13

<PAGE>

finance their investment in LA SEXTA other than the Line of Credit, and the
balance, if any, to repayment of the Line of Credit.

3.  OPTIONS ON GAMP AND SPV

Prior to the first drawdown under the Line of Credit, M/A and SPV will, in
consideration for the Line of Credit, grant Televisa purchase options on their
entire interests in SPV and GAMP, respectively, at a strike price equal to the
outstanding balance of the Line of Credit at any time, as regards principal, on
the terms and conditions set forth in the agreements attached as Exhibit 3 and
Exhibit 3 bis hereto (hereinafter, the "SPV OPTION" and the "GAMP OPTION" and,
collectively, the "OPTIONS"). As provided in the GAMP Option, SPV may sell GAMP
shares provided that (i) it continues to hold, in any event, over 50% of the
GAMP shares and (ii) the proceeds from such sale are allocated only and solely
to the repayment of the debt undertaken by M/A, SPV, Grupo Arbol and/or MediaPro
to finance their investment in LA SEXTA other than the Line of Credit, and the
balance, if any, to repayment of the Line of Credit.

Televisa may, at its election, exercise the SPV Option or the GAMP Option at any
time during their respective terms, provided a default occurs that accelerates
the Line of Credit. The purchase price, if the SPV Option or the GAMP Option are
exercised, will be paid to M/A or the SPV, if the amount thereof is actually
allocated in full to payment of the principal amount of the Line of Credit. Once
the price has been paid and the amount thereof allocated as described above, a
receipt will be issued for the principal amount of the Line of Credit, which
will entail the termination of the Options and the Pledges. The parties agree
that Televisa may, freely and at its option, exercise the Options or the
Pledges, without the exercise of any one of them precluding the exercise of any
of the others.

4.  ASSUMPTION OPTION

Concurrently with the execution of this Agreement, the M/A Members and M/A grant
Televisa, which accepts it, an assumption option in respect of the interests in
M/A (hereinafter, the "ASSUMPTION OPTION") on the terms and conditions set forth
in the agreement attached as Exhibit 4, so that Televisa will be entitled to
assume, and the M/A Members and M/A will have the obligation of carrying out all
acts required for Televisa to assume the M/A interests derived from the
above-mentioned option.

All terms used in this Agreement and in the Assumption Option relating to
interests, and the creation and assumption thereof, members and other related
terms shall be deemed to have been modified to shares, the issuance and
subscription thereof, shareholders and other related terms in the event that, at
any time, M/A becomes a corporation [sociedad anonima], and the Assumption
Option, shall, mutatis mutandi, become an option to subscribe for shares.

5.  EQUITY CONTROL, PERMANENCE AND ALLOCATION OF FUNDS

(a)      During the entire term of the Line of Credit and of the Assumption
         Option, M/A undertakes to hold (i) 100% of the capital of SPV and (ii)
         a majority interest in the capital stock (in every case over 50%) of
         GAMP and of that held by GAMP in LA

                                       14

<PAGE>

         SEXTA, and (iii) direct or indirect control of GAMP and LA SEXTA on the
         terms derived from the LA SEXTA Shareholders' Agreement and from the
         GAMP Shareholders' Agreement to be delivered in accordance with the
         Shareholders' Agreement.

(b)      Up to whichever is later of (i) the expiration of the term of the Line
         of Credit, (ii) the expiration of the Assumption Option and (iii) the
         expiration of a two-year period from the date on which Televisa becomes
         an M/A shareholder through the exercise of any of the acquisition,
         subscription or assumption rights granted to it herein, each and every
         M/A Member (except WPP and any of the companies of its group) undertake
         to continue, in its favor and in favor of its subsidiaries, to perform
         all service, professional, commercial, labor and other agreements and
         to carry out all the duties currently carried out by them, be it as
         creative personnel, producers or managers, each in his specific
         position, except for such changes as may be agreed in the general
         interest of M/A in the ordinary course of business.

(c)      Up to whichever is later of (i) the end of the term of the Line of
         Credit and (ii) the expiration of the term of the Assumption Option,
         M/A Members may only sell the number of interests that results from
         applying the percentage of their interest in M/A set forth opposite the
         number of interests held by each of them (or the number resulting from
         the sum of the interests of the Members who appear as a group) in M/A
         at the time of consummation of the M/A Merger (the "UNRESTRICTED
         INTERESTS") according to the following table. The interests that may
         not be disposed of during such period shall be deemed to be "RESTRICTED
         INTERESTS".

<TABLE>
<CAPTION>
                                     M/A MEMBERS                       %
                                     -----------                       -
<S>                                                                  <C>
             Emilio Aragon Alvarez + Caribe Music, S.A.                1%
             Daniel Ecija Bernal + Pipen, S.L.                         1%
             Jose Miguel Contreras Tejera + JMC 2000, S.L.             1%
             Andres Varela Entrecanales + MGVH 2000, S.L.              1%
             GAVEC CARTERA 24, S.L.                                  100%
             Federico G(a)Arquimbau Ayuso                              1%
             Manuel Valdivia Santiago                                  1%
             Cavendish Square Holding, B.V.                          100%
             Mediacapital, B.V.                                       25%
</TABLE>

         M/A Members undertake that the first existing M/A interests to be sold
         shall, in any case, be those held by GAVEC CARTERA 24, S.L.

         M/A Members further undertake that during the term of the LA SEXTA
         Shareholders' Agreement, they will not sell interests in M/A to any
         competitor of Televisa in Mexico. For this purpose, only those
         individuals or legal entities which (i) provide television broadcasting
         services via networks in Mexico, or (ii) own an interest of not less
         than 5% in a television operator providing television broadcasting
         services via networks in Mexico shall be deemed to be competitors of
         Televisa in Mexico.

                                       15

<PAGE>

(d)      M/A Members may sell M/A interests other than those permitted in
         paragraph (c) above or create new M/A interests only if: (i) in the
         event of a sale, the period set forth in paragraph (c) above has
         elapsed, or they have secured the express authorization of Televisa and
         (ii) both in the case of sale of existing interests to third parties or
         of creation of new interests in favor of third parties, prior to or
         concurrently with such sale or creation, the Line of Credit has been
         repaid in full, and will then be cancelled and, if necessary, GAMP has
         provided a financing guarantee for the capital requirements of LA SEXTA
         as provided in Clause 14 of the LA SEXTA Shareholders' Agreement, to
         replace the Line of Credit.

         In the event that new M/A interests are created for assumption by the
         M/A Shareholders, the prohibition of disposing of M/A interests set
         forth in paragraph (c) above shall extend to such newly created
         interests assumed by the M/A Members, which will also be deemed to be
         Restricted Interests.

(e)      The M/A Members undertake to continue to hold a majority interest in
         the capital of M/A (of over 50%) for, at least, a two-year period from
         the acquisition by Televisa of an interest in the capital of M/A
         through the exercise of any of the acquisition or assumption rights
         granted to it in this Agreement.

(f)      Up to the moment specified in paragraph (c) above:

         -        Mr. Josep Maria Benet Ferran, Mr. Gerard Romy Belilos and Mr.
                  Jaume Roures Llop undertake not to sell or transfer their
                  interest in ATASCORP, MEDIAVIDEO and MEDIACABLE and to ensure
                  that such companies do not sell or transfer their interest in
                  MEDIACAPITAL, except among such persons or companies and
                  always within the limits of sub-section (c) as regards
                  Unrestricted Interests.

         -        Mr. Emilio Aragon Alvarez, Mr. Daniel Ecija Bernal, Mr. Andres
                  Varela Entrecanales, Mr. Jose Miguel Contreras Tejera, Mr.
                  Federico Garcia Araquimbau Ayuso and Mr. Manuel Valdivia
                  Santiago undertake not to sell or transfer their interest in
                  GAVEC CARTERA 24, CARIBE MUSIC, PIPEN, MGVH and JMC 2000 or in
                  any other company which, in turn, holds a direct or indirect
                  interest in M/A.

(g)      The M/A Members undertake that, in exercising the rights provided for
         therein, or under the Assumption Option, the right to exclusive
         negotiation or the right of first refusal, the interest to be held by
         WITGOUD in M/A following the M/A Merger will not be reduced below 20%
         of the capital of that company, except by prior written agreement of
         WPP or by unilateral decision of WPP. In the event that, through the
         exercise of any of the aforementioned rights, the interest of WITGOUD
         should be reduced to less than 20%, the M/A Members - excluding, for
         the avoidance of doubt, Televisa- undertake to sell to WITGOUD, in
         proportion to their respective interests, at the price at which
         Televisa acquired the interests, the number of interests required, if
         WITGOUD acquires them, for WITGOUD to hold a percentage interest of 20%
         in M/A.

                                       16

<PAGE>

         Televisa undertakes not to prevent the execution or performance of the
         above-mentioned agreement and to such end, waives its pre-emptive right
         or any right to challenge that it may have in that respect. Televisa
         further undertakes, should it become an M/A shareholder, to observe and
         perform this agreement.

(g)[sic] GAVEC CARTERA 24 S.L. undertakes that all proceeds from the sales
         permitted in paragraph (c) will be allocated to payment of the loan
         mentioned in Recital B until such loan has been paid in full.

6.       RIGHT TO EXCLUSIVE NEGOTIATION

6.1.     M/A and the M/A Members grant Televisa an exclusive negotiation right
         to submit an offer for the assumption of the newly-created interests in
         M/A and, if that be the case, the acquisition of existing interests in
         M/A representing an interest of 20% in the capital of M/A, on the terms
         set forth below; it should be noted, however, that such 20% percentage
         will be the percentage to be held by Televisa following the assumption
         of the capital increase in the case of newly-created interests and/or
         following the purchase of shares:

         (a)      Televisa's offer will be structured so as to include the
                  assumption of new interests, whose amount will be used to
                  repay the drawn-down balance of the Line of Credit in full, up
                  to the amount of eighty million euros (E80,000,000) and,
                  should there be a surplus, to acquire existing interests in
                  M/A.

         (b)      The exclusive negotiation period will commence on April 15,
                  2006 and its duration will be of 120 calendar days as from
                  such date, or as from the date on which evidence is provided
                  of performance of the Preliminary Obligation set forth in
                  Clause 1 above, whichever is later (hereinafter, the
                  "EXCLUSIVE NEGOTIATION PERIOD"). During such period, M/A and
                  the M/A Members (i) may not undertake negotiations of any kind
                  with third parties with the purpose of selling or otherwise
                  disposing of interests in M/A and (ii) shall cooperate fully
                  to enable Televisa to carry out a full legal, labor, tax and
                  financial review of M/A, including its subsidiaries.

                  For the purposes of the previous paragraph, Televisa shall
                  provide, within 15 business days of the execution of this
                  Agreement, a list of the documents required to conduct the
                  above-mentioned full review, which shall be made available to
                  it by M/A diligently, specifying those documents that do not
                  exist or are not applicable. Furthermore, Televisa and its
                  advisors will be given reasonable access to the facilities of
                  M/A and its main subsidiaries and informational meetings will
                  be organized with the senior managers of the various areas of
                  M/A and its principal subsidiaries.

                  Specifically, M/A shall provide, by April 30, 2006, the
                  pro-forma consolidated financial statements of M/A for fiscal
                  year 2005 and the audited consolidated financial statements of
                  M/A.

                  The Exclusive Negotiation Period shall be extended in the
                  event of delays, if any, in the delivery of the required
                  documents and particularly of those expressly mentioned in the
                  previous paragraph.

                                       17

<PAGE>

                  M/A may propose to Televisa, within two months of the
                  beginning of the Exclusive Negotiation Period, the basic terms
                  for its offer (the "OFFER FORM"). In such case, both
                  Televisa's offer and the offer, if any, submitted by a third
                  party pursuant to the provisions of Clause 6.2 below shall
                  necessarily conform to Offer Form.

         (c)      Within the Exclusive Negotiation Period, Televisa shall submit
                  a binding offer for the assumption and/or, if that be the
                  case, the purchase of 20% of the capital stock of M/A,
                  following the Offer Form. However, Televisa will be entitled
                  to also submit an offer that does not conform to the Offer
                  Form.

                  In the event that, upon expiration of the Exclusive
                  Negotiation Period, Televisa fails to submit a binding offer
                  in accordance with the Offer Form, the Assumption Option shall
                  terminate and become void.

         (d)      M/A will accept or reject the binding offer in writing within
                  15 calendar days of the date of receipt thereof. In the
                  absence of any such reply upon expiration of such period, the
                  offer will be deemed to have been rejected.

         (e)      If the binding offer is accepted, the M/A Members and/or M/A,
                  as the case may be, shall formalize the resolution providing
                  for a capital increase, waiving their pre-emptive right in
                  favor of Televisa and, if such be the case, providing for the
                  sale of the interests in proportion to their interests in M/A,
                  and the Assumption Option shall therefore terminate and become
                  void upon delivery to Televisa of a true copy of the
                  respective notarial instruments.

                  Such formalization shall occur:

                  1.       For the assumption of new interests, M/A and the M/A
                           Members shall, within 45 days of the binding offer
                           having been accepted, carry out all necessary actions
                           and adopt all corporate resolutions required to carry
                           out the capital increase including, without
                           limitation, calling a General Shareholders' Meeting -
                           the notice of which shall comply with the necessary
                           requirements and contain the required information
                           including, if that be the case, the certification of
                           the auditor, the attendance and holding of such
                           meeting - which shall adopt the required
                           resolutions-. Within 5 days of the assumption and
                           payment in full of the interests by Televisa, M/A
                           undertakes to file the deed notarial instrument
                           recording the capital increase with the Commercial
                           Registry for registration and, once such registration
                           has been effected, to deliver such notarial
                           instrument to Televisa.

                  2.       For the sale of existing interests, on the date the
                           General Shareholders' Meeting provided for in the
                           previous paragraph is held, or within 30 days of the
                           acceptance of the binding offer, if only existing
                           interests are being sold. To such end, Televisa and
                           the M/A Members shall sign an interest purchase
                           agreement setting forth the terms of the binding
                           offer.

                                       18

<PAGE>

6.2      If the binding offer is rejected, the M/A Members and M/A may, starting
         from the date of rejection and (i) by December 31, 2006, make a public
         offering for the subscription and/or sale of the M/A shares (IPO and/or
         Sale of Existing Interests) with an insured value that is at least that
         of the outstanding balance of the Line of Credit, or (ii) for a period
         of 137 calendar days starting from the aforementioned date of
         rejection, carry out the procedure of creation and/or sale of 20% of
         the interests in M/A, provided that they are Unrestricted Interests,
         under the following conditions, with the understanding that the
         aforementioned 20% shall belong to the third party after the capital
         increase has been assumed, in the case of the creation of new
         interests, and/or the purchase of shares has been executed:

         (a)      The process of creation and/or sale of interests will be
                  formulated in the same terms as the Televisa offer, as
                  described in section 6.1(a) above.

         (b)      The price, if any, that is offered by the third party will be
                  adjusted to meet the Offer Form and must be declared in
                  currency, with transfer by exchange, swaps or similar means
                  therefore not being possible. M/A will be obligated to
                  determine the solvency of the third party's offer. In the
                  event of a Sale of Existing Interests or IPO, the offering
                  price of the third party will be deemed to be the lower limit
                  of the non-binding price range included in the corresponding
                  registration document for the Sale of Existing Interests or
                  IPO but, with respect to the other terms and conditions, will
                  not be subject to the Offer Form, if it exists.

         (c)      In the event that the economic conditions offered by the third
                  party are, as a whole, similar to and more favorable than
                  those offered by Televisa, and the price is at least 15%
                  greater, the entry of the third party into the capital of M/A
                  will be permitted under such conditions. Upon the entry of the
                  third party, M/A and, if applicable, the M/A Members may
                  choose between:

                  1.       Sharing with Televisa, by means of the provision of
                           cash, 50% of any excess in difference between the
                           valuation representing 10% of the capital and the
                           amount of sixty million Euros (60,000,000)
                           representing 10% of the capital, with the Assumption
                           Option thus being canceled; with the understanding
                           that, if the aforementioned excess does not exist,
                           the Assumption Option will also be canceled.

                  2.       Not sharing the aforementioned excess, if any, with
                           Televisa, in which case the Assumption Option will
                           remain in effect.

         (d)      If the offer presented by a third party is not greater than
                  the aforementioned 15%, Televisa will have the right to choose
                  either of the two alternatives described below which, upon
                  being consummated or in the event that Televisa decides not to
                  exercise its right, will result in the termination of the
                  Assumption Option:

                                       19

<PAGE>

                  1.       Assume or, if applicable, purchase the interests for
                           a price equal to its binding offer plus 50% of the
                           difference between the offer of Televisa and the
                           offer of the third party.

                  2.       Not assume or, if applicable, purchase the interests,
                           and receive from M/A and, if applicable, the M/A
                           Members the cash amount of 50% of the difference
                           between the Televisa offer and the offer of the third
                           party.

         (e)      If the offer presented by a third party is lower than that of
                  Televisa and it is nonetheless decided to conduct the
                  transaction, Televisa will have the right to choose either of
                  the alternatives described below:

                  1.       Purchase or assume the interests at the price and
                           under the other conditions offered by the third
                           party, with the result that the Assumption Option
                           terminates.

                  2.       Not assume or purchase the interests, in which case
                           M/A will issue and/or the M/A Members will sell the
                           interests to the third party under the conditions
                           that the latter has offered, with the result that the
                           Assumption Option terminates.

         For the purpose of complying with the provisions of this Clause 6.2,
         M/A must immediately send to Televisa, upon execution of the
         corresponding confidentiality agreement, a copy of the third party
         offer selected.

6.3      The M/A Members may agree to the creation of new interests in M/A for a
         third party or sell the existing interests to a third party under the
         conditions of this Clause 6, only if prior to or simultaneously with
         doing so, the balance of the Line of Credit drawn down is repaid,
         thereby canceling the latter. In such case, also prior to or
         simultaneously with, GAMP will have to have provided a guarantee of
         financing for the capital needs of LA SEXTA, as described in Clause 14
         of the LA SEXTA Shareholder Agreement, as a replacement for the Line of
         Credit. In the case of a Sale of Existing Interests or IPO, the
         cancellation of the Line of Credit will occur at the time of the
         liquidation of the aforementioned Sale of Existing Interests or IPO.

                                       20

<PAGE>

7.       RIGHT OF FIRST REFUSAL

         If the period described in Clause 6.2 above elapses and Televisa or a
         third party has not incorporated the capital stock of M/A as the
         shareholder owning 20% of its capital stock, the M/A Members will give
         Televisa a right of first refusal that may be exercised up to June 30,
         2011 with respect to third party offers for up to 20% of the interests
         of M/A in one or more transactions, whether by means of the purchase of
         existing interests or the assumption of new interests under the same
         terms and conditions as those offered by the third party and in
         compliance with the procedures established below. If the offer exceeds
         20% of the capital of M/A, the right of first refusal shall be extended
         to the entire interest offered. In the case of newly created interests,
         the aforementioned percentage of 20%, or a greater percentage to which
         an option may be held, will belong to Televisa once the capital
         increase has been assumed and/or the purchase of the interests has been
         executed.

         (a)      In the event that any of the M/A Members wishes to transfer
                  any of its interests in the Company (the "TRANSFERRING
                  SHAREHOLDER") to a third party, or the M/A Members wish to
                  create new interests for sale to a third party, the
                  Transferring Shareholder or M/A, respectively, must notify
                  Televisa in writing (the "FIRST NOTIFICATION") of their wish
                  to transfer or create such interests, indicating the specific
                  number (the "INTERESTS FOR SALE") and the other terms and
                  conditions of payment for the transfer or creation.

         (b)      Within a maximum period of thirty (30) days starting from the
                  receipt of the First Notification (the "Offering Period"),
                  Televisa may communicate to the Transferring Shareholder or to
                  M/A, as applicable, its intent to purchase or assume the M/A
                  interests described in the Notification, under the terms and
                  conditions set forth therein (the "SECOND NOTIFICATION").

                  At the Second Notification, Televisa may choose between:

                  i.       Accelerating the exercise of the Assumption Option
                           (which will terminate upon use), in which case it
                           will contribute the outstanding balance of the Line
                           of Credit and, in the event that the latter is less
                           than eighty million Euros (E80,000,000), the
                           additional amount up to that figure, for the interest
                           produced by applying the formula established in the
                           Assumption Option (the "ASSUMPTION OPTION FORMULA"),
                           and purchasing or assuming, as applicable, the
                           remainder until reaching 20% -- or, if the offer of
                           the third party is a higher percentage and therefore
                           interests Televisa, the percentage corresponding --
                           at the offering price of the third party. In the
                           event that the Line of Credit no longer exists, the
                           eighty million Euros (E80,000,000) will be
                           contributed in cash for the interest resulting from
                           applying the Assumption Option Formula and the
                           remainder, if applicable, will also be provided in
                           cash.

                  ii.      Not exercising the Assumption Option, upon which it
                           may exercise, or not, solely its right of first
                           refusal, up to 20% or, if the offer of the third
                           party is a higher percentage and therefore interests
                           Televisa, the corresponding percentage; in which
                           case, it if it exercises its right for the 20% or the

                                       21

<PAGE>

                           higher percentage mentioned above, the Assumption
                           Option will terminate.

                  iii.     Notifying M/A of its wish that the interests
                           assignable to Televisa by virtue of its Assumption
                           Option be liquidated for the cash difference between
                           eighty million Euros (E80,000,000) and the implicit
                           offer of the third party for 10% (or the percentage
                           resulting from the Assumption Option Formula) of the
                           capital of M/A, in such a way that Televisa receives
                           the additional amount based upon the calculation of
                           the difference between the nominal amount of the
                           conversion at the execution of the sale or the
                           creation of interests for a third party.

                  Upon the receipt of the Second Notification, as applicable:

                  1.       In the case of the sale of already existing
                           interests, the Transferring Shareholder will be
                           obligated to sell, and Televisa will be obligated to
                           buy, the Interests for Sale indicated in the Second
                           Notification. Such purchase must take place within
                           thirty (30) days from the date of the Second
                           Notification.

                  2.       In the event of the assumption of new interests,
                           within the period of 45 days from the acceptance of
                           the binding offer, M/A and the M/A Members will carry
                           out all the procedures necessary and adopt all
                           shareholder agreements necessary to carry out the
                           capital increase, including, by way of example but
                           without limitation, the calling of a General Meeting
                           - with the requirements and content necessary,
                           including, if applicable, the certification of the
                           account auditor, the attendance and the holding of
                           the meeting - adopting the appropriate resolutions-.
                           Within the period of five days from the assumption
                           and full payment of the interests by Televisa, M/A
                           agrees to present the capital increase certificate at
                           the Commercial Registry for its registration, and
                           after having done so, to deliver the certificates to
                           Televisa.

         (c)      In the event that the M/A Members or M/A conduct a Sale of
                  Existing Interests or IPO after January 1, 2007, the
                  provisions of this Clause will be applied as follows:

                  i.       The First Notification will include the corresponding
                           certificate of registration of the Sale of Existing
                           Interests or IPO.

                  ii.      The offering price of the third party will be
                           considered to be the lower limit of the nonbinding
                           price range included in the aforementioned
                           registration certificate for the Sale of Existing
                           Interests or IPO, unless Televisa chooses to
                           accelerate the exercise of the Assumption Option, in
                           which case the offering price of the third party will
                           be, solely and exclusively with respect to the
                           aforementioned exercise of the Assumption Option, the
                           lower of the aforementioned price and that resulting
                           from the application of the Assumption Option
                           Formula.

         (d)      In the event that Televisa communicates to the Transferring
                  Shareholder or to M/A its intent not to purchase or assume the
                  Interests for Sale, or if Televisa has

                                       22

<PAGE>

                  not responded to the Transferring Shareholder or to M/A
                  regarding this during the Offering Period, the Assumption
                  Offer will remain active and the Transferring Shareholder may
                  transfer or may agree to the creation in M/A of the total
                  amount, and solely the total amount, of the Interests for
                  Sale, under terms and conditions that are no less favorable,
                  with respect to price or any other aspect, for the
                  Transferring Shareholder or M/A than those described in the
                  First Notification, with the present right of first refusal
                  thereby being settled on Televisa for the percentage that may
                  have been transferred, provided that transfer or creation
                  takes place within the period of 90 days starting from the
                  finalization of the Offering Period. When the aforementioned
                  period has elapsed, an identical procedure will have to be
                  undertaken in order to carry out any transfer or creation of
                  interests in M/A, until a percentage representing 20% of the
                  capital of M/A has been transferred to third parties, upon
                  which this right of first refusal shall terminate.

         (e)      In the event that Televisa exercises the right of first
                  refusal described in this Clause for 20% of the capital of M/A
                  or for the additional percentage which, pursuant to this
                  clause, is the option of Televisa, the Assumption Option will
                  terminate, and prior to this or at the same time, the
                  drawn-down balance of the Line of Credit will be repaid and
                  the latter will be cancelled. In such case, if necessary and
                  also prior to or simultaneously with, GAMP must have provided
                  a guarantee of financing for the capital needs of LA SEXTA, as
                  described in Clause 15 of the LA SEXTA Shareholder Agreement,
                  as a replacement for the Line of Credit.

         (f)      The right of first refusal described in this clause is
                  independent of the existence or non-existence of the
                  Assumption Option, without prejudice to the termination of the
                  latter when exercised pursuant to this clause or any other. In
                  addition, it must be noted that (i) if, prior to the exercise
                  of the right of first refusal, Televisa has already exercised
                  its Assumption Option, the right of first refusal will be
                  reduced by the percentage of capital that Televisa may have
                  acquired by the exercise of that right and (ii) the
                  termination of the right of first refusal pursuant to the
                  provisions of paragraph (d) above will not mean the
                  termination of the Assumption Option.

8.       NON-COMPETE

         8.1      The M/A Members, except for WPP and any companies in its
                  group, undertake and agree with M/A and Televisa that they
                  will not compete, directly or indirectly, with M/A and its
                  subsidiaries in the activity of Audiovisual Production and
                  Other Audiovisual Services during such time as they maintain
                  their character, directly or indirectly, as members in M/A,
                  and for the period of two years after their withdrawal from
                  the authorized capital of M/A, regardless of the date on which
                  this takes place.

                  For the purposes of the preceding paragraph, the following
                  definitions apply:

                  -        Audiovisual Production: the activities of creation
                           and/or production of programs, movies, reports,
                           documentaries, advertisements and any other cinematic
                           video work and other audiovisual works.

                                       23
<PAGE>
            -     Other Audiovisual Services: technical and human services for
                  the production of audiovisual works (including, among other
                  things, mobile rebroadcasting unit services (OB Vans
                  Services), postproduction services, the rental of television
                  studios, play-out services and ENG services), satellite
                  transmission, cable and radio wave transmission services,
                  audiovisual engineering services, services and activities
                  relating to sports and television consulting, marketing and
                  television communications services and audience analysis
                  services.

      Notwithstanding the non-compete obligation established above, any Member
      of M/A who so requests, other than Televisa, is by virtue of this clause
      authorized by the other Members of M/A and Televisa to maintain its
      shareholder interest in M/A and to be released from its non-compete
      obligation provided that the following requirements are met: (i) the M/A
      Member does not hold directorship or administrative positions in M/A or in
      its group; (ii) the M/A Member in question has complied with its
      obligation to remain for the period of time indicated in Clause 5,
      paragraph (b) above; and (iii) two years have elapsed since the M/A Member
      in question ceased to participate in the service contracts and the
      performance of the duties described in Clause 5, paragraph (b) above.

      8.2   Televisa undertakes and agrees that:

            -     During the Exclusive Negotiation Period and for 120 days after
                  the end of that period, it will not found or enter the capital
                  of a Spanish corporation whose corporate purpose is
                  Audiovisual Production or Other Audiovisual Services in Spain,
                  with the understanding that the foregoing will not limit the
                  ability of Televisa to perform its ordinary activities --
                  including, among other things, the sale of rights and the
                  marketing of television series, programs, scripts, etc. -- in
                  Spain as it has been doing up to that time.

            -     Once it becomes a member of M/A, if applicable, and provided
                  that it is a member with 20% or more, it will invite M/A to
                  participate in any project in which Televisa may engage that
                  represents competition with the activities of M/A in
                  Audiovisual Production or Other Audiovisual Services in Spain,
                  in the same proportion at that of the interest of Televisa in
                  the capital of M/A.

      8.3   Upon the signing of this agreement, the M/A Members, except for WPP
            and the companies in its Group, accept the same non-compete
            obligations as those assumed by M/A in Clause 24 of the LA SEXTA
            Shareholder Agreement, for the same period of time described
            therein.

9.    NON-SOLICITATION

      Televisa, Grupo Arbol, MediaPro B.V., M/A and their direct or indirect
      subsidiaries agree not to solicit, lure, make offers of work or offers for
      provision of services or hiring of first-line executives, creative
      personnel, screenwriters and content producers of the other party (or
      companies belonging to its group), with the understanding that the Parties
      will notify each other in good faith of any action by

                                       24
<PAGE>

      the other Parties that might represent a breach of this Clause, as soon as
      they become aware of it, for the purposes of being able to prevent the
      breach.

      Individual breaches of this Clause will result solely in the payment by
      the Party in breach to the affected Party of two hundred thousand Euros
      (E200,000) for each event of breach.

10.   RIGHTS AS MINORITY SHAREHOLDER

      In the event of the exercise of the Assumption Option, as a member of M/A,
      Televisa will have (i) the rights granted under the law, with the
      understanding that Televisa will have no fewer rights than those possessed
      by any other member of M/A with an interest equal to or smaller than that
      of Televisa, as well as (ii) tag along rights (so that, in the event of
      the sale of a controlling block of M/A, Televisa will have the right to
      sell the entirety of its interests to the purchaser under the same
      conditions as those of the transferring member(s) and, in the event of any
      other transfer, will have the right to transfer a number of interests
      proportional to those of the transferring member, under the same
      conditions as the latter[)]; and (iii) in addition, in the event of
      reaching, by means of exercise of the Assumption Option, a percentage
      equal to or greater than 20% of the capital of M/A, Televisa will have, at
      minimum, the rights listed in Exhibit 10.

      In addition, once Televisa has the right to participate in the capital of
      M/A, pursuant to the provisions of this Agreement, if as a result of the
      provisions of Clause 21.2 of the LA SEXTA Shareholders Agreement, Televisa
      cannot exercise that right because its interest - the total of the direct
      and indirect interests - exceeds what is legally permitted, the Parties
      agree that Televisa will have the right to sell LA SEXTA shares in
      conformity with the rules set forth in article 21.2, up to the limit at
      which the sum of its indirect interest deriving from the exercise of its
      rights under this Agreement and its direct interest do not exceed the
      legally established limit.

      The provisions of the preceding paragraph will also be applicable if,
      because M/A increases its indirect interest in LA SEXTA, TELEVISA exceeds
      the legally established interest limit.

11.   ACCEPTANCE

      During the effective life of the Line of Credit and/or the Assumption
      Option, any new member in M/A must, prior to or simultaneous with its
      acquisition or assumption of interests in M/A pursuant to this Agreement,
      accept the latter, by means of signing and sending to the Parties the
      acceptance letter that is attached as Exhibit 11.

12.   CONDITION SUBSEQUENT

      This Agreement, as well as the Line of Credit, the Options, the right of
      first refusal in Clause 7 and the right of exclusive negotiation in Clause
      6 will terminate, without creating rights or obligations for any of the
      Parties involved, in the event

                                       25
<PAGE>

      that the authorities responsible for fair competition do not authorize the
      M/A Merger. Such termination will not affect the La Sexta Shareholder
      Agreement.

13.   MISCELLANEOUS

13.1  EXPENSES AND TAXES

      (a)   Expenses

            Unless established otherwise in this Agreement, whether or not the
            transactions provided for in this Agreement are actually conducted,
            expenses relating to them will be paid by the Party incurring them.

      (b)   Taxes

            Taxes that are imposed on this Agreement and the purchase or
            assumption of the interests described in it will be the
            responsibility of the parties, pursuant to the law.

13.2  COOPERATION

      The Parties will cooperate mutually in the performance of the transactions
      described in this Agreement and the delivery of all documents and
      instruments that may be considered reasonably necessary or useful by any
      Party.

13.3  NOTICES

      Any notice, request, demand or other communication that must be provided
      by any Party to this Agreement will be sent to the other Parties at the
      addresses and to the attention of the representative indicated in Exhibit
      13.3, or to those other addresses and/or individuals that any Party may
      provide at any time to the other Parties.

      Any notice, request, demand, or communication will be sent by any written
      means that permits the confirmation of its receipt, and the notification
      date will be deemed to be that of the confirmation that the notice in
      question has been made to the corresponding addressee at the addresses
      listed in Exhibit13.3.

13.4  ENTIRE AGREEMENT; AMENDMENTS

      This Agreement constitutes the entire agreement between the Parties with
      respect to its subject and replaces any other agreements or covenants made
      between the Parties in connection with the transaction described herein,
      specifically, the so-called MA-Televisa Economic Agreement, executed by
      Televisa, MediaPro and Grupo Arbol on October 10, 2005, and the letter
      signed by the same parties on October 14, 2005 (Re: Bid for obtaining a
      license for the provision of public terrestrial television service via
      networks), which will therefore cease to be valid and effective as of its
      date.

                                       26
<PAGE>

13.5  INVALIDITY, NULLITY AND PARTIAL INEFFECTIVENESS

      If any clause of this Agreement is declared to be, totally or partially,
      null and void, such nullity or ineffectiveness will affect only that
      provision or the part of it that is null or void, with the Agreement
      continuing in effect in all other respects, as if such provision, or the
      part of it that is null and void, had never existed.

13.6  NO WAIVER

      The failure by any Party to exercise any right deriving from this
      Agreement will not be interpreted as a waiver of that right by that Party.

13.7  DECLARATIONS

      The parties declare and warrant that the execution and performance of this
      Agreement and the other documents mentioned in it:

      (a)   Do not represent any violation of the law, regulations, judicial
            orders, rules or judicial decisions applicable to the Parties in any
            jurisdiction in which they conduct their activities;

      (b)   Do not represent any violation of the provisions of the Bylaws of
            the Parties or of any agreement or covenant of which the Parties may
            be part, or of those by which they are bound.

      M/A and the M/A Members undertake to Televisa to adopt the agreements and
      actions that may be necessary and are within their control so that, when
      the time comes, Televisa may exercise the rights that are recognized in
      this Agreement, even in the event that some kind of impediment to this
      arises from the documents described in Clause 1(b)(iv).

14.   PERFORMANCE AND TERMINATION

      This Agreement obligates the parties not only to the performance of the
      obligations expressly agreed upon but also to all bona fide consequences
      of it.

      Each of the parties to this Agreement will have the power to terminate the
      obligations in the event that the other party does not comply with its
      obligations, unless another effect is produced, expressly and exclusively,
      by its breach of this Agreement. A specific cause of termination of this
      Agreement will be the failure to make the funds available to M/A at the
      time when this should be done according to the terms of the Line of
      Credit.

      The termination of this Agreement does not imply the termination of the La
      Sexta Shareholder Agreement.

15.   APPLICABLE LAW

      This agreement is subject to the laws of Spain.

                                       27
<PAGE>

16.   JURISDICTION

      The parties waive any forum to which they may be entitled and expressly
      submit themselves to the Courts and Tribunals of the capital city of
      Madrid for all disputes that may arise with respect to the validity,
      interpretation, performance, effectiveness or execution of this Agreement.

17.   ADDITIONAL PROVISION

      In addition to that contained in this Agreement, Televisa, M/A, Grupo
      Arbol, MediaPro, GAMP y LA SEXTA have made certain reciprocal commitments
      relating to the purchase and sale of shares of LA SEXTA and GAMP that will
      be governed by their specific documents.

This Investment Agreement will be formalized by the presence of the Notary of
Madrid named in the heading, for the purposes of Article 1216 of the Civil Code,
Article 517 of the Law of Civil Procedure, and other concordant legislation.

The parties to this Agreement declare their acceptance and approval of its
contents as drafted, covering ___ pages, including its exhibits, and grant and
execute it, in my presence, in five equally original and authentic copies for
distribution to each of them, with one copy of remaining in my files.

And I, the Notary, having made the appropriate legal warnings, ATTEST to the
identity of the parties, to the authenticity of their signatures, to the fact
that I believe they have the capacity and authority to execute this Certified
Instrument, to the fact that the verbally-issued mandate exercised by the
representative of CAVENISH SQUARE HOLDINGS BV, must be ratified, that consent
has been freely given and that the execution hereof conforms to law and is the
result of the duly informed decision of the signers or participating parties.

                                       28
<PAGE>
                                                                           30/33

GRUPO TELEVISA, S.A.
By:                                       By:

/s/ Salvi Folch Viadero                   /s/ Joaquin Balcarcel Santa Cruz
--------------------------------------    --------------------------------------
Mr. Salvi Folch Viadero                   Mr. Joaquin Balcarcel Santa Cruz

JMC 2000, S.L.
By:

/s/ Jose Miguel Contreras Tejera          /s/ Jose Miguel Contreras Tejera
--------------------------------------    --------------------------------------
Mr. Jose Miguel Contreras Tejera          Mr. Jose Miguel Contreras Tejera

ARBOL PRODUCCIONES, S.A.                  WITGOUD INVESTMENTS, BV.
By:                                       By:

/s/ Jose Miguel Contreras Tejera          /s/ Josep Tomas Aurin
--------------------------------------    --------------------------------------
Mr. Jose Miguel Contreras Tejera          Mr. Josep Tomas Aurin

CAVENDISH SQUARE HOLDING, B.V.            MEDIACAPITAL B.V.
By:                                       By:

/s/ Josep Tomas Aurin                     /s/ Gerard Romy Belilos
--------------------------------------    --------------------------------------
Mr. Josep Tomas Aurin                     Mr. Gerard Romy Belilos

MEDIAVIDEO, S.L.
By:

/s/ Gerard Romy Belilos                   /s/ Gerard Romy Belilos
--------------------------------------    --------------------------------------
Mr. Gerard Romy Belilos                   Mr. Gerard Romy Belilos

                                       30
<PAGE>
                                                                31/33

CARIBE MUSIC, S.A.
By:

/s/ Emilio Aragon Alvarez                 /s/ Emilio Aragon Alvarez
--------------------------------------    --------------------------------------
Mr. Emilio Aragon Alvarez                 Mr. Emilio Aragon Alvarez

GAVEC CARTERA 24, S.L.                    By:
By:

/s/ Emilio Aragon Alvarez                 /s/ Andres Varela Entrecanales
--------------------------------------    --------------------------------------
Mr. Emilio Aragon Alvarez                 Mr. Andres Varela Entrecanales

MGVH 2000, S.L.
By:

/s/ Andres Varela Entrecanales            /s/ Andres Varela Entrecanales
--------------------------------------    --------------------------------------
Mr. Andres Varela Entrecanales            Mr. Andres Varela Entrecanales

INVERSIONES MEDIAPRO ARBOL S.L.           By:
By:

/s/ Andres Varela Entrecanales            /s/ Josep Maria Benet Ferran
--------------------------------------    --------------------------------------
Mr. Andres Varela Entrecanales            Mr. Josep Maria Benet Ferran

GRUPO AFINIA, S.L.                        By:
By:

/s/ Andres Varela Entrecanales            /s/ Josep Maria Benet Ferran
--------------------------------------    --------------------------------------
Mr. Andres Varela Entrecanales            Mr. Josep Maria Benet Ferran

                                       31
<PAGE>
                                                                           32/33

ATAS CORP, S.L.
By:

/s/ Josep Maria Benet Ferran              /s/  Josep Maria Benet Ferran
--------------------------------------    --------------------------------------
Mr. Josep Maria Benet Ferran              Mr. Josep Maria Benet Ferran

MEDIACABLE SERVICIOS DE                   JAUME ROURES I LLOP
PRODUCCION, S.L.                          BY:
By:

/s/ Josep Maria Benet Ferran              /s/ Josep Maria Benet Ferran
--------------------------------------    --------------------------------------
Mr. Josep Maria Benet Ferran              Mr. Josep Maria Benet Ferran

MEDIAPRODUCTION PROPERTIES, BV
By:

/s/ Josep Maria Benet Ferran              /s/ Federico Garcia Arquimbau Ayuso
--------------------------------------    --------------------------------------
Mr. Josep Maria Benet Ferran              Mr. Federico Garcia Arquimbau Ayuso

PIPEN, S.L.
By:

/s/ Daniel Arturo Ecija Bernal            /s/ Daniel Arturo Ecija Bernal
--------------------------------------    --------------------------------------
Mr. Daniel Arturo Ecija Bernal            Mr. Daniel Arturo Ecija Bernal

/s/ Manuel Valdivia Santiago
--------------------------------------
Mr. Manuel Valdivia Santiago

                                WITNESSED BY ME,

                                       32
<PAGE>
                                                                           33/33

                                   THE NOTARY

                                       33<PAGE>

                                                                    EXHIBIT 4.13

SIMPLE LOAN AGREEMENT (THE "AGREEMENT"), EXECUTED ON THIS TENTH DAY OF MARCH ,
2006 BY INNOVA, S. DE R.L. DE C.V., (INDISTINCTLY, "BORROWER" OR "INNOVA"),
REPRESENTED HEREIN BY ALEXANDRE MOREIRA PENNA DA SILVA AND CARLOS FERREIRO
RIVAS; BANCO NACIONAL DE MEXICO, S.A., INTEGRANTE DEL GRUPO FINANCIERO BANAMEX
("BANK"), REPRESENTED HEREIN BY JUAN CARLOS PEREZ ROCHA ITUARTE AND EMILIA PONCE
GARCIA; AND GRUPO TELEVISA, S.A. (INDISTINCTLY "GT" OR "GUARANTOR"), REPRESENTED
HEREIN BY SALVI RAFAEL FOLCH VIADERO AND JORGE AGUSTIN LUTTEROTH ECHEGOYEN,
PURSUANT TO THE FOLLOWING REPRESENTATIONS AND CLAUSES:

                                OPENING STATEMENT

      Terms defined and used in this Agreement have the meaning attributed to
them in Clause First.

                                 REPRESENTATIONS

      I. Borrower manifests through its legal representatives, that:

      (a) It is a corporation duly organized and existing according to the laws
of Mexico.

      (b) The execution, subscription, delivery and fulfillment for its part of
this Agreement and of the Promissory Notes are comprised in its corporate
purpose, have been duly authorized by all pertinent corporate means, and are not
in conflict with, nor are inconsistent with, nor result in a breach of (i) its
By-laws in effect per the date of this Agreement; (ii) to the best of its
knowledge, any law applicable to itself per the date of this Agreement; (iii)
any term, condition, obligation or contractual restriction whatsoever that binds
it or affects fulfillment of its obligations according to this Agreement; (iv)
nor result in creating or imposing any Lien on any of its properties or assets,
or any obligations for its account under any agreement or understanding where it
is party to, and that is in effect per the date of this Agreement.

      (c) Except for the provisions of this Agreement, no authorization or
registration whatsoever by or before any Government Authority is necessary for
Borrower to duly execute, subscribe, deliver and fulfill this Agreement and the
Promissory Notes, nor for these to be legal, valid or payable on demand.

      (d) This Agreement constitutes and, the Promissory Notes, once subscribed
by Borrower, shall constitute legal and valid obligations against itself,
payable on demand according to the respective terms.

      (e) The audited and consolidated financial statements of Borrower for the
fiscal year ended December 31, 2004, and its profit and loss statements and
statements of changes

<PAGE>

in the financial position consolidated for that period, and its consolidated
financial statements per December 31, 2005, and its profit and loss statements
and statements of changes in the financial position consolidated for that period
were prepaid according to GAAP, and adequately disclose its financial position
and consolidated results of operations during and for the period thereby
included.

      (f) All material information (considered altogether), provided in writing
per this date by Borrower or for its account, for purposes of or in connection
with this Agreement or any operation contemplated herein is, and any other
similar material information (considered altogether) provided in writing since
this date for its part or for its account, shall be, complete and precise in any
significant aspect per the date such information refers to, and shall not omit
any significant fact that must be necessarily communicated in such manner that
such information (considered altogether) does not at any time lead to error,
based on the circumstances whereby it was provided.

      (g) It has filed all required tax statements and paid all taxes for its
account applicable according to such tax statements, and any other taxes and
contributions that have resulted for its account, except for those not overdue
and those objected against in good faith through the appropriate means, filed
and conducted promptly and diligently, and for which adequate reserves have been
established according to GAAP, and for those which, if failing to file or pay
are not expected to in any significant manner reasonably and adversely affect
its financial standing or its Principal Business.

      (h) Per the execution date of this Agreement, there is no (i) significant
complaint pending, or that to the best of its knowledge is imminent in respect
to labor practice, against itself or against any of its Significant Subsidiaries
before any Government Authority with jurisdiction over such matters, and there
are no pending procedures, or that to the best of its knowledge are imminent,
derived from or related to any collective labor contracts, against itself or
against any of its Significant Subsidiaries; (ii) strike, labor conflict,
significant pending stoppage, or that to the best of its knowledge is imminent,
against itself or against any of its Significant Subsidiaries; and (iii) to the
best of its knowledge, there is no questioning whatsoever concerning the
representation of any union in connection with its employees or any of its
Significant Subsidiaries, nor are union organization activities being conducted,
except for such activities (in respect to any of the matters specified in items
(i), (ii) or (iii) above, either individually or collectively) those that might
not reasonably be expected to adversely and significantly affect its financial
standing or its Principal Business or that of any of its Significant
Subsidiaries.

      (i) Any important agreement where Borrower or any of its Significant
Subsidiaries is party to (including without limitation, any act of issue,
mortgage, trust, loan or any other instrument or document), is in full force and
effect, and (i) neither Borrower nor any of its Significant Subsidiaries are
substantially breaching the terms of any provision of any of such agreements,
and (ii) there are no conditions that, through notice or with the passing of
time, or both, or for any other reason, might constitute a nonperformance in
terms of such agreements in any of the above cases, which might be reasonably
expected,

<PAGE>

individually or collectively, to adversely and significantly affect the
financial position of the Principal Business of Borrower or of any of its
Significant Subsidiaries.

      (j) The same as its Significant Subsidiaries, in all aspects it is
fulfills its respective obligations with respect to social security, pensions
and retirements, and legal obligations referring to housing for its workers, as
well as the employee benefit plans established or those to which they
respectively contribute, and has no pending liability with respect to such
employee benefits plans, except in the means that fulfillment thereof cannot be
reasonably expected to adversely and significantly affect its financial standing
or its Principal Business, or that of its Significant Subsidiaries.

      (k) Borrower and each of its Significant Subsidiaries have, and per the
Draw Date shall be complying with any applicable Environmental Law in any
significant aspect, except for any nonperformance that might be reasonably
expected either individually or collectively, which might adversely and
significantly affect the financial position of the Principal Business of
Borrower or of its Significant Subsidiaries. Borrower and each of its
Significant Subsidiaries have obtained all permits required under the applicable
Environmental Law in connection with their respective businesses or operations,
and each of such permits is in full force and effect, and Borrower and each of
its Significant Subsidiaries are complying with the requirements of any permits
issued according to such Environmental Law, except for those which they cannot
be reasonably expected applicable to themselves, either individually or
collectively, or that might have a significant adverse effect against the
financial standing or operations of Borrower or any of its Significant
Subsidiaries. There are No Environmental Complaints (except for complaints that
cannot be reasonably expected to adversely and significantly affect the
financial standing or the operations of Borrower), past, pending, or that to the
best knowledge of Borrower, are imminent against Borrower or any of its
Significant Subsidiaries.

      (l) There is no action, complaint or pending procedure whatsoever, or that
to the best knowledge of Borrower, is imminent before a court, Government
Authority or any arbiter against Borrower or any of its Significant Subsidiaries
or its respective assets, that might adversely and significantly affect the
financial position and operations of Borrower or of any of its Significant
Subsidiaries, or the capacity of Borrower to comply with its obligations derived
from this Agreement and from the Promissory Notes.

      (m) Per the date of this Agreement, Borrower is not in default of any
Liability or significant agreement whatsoever where it is party to or whereby it
may be bound, and that might adversely and significantly affect the financial
standing or operations of Borrower.

      (n) As of December 31, 2005, date of the last financial statement
available, there has not occurred any event or condition on or before the date
of this Agreement that has or might have a significantly adverse effect on its
businesses, assets, liabilities or position (financial or any other), that might
affect the result of its operations or projects or its capacity to comply with
the obligations derived from this Agreement and from the Promissory Notes.

<PAGE>

      (o) The persons executing this Agreement on behalf of and representing
Borrower enjoy all sufficient powers of attorney and authority, as well as the
corporate authorizations necessary to execute this Agreement on its behalf and
representation, and to bind Borrower to the terms and conditions stipulated
herein, which powers of attorney, authority and corporate authorizations have
not been revoked or limited in any manner whatsoever.

      (p) It hereby requests from Bank a loan facility for as much as
P$2,100,000,000.00 (Two Billion One Hundred Million Pesos 00/100), for use
solely and exclusively to (1) pay (or reacquire) partially and in advance, all
negotiable instruments issued by Innova, S. de R.L. de C.V. named Senior Notes,
with maturity in 2013, for US$300,000,000.00 (Three Hundred Million Dollars,
lawful currency of the United States of America), and expenses related to
execution of this Agreement and early payment of such Senior Notes, and (2) pay
for the liabilities and financing cost of Borrower.

      II. Guarantor manifests through its legal representatives, that:

      (a) It is a corporation duly organized and existing according to the laws
of Mexico.

      (b) Execution, subscription, delivery and fulfillment for its part of this
Agreement and of the Promissory Notes are comprised in its corporate purpose,
have been duly authorized by all pertinent corporate means, and are not in
conflict with, nor are inconsistent with, nor result in a breach of (i) its
By-laws in effect per the date of this Agreement; (ii) to the best of its
knowledge, any law applicable to itself per the date of this Agreement; (iii)
any term, condition, obligation or contractual restriction whatsoever that binds
it or affects fulfillment of its obligations under this Agreement; (iv) nor
result in creating or imposing any Lien on any of its properties or assets, nor
any obligations for its account under any agreement or understanding where it is
party to, and which is in effect per the date of this Agreement.

      (c) Except for the provisions of this Agreement, per the date when it is
executed, this instrument does not require any authorization or registration
whatsoever by or before any Government Authority for the due execution,
subscription, delivery and fulfillment for its part of this Agreement and of the
Promissory Notes, nor for these to be legal, valid or payable on demand.

      (d) This Agreement constitutes, and the Promissory Notes, once signed by
"Guarantor", shall constitute legal and valid obligations, payable on demand
against guarantor according to their respective terms.

      (e) Its audited and consolidated financial statements for the fiscal year
ended December 31, 2004, and its profit and loss statements and statements of
changes in the financial position consolidated for that period, and its
consolidated financial statements per

<PAGE>

December 31, 2005, and its profit and loss statements and consolidated
statements of changes in the financial position for that period have been
prepared according to GAAP, and adequately reveal its financial standing and the
consolidated results of operations during and for the period included therein.

      (f) All material information (considered altogether), provided in writing
per this date to Bank, for its part or for its account for purposes of or in
relation to this Agreement or any operation contemplated herein is, and any
other similar material information (considered altogether) provided in writing
since this date, for its part or for its account, shall be complete and precise
in any significant aspect per the date when such information refers to, and
shall not omit any significant fact that must necessarily be communicated in a
manner that such information (considered altogether) does not lead to error at
such time, based on the circumstances whereby it was provided.

      (g) Per the date of this Agreement, there is no pending action, complaint
or proceeding whatsoever; or that to the best of its knowledge is imminent
before a court, Government Authority or any arbiter, or against itself or
against its respective assets, that might adversely and significantly affect its
financial standing or its main operations, or its capacity to comply with the
obligations derived for itself from this Agreement and from the Promissory
Notes.

      (h) Per the date of this Agreement it is not in arrears in any debt or
important understanding where it is party to or whereby it may be bound, where
the principal amount exceeds US$1,000,000.00 (One Million Dollars 00/100 or
equivalent in Mexican Pesos).

      (i) As of December 31, 2005, date of the last available financial
statement, there has not occurred any event or condition on or before the date
of this Agreement, that has or might have a significantly adverse effect on the
business dealings, assets, obligations or condition (financial or any other)
that may affect the result of its operations or projects, or its capacity to
comply with its obligations derived from this Agreement and from the Promissory
Notes.

      (j) It is willing to guaranty exact and prompt fulfillment of all and each
of the obligations of Borrower according to this Agreement and to the Promissory
Notes, and bind itself to the terms thereof.

      (k) The persons executing this Agreement on its behalf and representation
enjoy all sufficient powers of attorney and authority, as well as corporate
authorizations necessary to execute this Agreement on its behalf and
representation, and to bind Guarantor to the terms and conditions stipulated
herein, which powers of attorney, authority and corporate authorizations have
not been revoked or limited in any manner whatsoever.

      III. Bank manifests through its legal representatives, that:

<PAGE>

      (a) It is a corporation duly organized and existing according to the Laws
of Mexico.

      (b) Execution, subscription, delivery and fulfillment by Bank of this
Agreement are included in its corporate purpose, have been duly authorized
through all appropriate means and are not in conflict with, nor are inconsistent
with, nor breach (i) its by-laws in effect per the date of this Agreement, nor
(ii) to the best of its knowledge, any law, term, condition, obligation or
contractual restriction whatsoever binding or affecting it; nor any obligations
for its account under any agreement or understanding where it is party to.

      (c) No authorization or registration by or before any Government Authority
is necessary for Bank to duly execute, subscribe, deliver and fulfill this
Agreement, nor for it to be valid, valid or enforceable.

      (d) This Agreement constitutes legal and valid obligations, enforceable
against itself according to the respective terms set forth herein.

      (e) There is no pending action, complaint or proceeding whatsoever, or
that to the best of its knowledge is imminent before a court, Government
Authority or any arbiter, against itself or its respective assets, that might
adversely and significantly affect its financial standing or its operations, or
its capacity to fulfill its obligations derived from this Agreement.

      (f) Based on the above representations by Borrower and by Guarantor and
according to the terms and subject to the conditions provided for in this
Agreement, it has agreed to make available to Borrower a loan for as much as a
principal amount equal to P$2,100,000,000.00 (Two Billion One Hundred Million
Mexican Pesos 00/100).

      (g) The persons executing this Agreement on its behalf and representation
enjoy all sufficient powers of attorney and authority, as well as corporate
authorizations necessary to execute this Agreement on behalf of and representing
Bank, and to bind the latter to the terms and conditions stipulated herein,
which powers of attorney, authority and corporate authorizations have not been
revoked or limited in any manner whatsoever.

      IN VIRTUE OF THE ABOVE, based on the Representations set forth by Borrower
and Guarantor in this Agreement and that constitute the determinant grounds of
the disposition of the Bank to execute this Agreement, the parties bind
themselves according to the terms and conditions of the following clauses:

<PAGE>

                                     CLAUSES

                                      FIRST
                           DEFINITIONS, INTERPRETATION

      1.01. Definitions. For purposes of this Agreement, the following terms
shall have the meaning attributed to them below:

"AFFILIATED COMPANY" in relation to any Person, means any other Corporation who
direct or indirectly controls, is controlled by, or is under joint direct or
indirect control with such Corporation. For purposes of this definition
"control" (including, with corresponding meanings, the terms "controlled",
"controlled by", "under joint control with") in relation to any Corporation,
shall mean direct or indirect authority to direct or influence in conducting the
management and policies of such Corporation, either by holding title over voting
securities, through an agreement or in any other manner. For purposes of this
Agreement, GT, News Corporation, The DirecTV Group, Inc. and any other
Corporations holding shares or corporate parts in Borrower, and the respective
Subsidiaries and Affiliated Companies of these Corporations, shall be considered
Affiliates of Borrower.

"CALCULATING AGENT" means Bank.

"SUBSTITUTE CALCULATING AGENTS" mean the three participants (excluding the
Affiliates of Bank) who, per the Date of Early Payment are the most active in
terms of number and volume of Operations of Derivates in the Mexican Derivates
Market, according to the final determination issued by Bank and approved in
writing by Borrower.

"CAPITALIZABLE LEASE" means, in the manner applied to any Corporation, any lease
of any property or asset where the current value discounted from debts on
account of rent and other lease obligations of such Corporation, in its capacity
as lessee, according to GAAP, must be capitalized and entered in the general
balance sheet of such Corporation as capitalizable lease, and

"CAPITALIZABLE LEASE OBLIGATIONS" means the current value discounted from the
obligations to pay lease and other lease obligations of such Corporation as
lessee in such lease, determined according to GAAP.

"GOVERNMENT AUTHORITY" means any secretariat, administrative department, agency,
commission, office, meeting, regulating authority, registry, government entity,
corporation or other committee, entity or government court (including without
limitation, bank and tax authorities), that pertains to, or is property of, or
controlled by Mexico, or any political subdivision of Mexico, that in each case
exercises executive, legislative, judicial, regulatory or administrative
functions.

"NOTICE OF DRAW" has the meaning attributed to such term in item (a) of Clause
2.02 of this Agreement.

<PAGE>

"CAPITAL STOCK" in respect to any Corporation, means all shares, corporate
parts, interest, participation or equivalent (however named, either with or
without voting rights), representing the capital stock of such Corporation,
whether currently outstanding or issued after the date of this Agreement.

"CASE OF NONCOMPLIANCE" has the meaning attributed to such term in Clause 6.01
of this Agreement.

"COST OF BREACH IN FUNDING" means any loss or cost incurred in, or in which any
one of the parties might have hypothetically incurred in, derived (i) from early
payment of the Loan, according to Clause 2.04 of this Agreement, or (ii)
resulting from a partial draw against the Loan according to Clause 2.01 of this
Agreement.

"LOAN" means the loan made available by Bank to Borrower according to the terms
and subject to the conditions of this Agreement, for as much as a principal
amount of P$2,100,000,000.00 (Two Billion One Hundred Million Mexican Pesos
00/100).

"DETERMINATION THROUGH VALUATION METHOD" has the meaning attributed to such term
in item (c) Clause 2.04 of this Agreement.

"DERIVATES" in respect to any Corporation, means any kind of derived operations,
including without limitation, futures on capital, coverage of capital, currency
exchange operations, futures on currencies, operations involving exchange of
interest rates, exchange options or similar operations or combinations of the
above-mentioned operations, and all obligations of such Corporation, direct or
contingent, that secure the obligations of another Person with respect to the
operations mentioned above.

"DEBT" in respect to any Person, without duplicating, means (i) all obligations
on account of payment received under loan, (ii) all obligations documented in
bonds, liabilities, promissory notes or similar instruments, (iii) all
obligations to pay the deferred purchase price of goods or services, the price
of which reaches maturity beyond a one-year period since the date when title and
ownership thereof was received, or when such services were rendered, and that
are subject to interest, (iv) all obligations of such Corporation as lessee
according to Capitalizable Leases, (v) all obligations incurred in by such
Corporation in relation to financing for exportation. Without prejudice of the
above, Obligations shall not include liabilities referring to: (A) Accounts
receivable or Liabilities derived from or incurred in through the normal course
of the business (including without limitation, payments to programmers; purchase
of current assets, such as decoding boxes, dish antennas, intelligent cards,
"LNBs" devices and remote controls; payments to masters, distributors and
repairmen; payments of liabilities on account of satellite and transponder, etc.
services, even if such liabilities are due within a period above one year), (B)
all obligations (present, past or future) incurred in by purchasing the assets
of companies engaged in the same line of business (including modifications or
changes in these arising from technological innovation or convergence) by
Borrower or its Subsidiaries, including

<PAGE>

purchase of shares, corporate parts, participation, lists of subscribers,
subscriber systems, among others, (C) any account payable without an express
financial cost, (D) federal, state and local taxes, income tax, assets tax or
other taxes of Mexico, of the United States of America or of any other
jurisdiction, including withholdings applied to workers according to the
applicable social security and social provision laws, (E) amounts received by
Borrower or its Subsidiaries in virtue of deposit agreements or other agreements
with third parties on rendering services in advertising, restricted television
and related or other services by those third parties, whether evidenced in
money, promissory notes, accounts receivable or other assets, (F) endorsements
of negotiable instruments for deposit or collection, or similar operations in
the ordinary course of business, (G) Debt for the account of Borrower and in
favor of (x) any Affiliate or (y) Borrower or any Subsidiary of Borrower,
respectively; (H) any Liability cancelled or settled according to the documents
evidencing such Liability, (I) Liability as lessee, guarantor, or for obtaining
services or ownership of satellites or transponders (regardless of whether those
leases are classified as Capitalizable Leases).

"BUSINESS DAY" means any day, except Saturday and Sunday, and any obligatory day
of rest in Mexico City, or a day when banking institutions are authorized or
obliged by the law or other government provision to remain closed.

"DRAW" means the money disbursement made by Bank in favor of Borrower for as
much as the amount of the Loan, according to the terms and subject to the
conditions of this Agreement.

"DOLLARS" and the sign US$ mean the lawful currency of the United States of
America.

"CONSOLIDATED EBITDA" means, in regard to any period (without duplication), in
respect to Borrower and its Subsidiaries, the sum of consolidated profit on
operation (determined according to GAAP) for such period, before depreciation
and amortization.

"DRAW DATE" means the date specified in the Notice of Draw, which may not exceed
April 28, 2006.

"DATE OF EARLY PAYMENT" has the meaning attributed to such term in item (b)
Clause 2.04 of this Agreement.

"INTEREST PAYMENT DATE" means the last day of each Interest Period.

"OFFICER IN CHARGE" means, with regard to any Corporation, the Chief Executive
Officer, the Finance Officer, the Comptroller, the Legal Manager or any legal
representative with sufficient power on behalf of such Corporation, as long as
such legal representative has the title of officer in such Corporation.

"CONSOLIDATED FINANCIAL EXPENSES", for any period (without duplicating) means
Expenses on account of Consolidated Interest of that period, excluding the
principal component of

<PAGE>

income in relation to Capitalizable Lease obligations or any other liability
assumed to purchase, launch, render satellite or transponder services and/or
finance these, paid by Borrower and its Subsidiaries, and interest payable on
obligations with Affiliates and Subsidiaries.

"EXPENSES ON CONSOLIDATED INTEREST", for any period, means total gross expenses
through interest for Borrower and its consolidated Subsidiaries, attributable to
such period according to GAAP.

"LIEN" with respect to any property, good or asset of a Corporation, means any
mortgage, pledge, collateral securities or market pledge, trust, surety,
affectation or limitation of title, bond, attachment, burden or any other lien
or guaranty of any kind or any preferential agreement over such property, good
or asset of such Corporation that has the practical effect of creating an
interest or personal guaranty or lien over such property, good or asset.

"GRUPO SALINAS" means any of the following Persons, as well as any Affiliate or
Subsidiary of these: Ricardo Salinas Pliego, Grupo Elektra, S.A. de C.V.; Grupo
Iusacell, S.A. de C.V.; TV Azteca, S.A. de C.V.; Biper, S.A. de C.V:, Unefon,
S.A. de C.V.; Banco Azteca, S.A., Institucion de Banca Multiple; Seguros Azteca,
S.A. de C.V. or Afore Azteca, S.A. de C.V., Administradora de Fondos para el
Retiro. For purposes of this definition, subsidiary means any corporation where
any party holds more than 50% (fifty percent) of the voting shares, either
directly or indirectly through corporations, associations, trusts or other
entity or legal act, or else where, under any title, enjoys authority to name
the majority of the members of the board of directors or equivalent committee,
or determine the operating policies of the Corporation involved.

"TAXES" has the meaning attributed to such term in item (a) Clause 2.10 of this
Agreement.

"CONSOLIDATED LEVERAGE INDEX" means Debt per the last day of any fiscal quarter
period, divided by the Consolidated EBITDA per that date (based on the last four
(4) quarter periods ending in that quarter period).

"INTEREST COVERAGE INDEX", for any period, means the correlation of (i)
Consolidated EBITDA for that period, divided by (ii) Consolidated Financial
Expenses for the same period in respect to which the Consolidated EDITBA was
calculated.

"ENVIRONMENTAL LAW" means all applicable environmental, health and security
laws, either federal, state, municipal or local, including without limitation,
the General Law of Ecological Balance and Protection of the Environment and its
Regulations, the Law of National Waters and its Regulations, the General Health
Law (in the means it is related to environmental matters), Federal Regulations
on Security, Hygiene and Working Environment (in the means related to
environmental matters), and all Mexican Official Standards and state laws that
establish the maximum permissible limits of emissions by fixed sources of
polluting areas, discharges of polluting waste water into bodies or water or
sewage systems, requirements on handling, transporting and disposing of any
hazardous

<PAGE>

materials, and requirements concerning hazardous waste and health and security
measures at work.

"MEXICO" means the United Mexican States.

"MOODY'S" means Moody's Investors Service, Inc. and successors.

"PRINCIPAL BUSINESS" means business activities in the same line of business
engaged in by Borrower or its Subsidiaries on the execution date of this
Agreement, which shall include adaptations, modifications and/or implementations
that result in such business derived from innovation and/or technological
convergence, as well as from new trends in the industry of telecommunications
and related services.

"MARKET DERIVED OPERATIONS" mean derived financial operations, including among
others, futures, options or swaps, over various subjacent assets, including
securities, reference rates and currencies, executed with the purpose of
protecting against a risk associated to other assets or liabilities.

"PROMISSORY NOTES" has the meaning assigned to this term in Clause 2.02 (b) of
this Agreement.

"INTEREST PERIOD" means every period of approximately one (1) month based on
which interest earned from principal past due of the Loan shall be calculated;
in the understanding that (i) the first Interest Period shall begin on the Draw
Date and end on the immediately following calendar month, on the date that
numerically corresponds to the day when the draw from the Loan was made, (ii)
every following Interest Period shall begin on the day after the last day of the
immediately previous Interest Period and end on the calendar month immediately
after the month when the immediately previous Interest Period ended, on the day
that numerically corresponds to the day when the draw was made against the Loan,
(iii) any Interest Period in effect on the maturity date of the Loan shall end
on that date, and (iv) if the calendar month when an Interest Period must end
does have a day that numerically corresponds to the day when such Interest
Period began, or to the day when the immediately previous Interest Period
expired, as the case may be, such Interest Period shall end on the last day of
that calendar month.

GAAP" means, on the date when respectively applied, generally accepted
accounting principles in Mexico, consistently applied; or accounting principles
which, as the case may be, substitute generally accepted accounting principles
in Mexico, consistently applied per the date of this Agreement.

"PERSON" means any individual or corporation, trust, company, civil or business
corporation, irregular corporation, joint venture or any other business entity,
association, government, government agency or Government Authority or any other
kind of government agency.

<PAGE>

"PESOS" and P$ mean the lawful currency of Mexico.

"ENVIRONMENTAL COMPLAINTS" means all and any action, claim, requirement,
complaint, lien, notice of noncompliance or violation, investigation or
administrative, regulatory or judicial procedure that is in any manner related
to the Environmental Law or to any permit issued according to any Environmental
Law (hereinafter "Complaints"), including without limitation (a) all and any
Complaint by Government Authorities in connection with measures of execution,
cleaning, removal or repair, or other action or damage in terms of any
applicable Environmental Law, and (b) all and any Complaint by any third party
claiming damages, contribution, indemnification, reimbursement of expenses,
compensation or suspension resulting from any hazardous materials or that derive
from damage or threat of hazards against health, security or the environment.

"S&P" means Standard % Poor's Ratings Services, a division of The McGraw-Hill
Companies, Inc. and successors.

"SUBSIDIARY" means, with respect to any Corporation, any civil or business
corporation, association, joint venture, limited liability company, trust,
property or any other Person where (or in which ) more than 50% (fifty percent)
of (a) in the case of a company, the voting shares issued and outstanding of
Capital Stock; (b) in the case of a limited liability company, association or
joint venture, the corporate parts or participation in Capital Stock or profit
of such limited liability company, association or joint venture; or (c) if it is
a trust or similar figure, the right to participate in the property of such
trust, is at that moment, direct or indirectly, either property of or is
controlled by (x) such Corporation; (y) such Corporation and one or more of its
Subsidiaries; or (z) one or more of the Subsidiaries of such Corporation.

"SIGNIFICANT SUBSIDIARY", on any date of determination, means any Subsidiary of
Borrower, who (i) for Borrower's most recent fiscal year closed represents 20%
(twenty percent) or more of the consolidated income of Borrower and its
Subsidiaries, or (ii) at the end of such fiscal year owned 20% (twenty percent)
or more of the properties and consolidated assets of Borrower and its
Subsidiaries, all according to most recent available consolidated financial
statements of Borrower for that fiscal year. For purposes of sections (d)
[bankruptcy - insolvency proceedings], (e) [expropriation] and (g) [cross
default] of Clause 6.01 of this Agreement, if any of the events described in
such sections occur and subsist in regard to two or more Subsidiaries of
Borrower who are not Significant Subsidiaries, but who, considered as a whole,
satisfy one or both requirements provided for in sections (i) and/or (ii) of the
immediately preceding enunciation, then such event shall be deemed to have
occurred with respect to a Significant Subsidiary. Additionally, for purposes of
this Agreement, the term Significant Subsidiary shall always include Corporacion
de Radio y Television del Norte de Mexico, S.de R.L. de C.V.

"ORDINARY RATE" means the fixed 8.74% (eight point seventy-four percent) annual
rate.

<PAGE>

      1.02. Accounting Terms. All accounting terms not expressly defined in this
Agreement shall be interpreted, and all financial information that must be
provided according to this Agreement shall be prepared and, as the case may be,
consolidated according to GAAP.

      1.03. Interpretation of Defined Terms. (a) Terms defined in this Clause
First shall apply both to singular and plural forms of such terms. When thus
required by the context, any pronoun shall include the corresponding masculine,
feminine or neutral gender. Unless otherwise expressly established, all
references made to numbers or letters of Clauses, sections, paragraphs or
sub-sections refer to Clauses, sections, paragraphs or sub-sections of this
Agreement, and all references made to the Attachments, refer to Attachments
included with and incorporated to this Agreement as reference. It shall be
understood that the words (i) "herein", "hereof", "according to this
instrument", "further in this instrument" and words of a similar meaning refer
to this Agreement altogether and not to a particular Clause, section, paragraph
or sub-section of this Agreement; (ii) "include", "includes" and "including" are
followed by the phrase "without limitation whatsoever", unless otherwise
expressly established; and (iii) "Asset", "good" and/or "property" have the same
meaning and effect and refer to all and each of the assets, goods and
properties, both tangible and intangible, including cash, Capital Stock,
securities, income, accounts, lease and contractual rights. Additionally, in the
manner used in this Agreement, amounts in Dollars followed by the phrase "or
equivalent in Pesos" shall be understood referring to the equivalent in Pesos,
at the exchange rate published by the Central Bank of Mexico in the Federal
Official Gazette on the applicable date of determination.

      (b) It shall be considered that any reference made to (i) any agreement,
understanding or instrument includes the reference to such agreement,
understanding or instrument, in the means it is modified either fully or
partially or in any other manner amended from time to time, and (ii) any law or
regulation includes amendments made from time to time, or any law or regulation
substituting them.

      1.04. Calculations of Time-Periods. In this Agreement, when calculating a
time period from one specific date to a further specific date, the word "from"
means "from and including" and the words "to" and "until" mean "until but
excluding".

                                     SECOND
                   DRAW AMOUNT AND TERMS; PAYMENT OF THE LOAN

      2.01. Opening of Loan. Draw. Subject to the terms and conditions set forth
in this Agreement, Bank agrees to make available to Borrower on or before the
Draw Date and through a single Draw, a loan for as much as P$2,100,000,000.00
(Two Billion One Hundred Million Mexican Pesos 00/100), payable in a single
amount as established in Section 2.03 of this Agreement.

      The parties agree that Borrower may in a single act draw the full amount
of the Loan or a part of it on or before the Draw Date, according to the terms
and subject to the

<PAGE>

conditions provided for in this Agreement, in the understanding that the
principal sum of the Draw shall not include any amount whatsoever of interest,
commissions, expenses or other amounts payable by Borrower to Bank according to
this Agreement and/or the Promissory Notes.

      Additionally, if Borrower does not draw the full amount of the Loan, but a
part of it, the parties agree Borrower shall be bound to pay Bank any Cost of
Breach in Funding that, as the case may be, results for Bank.

      2.02 Draw Form. (a) When Borrower wishes to make the Draw in terms of this
Agreement, it must issue written notice to Bank at least 24 (twenty-four) hours
before the intended Draw Date, in the understanding that such notice shall be
considered received on a certain day only if delivered before 11:00 A.M. (Mexico
City time) of that day. Such notice (the "NOTICE OF DRAW") shall be irrevocable
and must be issued by Borrower substantially in form of Attachment "A",
adequately filled out, in order to specify the proposed Draw Date (which must be
a Business Day); consequently, if Borrower cancels the Draw of the Loan notified
through the Notice of Draw, Borrower must reimburse Bank for any expense or cost
(documented and reasonable) thereby incurred in by the latter, including costs
of breach of the funding sources of Bank.

      (b) Bank shall make available to Borrower the amount established in the
Notice of Draw through a deposit to checking account number 27/9978005 CLABE:
002180002799780052 kept by Borrower with Banco Nacional de Mexico, S.A.,
Integrante del Grupo Financiero Banamex, precisely on the Draw Date, subject to
(i) that all the conditions of Clause 3.01 of this Agreement have been duly and
promptly fulfilled and satisfied, and (ii) delivery to Bank of two
non-negotiable serried Promissory Notes, subscribed by Borrower and signed as
guaranty by Guarantor in a manner substantially the same as Attachment "B" (the
"PROMISSORY NOTES"), to the order of Bank, and that add up to the amount of the
Loan to be disbursed notified in the Notice of Draw, in the understanding that
Bank will notify Borrower on or before the Draw Date of the amounts that
correspond to each of those Promissory Notes. Borrower agrees and acknowledges
that subscription of the Promissory Notes is not and must not be considered as
payment of the Loan.

      2.03. Payment of Loan. Payment of Principal of Loan. Borrower shall
restore to Bank principal of the Loan which it has drawn according to this
Clause, in a single payment of principal, 120 (one hundred twenty) months after
the Draw Date.

      2.04. Voluntary Early Payment.

      (a) Borrower may fully or partially pay in advance the balance due of the
Loan, as long as it complies with the provisions set forth herein, unless Bank
issues written waiver of fulfillment of one or several of such conditions; (i)
Borrower must irrevocably notify Bank in writing that it plans to make early
payment for all or part of the balance past due of the Loan, at least 5 (five)
Business Days before the date of such early payment; (ii) any

<PAGE>

early payment shall be for at least P$50,000,000.00 (Fifty Million Pesos), in
the understanding that such early payment must always be in multiples of
P$10,000,000.00 (Ten Million Pesos); (iii) together with such early payment, the
party thereto obliged according to this Agreement must, on the Date of Early
Payment pay for the resulting costs of Breach in Funding; (iv) together with the
early payment, Borrower must pay ordinary interest in effect earned per that
date and due with respect to the amount of the early payment; (v) Borrower may
not again dispose of amounts paid in advance; and (vi) the early payment or
payments shall be applied in the order established in Clause 2.08 (b) of this
Agreement.

      (b) Without prejudice of other provisions applicable to early payments, in
the event that Borrower makes full or partial early payment of the balance due
of the Loan, when or before 36 (thirty-six) months have passed since the Draw
Date, Borrower shall be obliged to, on the same date of the early payment (the
"DATE OF EARLY PAYMENT"), reimburse Bank for any Cost of Breach in Funding by
Bank. Thus, if Borrower makes a full or partial early payment of the balance due
of the Loan once 36 (thirty-six) months have passed after the Draw Date, the
party suffering a loss or cost incurred in or where it might have hypothetically
incurred in derived from early payment of the Loan must be indemnified by the
other party on the Date of Early Payment in the case of Bank, and in the periods
mentioned in section (f) below, in case of Borrower, with the Cost of Breach in
Funding which, as the case may be, results.

      (c) In any case, the Cost of Breach in Funding shall be conclusively
determined by the Calculating Agent according to any of the following methods,
in the order in which they appear:

      First. The Cost of Breach in Funding shall be determined based on the
quotation price of the corresponding operation that, as the case may be, is in
effect on the Date of Early Payment determined by Bank, based on valuation
methods or models of Market-Derived Operations that, per the date when the Cost
of Breach in Funding and in the ordinary development of its operations, is used
by Bank according to the applicable provisions, financial practice and general
and specific rules of the Central Bank of Mexico (the "DETERMINATION THROUGH
VALUATION METHOD"). To reach the Determination through Valuation Method, the
Bank must observe the following principles:

      (i) The applicable method must recognize relevant information of the
market involved, including among others, interest rates, market prices of
certain securities, yields, yield curves, volatilities, differentials or
margins, or correlations: (x) provided by one or more third parties, including
providers of prices, other financial intermediaries, without limitation, or (y)
obtained from internal sources (including any related company of Bank), as long
as they are the same as those used by Bank in the ordinary course of its
operations. In any case, aforementioned information must correspond to the date
when the Cost of Breach in Funding is determined;

<PAGE>

      (ii) The method may incorporate the funding cost for Bank, as long as it
has not been previously included in information previously used in
aforementioned method;

      (iii) The method may include the use of several valuation methods of
Market-Derived Operations, based on the type, complexity, size or number of
these; and

      (iv) For purposes of all of the above, as Calculating Agent, through the
certificate that it issues to Borrower, in addition to the cost of Breach in
Funding to be paid by Borrower, Bank shall also disclose the procedure followed
to determine it.

      Second. If Borrower objects in writing and in a reasonably well-founded
manner against the certificate issued by the Calculating Agent according to the
above terms within the first two (2) Business Days after it is issued and
delivered by the Calculating Agent to Borrower, through previous written notice
that, as the case may be, is issued to Borrower by Bank, the latter shall
determine who must act as Substitute Calculating Agents and ask them to provide
a quotation, following the same principles as those to Determine the Valuation
Method, and the average of the Cost of Breach in Funding determined by the
Substitute Calculating Agents shall be the Cost of Breach in Funding that shall
be applied for purposes of this Agreement, which shall be obligatory for the
parties hereto.

      (d) If Borrower should in any manner object against the determination by
the Calculating Agent and by the Substitute Calculating Agents, or does not pay
the Cost of Breach in Funding together with the early payment of the Loan, Bank
shall be entitled to reject the early payment of the Loan and Borrower shall
forfeit the right to make early payments of the Loan.

      (e) The same procedure referred to in this Clause shall be applied if the
early payments result from early maturity of the Loan because of one of several
of the Cases of Noncompliance.

      (f) If when calculating the Cost of Breach in Funding because of an early
payment made 36 (thirty-six) months after the Draw Date, there results a
positive amount in favor of Borrower, within the first 2 (two) Business Days
after actually receiving the early payment Bank shall reimburse such amount to
Borrower; however, in the understanding that: (i) Borrower may not compensate or
withhold any amount whatsoever of the early payment on account of the Cost of
Breach in Funding that, as the case may be, results in its favor; and (ii)
Borrower shall not be entitled to, as the case may be, receive the Cost of
Breach in Funding if the early payment results from early maturity of the Loan
due to one or several Cases of Noncompliance.

      (g) On date when paying the Cost of Breach In Funding, Borrower must pay
Bank amounts that result for its account, as the case may be, as established in
Clause 2.10 of the Agreement (Taxes).

<PAGE>

      (h) In case of partial Voluntary Early Payment according to this Clause,
Borrower must subscribe and deliver Bank a new Promissory Note which substitutes
the Promissory Notes then in possession of Bank, reflecting amounts prepaid on
that date. Against delivery of the new Promissory Note to Bank, the latter must
return to Borrower the substituted Promissory Notes duly canceled. If the
Voluntary Early Payment is for the full amount of the Loan, Bank must return to
Borrower the substituted Promissory Notes duly canceled. In cases where Bank
must return the substituted Promissory Notes duly cancelled, the parties agree
that Bank shall have three (3) Business Days to return aforementioned Promissory
Notes after the corresponding early payment.

      2.05. Ordinary Interest. (a) Without previous request, Borrower shall pay
Bank ordinary interest on principal past due of the Loan during every Interest
Period, since the Draw Date until the date when principal due of the Loan is
paid in full, interest that shall be payable on every Interest Payment Date at a
yearly interest rate equal to the Ordinary Rate.

      2.06. Penalty Interest. Principal past due and not paid over any credit to
the Loan shall be subject to interest since the day after maturity until it is
paid in full, at an annual interest rate applicable during every day such amount
continues past due equal to the result of adding 200 (two hundred) basic points
to the Ordinary Rate.

      2.07. Calculation of Interest. Interest according to this Agreement and
the Promissory Notes shall be calculated based on a 360 (three hundred sixty)
day year and the number of days actually passed, including the first, but
excluding the last of those dates.

      2.08. Payments. (a) All payments to be made by Borrower to Bank according
to this Agreement and the Promissory Notes shall be made no later than 14:00
hours (Mexico City time) on the date when due, through automatic charge made by
Bank to account 27/9978005 CLABE: 002180002799780052 kept by Borrower with Bank,
or in any other location or manner duly notified in writing by Borrower to Bank.
Borrower hereby instructs and authorizes Bank to charge against Borrower's
aforementioned account all payments Borrower must make to Bank according to this
Agreement and the Promissory Notes.

      (b) Any payments made by Borrower to Bank in relation to this Agreement
shall be applied in the following order: (i) to pay any Taxes for the account of
Borrower, (ii) pay any expenses and commissions resulting against Borrower
according to this Agreement, (iii) pay any penalty interest due, (iv) pay any
ordinary interest due, and (v) pay any amounts of principal due.

      2.09. Payments and Interest Periods with Maturity on Non-Business Days. If
any payment due under this Agreement and/or the Promissory Notes must be made on
any day other than a Business Day, such payment shall be made on the immediately
previous Business Day.

      2.10. Taxes. (a) Borrower shall pay Bank all amounts of principal,
interest and other amounts payable according to this Agreement and the
Promissory Notes free, exempt, and

<PAGE>

without deduction on account of any Tax currently or further applicable to such
amounts that is payable in any jurisdiction, except for income tax (or any
substitute tax) payable by any creditor on total income or assets according to
the laws, regulations and other legal provisions of Mexico. If on any occasion
any authority of any jurisdiction who is entitled to, imposes, applies or
collects any tax, government charge, contribution, tribute, withholding,
deduction, burden, Lien or other tax liability together with interest,
surcharges, sanctions, fines or charges derived thereof ("TAXES") on or in
relation to this Agreement or the Promissory Notes, or any such payment
necessary according to them, Borrower (and, as the case may be, Guarantor)
shall, on behalf of Bank pay to the corresponding tax authority the sum of any
of such Taxes, and pay to Bank additional amounts required to assure that Bank
receives the full amount which it would have received if such Taxes had not been
paid or withheld, and shall deliver to Bank the original receipts or other
evidence satisfactory to Bank concerning payment of any Tax within 30 (thirty)
days after the date when such Tax is enforceable and payable, according to the
applicable legal provisions; all of the foregoing, unless any of such Taxes
result from serious negligence, deceit or bad faith of Bank, or such Taxes are
applicable on account of income tax (or any substitute tax) payable by any
creditor on its income or total assets according to the laws, regulations and
other legal provisions of Mexico.

      (b) Bank shall immediately notify Borrower of any request, notice, demand
for payment or any other notice received by Bank from any authority with respect
to Taxes, for Borrower to promptly attend such request, notification, demand or
notice, pay such Tax, and hold Bank harmless with respect to such request,
notification, demand for payment or notice, in the understanding that in such
case Bank shall deliver to Borrower any document that is in possession of Bank,
or a copy of it, as required by Borrower in connection with any procedure with
respect to such request, notification, demand for payment or notice.

      (c) The obligations for Borrower according to this Clause 2.10 shall
subsist over all other obligations for Borrower according to this Agreement and
the Promissory Notes.

      2.11. Opening Commission. Borrower must pay Bank a commission on opening
the loan equal to 0.125% (zero point one hundred twenty-five percent) of the
amount drawn of the Loan, which shall be paid on the Draw Date, in which respect
Borrower hereby express and irrevocably authorizes Bank to deduct the amount of
such commission against the Draw made on the Draw Date.

                                      THIRD
                             CONDITIONS FOR THE DRAW

      3.01. Conditions Prior to the Draw. The obligation for Bank to make the
Draw shall be subject to the condition that Bank receive the following Documents
on or before the Draw Date, and that on or before the Draw Date the following
precedent conditions have been satisfied, in the manner and grounds acceptable
to Bank and its legal counsels:

<PAGE>

      (a)   Bank must have received an original copy of this Agreement, duly
            signed by Borrower and Guarantor;

      (b)   Bank has received the Notice of Draw;

      (c)   Bank must have received (i) certified copy of the public documents
            (with registration data) containing the articles of incorporation of
            Borrower and a simple copy of the respective public document
            containing the incorporation of Guarantor; (ii) copy of the public
            document (without registration data) containing the by-laws in
            effect of Borrower and of Guarantor per the date of this Agreement,
            and (iii) copy of the consolidated and audited annual financial
            statements per December 31, 2004 and the consolidated internal
            annual financial statements per December 31, 2005, in both cases of
            Borrower;

      (d)   Bank must have received Borrower's and Guarantor's documents
            disclosed in Attachment "C" of this Agreement;

      (e)   Bank must have received (i) a certificate by the Secretary of the
            Board of Directors of Borrower and of Guarantor evidencing the
            corporate authorizations and powers of authority of Borrower or of
            Guarantor, as the case may be, to subscribe this Agreement and the
            Promissory Notes, and to comply with the obligations set forth
            therein; and (ii) certified copy of the public documents (without
            registration data) evidencing the legal capacity and authority of
            the persons who subscribe this Agreement and the Promissory Notes on
            behalf of Borrower and of Guarantor, as well as other documents that
            must be subscribed according to them;

      (f)   Bank must have received a certificate issued by a Officer in Charge
            of Borrower and of Guarantor as established in Attachment "D" of
            this Agreement, certifying that the hand signatures affixed on it
            belong to the officers authorized to subscribe this Agreement and
            the Promissory Notes;

      (g)   That the representations by Borrower and by Guarantor set forth in
            this Agreement are true, complete and correct in all such aspects,
            and per the Draw Date as if such representations had been issued on
            the Draw Date;

      (h)   That on or prior to the Draw Date, there has not occurred nor
            subsists any Case of Noncompliance or event that through a
            notification or with the passing of time, or both, would constitute
            a Case of Noncompliance;

      (i)   On or prior to the Draw Date, Bank has received the Promissory Notes
            subscribed by Borrower to the order of Bank and signed to guaranty
            payment by Guarantor, documented in the Loan;

<PAGE>

      (j)   Bank must have received from Borrower payment of all and each of the
            commissions, fees, expenses and other costs of Bank that according
            to this Agreement must be paid by Borrower on that date.

                                     FOURTH
                       AFFIRMATIVE AND NEGATIVE COVENANTS

      4.01 Affirmative and Negative Covenants. As long as the Promissory Notes
continue fully or partially due, and as long as Borrower has any liability
according to this Agreement, except for obligations for Borrower subsisting
according to Clause 2.10 (c), unless otherwise consented in writing by Bank,
Borrower (and not Guarantor) binds itself to the following:

      (a) Compliance with Laws and Payment of Taxes. Comply with, and see that
each of its Significant Subsidiaries in all important aspects comply with the
laws, rules, regulations and applicable ordinances (including Environmental
Laws), including without limitation, payment when due of all Taxes for the
account of Borrower or those Significant Subsidiaries, or that derive from their
respective assets, as well as contributions, government charges and burdens
determined against themselves, taxes or payments required, except, (i) with
respect to such laws, rules, regulations and applicable ordinances (including
Environmental Laws), in the means that noncompliance of these may not,
individually or collectively, have a significant adverse effect on the Principal
Business or properties of Borrower or of its Significant Subsidiaries; and (ii)
with respect to such Taxes, in the means that they are objected against in good
faith through the appropriate procedures, filed and conducted promptly and
diligently, or that failing to pay them is not reasonably expected to have an
adverse consequence on the capacity of Borrower to pay the Loan or comply with
the obligations derived from this Agreement and/or the Promissory Notes, and for
which Borrower or the corresponding Significant Subsidiary, as the case may be,
establishes adequate reserves according to GAAP.

      (b) Legal Capacity and Conducting of Business. Borrower shall continue to
engage in the same kind of activities and business as at present, contemplating
normal variations occurring in its business derived from innovation or
technological convergence or from trends arising in the field of its industry,
and shall preserve and maintain, and see that each of its Significant
Subsidiaries preserves and maintains its legal existence, rights (either
statutory or legal), licenses, authorizations, concessions, permits, notices,
intellectual or industrial property rights, registrations and franchises (the
"Rights") that are considered relevant for its Principal Business; in the
understanding that neither Borrower nor its Significant Subsidiaries shall be
bound to maintain their legal existence in relation to a merger or consolidation
carried out as established in Clause 4.02 (b); and also in the understanding
that neither Borrower nor its Significant Subsidiaries shall be obliged to
preserve any Right, if any of them, based on their own judgment, good faith,
determine that the preservation of these is not commercially desirable for
Borrower or for any of its Significant Subsidiaries, as the case may be, and
that the loss of such Right cannot be expected to have an adverse consequence on
the capacity of Borrower to pay the Loan or
<PAGE>
comply with the obligations derived for itself from this Agreement and/or the
Promissory Notes. Under no circumstances must this obligation be interpreted as
a limitation for Borrower or its Significant Subsidiaries against beginning or
combining new businesses related to the telecommunications and related business.

      (c) Information Requirements. Provide Bank:

      (i)   As soon as available, but in any case, within the first 180 (one
            hundred eighty) calendar days immediately after the close of each
            fiscal year, copy of its audited consolidated financial statements
            for that fiscal year, that include the general balance sheet,
            consolidated profit and loss statements, statements of changes in
            the financial condition and variations in net worth for that fiscal
            year, according to GAAP, together with an audit report issued by any
            independent public accountant firm recognized in the jurisdiction
            where it is located.

      (ii)  As soon as available, but in any case, within the first 90 (ninety)
            calendar days immediately after the close of every fiscal year
            quarter period (excluding the fourth calendar quarter period), the
            balance sheet per the end of that quarter period, and profit and
            loss statements for that quarter period and for the period initiated
            at the end of the previous fiscal year and ended at the close of
            such quarter period, as the case may be, consolidated according to
            GAAP, signed by an Officer in Charge;

      (iii) Simultaneous to Borrower delivering the financial information
            referred to in sections (i) and (ii) above, Borrower shall deliver
            to Bank a certificate by an Officer in Charge, that includes all
            information and calculations necessary to determine compliance by
            Innova of section (i) and (ii) of Section (a) of Clause 4.02 of this
            Agreement.

      (iv)  As soon as possible, but in any case, within the first 10 (ten)
            Business Days after the date when it has or must be informed of the
            existence of any Case of Noncompliance or an event that, through
            notice or by the passing of time, or both, would constitute a Case
            of Noncompliance, an evidence signed by an Officer in Charge
            providing details of such Case of Noncompliance or event, and the
            means that have been undertaken or proposed to be undertaken in this
            respect;

      (v)   As soon as initiated, but in any case, within the first 5 (five)
            Business Days after receiving summons or notice of any action,
            complaint or administrative, arbitration or judicial procedure where
            Borrower or any of its Significant Subsidiaries is party, and that
            may, individually or jointly, have an adverse and significant effect
            on the Principal Business or properties of Borrower or of its
            Significant Subsidiaries, a notice signed by an Officer in

<PAGE>

            Charge of Borrower, describing the nature of such action, complaint
            or procedure, and the measures undertaken or proposed in this
            respect;

      (vi)  Any other information concerning the financial standing or
            operations or of any other nature of Borrower and/or of any of its
            Significant Subsidiaries that is reasonably requested at any time by
            Bank.

      (d) Insurance. Obtain and keep valid and see that each of its Significant
Subsidiaries obtain and keep valid adequate insurance with recognized insurance
companies to protect their assets, against risks and for as much as the amounts
required according to the adequate administrative procedures, and that are
normally obtained by companies with similar businesses in Mexico as the
activities developed by in consolidated manner by Borrower, considering the
nature of the business of Borrower and of its Significant Subsidiaries and the
location of the insured assets, except for insurance of satellite obligations
and of any transponder, and for their operation and performance.

      (e) Accounting Records. Keep and have each of its Significant Subsidiaries
keep accounting books and records in a manner that truly reflects their
financial position and the results of their operations according to GAAP:

      (f) Inspection Rights. By request from Bank (through the corresponding
contact officer), at least 7 (seven) calendar days before, permit the
representatives designated in writing by Bank to inspect the accounting records
and/or properties of Borrower and of any of its Significant Subsidiaries, and
interview their respective officers and outside auditors during business days
and hours, keeping confidential the information they have access to.

      (g) Fulfillment of Obligations. Comply with and pay, and have each of its
Significant Subsidiaries comply with and pay all their obligations, where the
principal amount (individually or collectively with other Debts not settled) is
above US$100,000,000.00 (One Hundred Million Dollars 00/100) (or the equivalent
in Pesos) or corresponding interest, upon maturity, whether this is
conventional, for obligatory early payment or in any other manner as established
in each agreement, mortgage, guaranty and other debt instruments binding them,
except for such obligations (i) where the amount or validity is being objected
against in good faith through appropriate procedures, and for which the adequate
reserves have been created according to GAAP and the applicable law, or (ii)
where failure to make payment because of such objection cannot reasonably be
expected to have a significant adverse effect on the business, assets,
liabilities, condition (financial or any other), licenses, operation or projects
of Borrower or of any of its Significant Subsidiaries, or on the capacity of
Borrower to pay the Loan or comply with the obligations derived from this
Agreement and/or the Promissory Notes.

      (h) Destination of the Funds. Borrower shall use the funds of the Loan
solely and exclusively to (1) pay (or reacquire) partially and in advance the
debt instruments issued by Innova, S. de R.L. de C.V. named Senior Notes with
maturity in 2013 for US$300,000,000.00 (Three Hundred Million Dollars, Lawful
Currency of the United States

<PAGE>

of America) and expenses related to the execution of this Agreement and early
payment of such Senior Notes, and (2) pay for obligations with financial cost
for Borrower. Once having paid the obligations with financial cost mentioned in
section (2) above, Borrower shall notify Bank in writing within 5 (five)
Business Days after such payment, which obligations and for what amounts were
paid with funds from the Loan.

      (i) Priority. Make sure and undertake all necessary action for the
obligations of Borrower under this Agreement and the Promissory Notes (i) to at
all time constitute an unconditional and insubordinate debt for Borrower; and
(ii) have at least the same payment priority with respect to any other present
or future unsecured and insubordinate debt of Borrower, except for obligations
against Borrower that according to the Law might enjoy any preference in
payment.

      (j) Preservation of Goods, etc. Borrower shall preserve and keep, and
shall have each of its Significant Subsidiaries preserve and keep all the goods
they require and use or are useful in developing their main activities, in good
and normal condition, except for ordinary use and wear, or those, that by nature
are in possession of the subscribers of Borrower or its Significant
Subsidiaries, or those where the wear or poor condition do not have a
significantly adverse effect on the capacity of Borrower to pay the Loan or
comply with the obligations derived from this Agreement and/or the Promissory
Notes, in the understanding that this provision shall not prevent Borrower or
any of its Significant Subsidiaries from discontinuing the operation and
preservation of any of their goods, as long as desirable for the development of
their business and that such discontinuation, individually or collectively, does
not originate a Case of Noncompliance or event that, through notice or by the
passing of time or both, would constitute a Case of Noncompliance or were not
reasonably expected to have as consequence a relevant adverse effect on the
capacity of Borrower to pay the Loan or comply with the obligations derived for
itself from this Agreement and/or the Promissory Notes.

      4.02. Affirmative Covenants for Borrower. As long as the Promissory Notes
continue fully or partially unpaid, and as long as Borrower has any obligation
according to this Agreement, unless otherwise consented in writing by Bank,
Borrower (and not Guarantor) binds itself to the following:

      (a) Financial Limitations.

            (i) Borrower shall not permit the Consolidated Leverage Index to at
any time exceed 4.0:1 (four point zero to one).

            (ii) Borrower shall not permit the Interest Coverage Index to at any
time be below 2.0:1 (two point zero to one).

      (b) Merger, Split-Up, Etc. Not merge, consolidate, split-up, undergo
liquidation or dissolution (or permit its liquidation or dissolution), or permit
that its Significant Subsidiaries merge, consolidate, split-up, undergo
liquidation or dissolution (or that its

<PAGE>

Significant Subsidiaries permit such liquidation or dissolution), except that:
(i) any Subsidiary of Borrower may be merged or consolidated in or with (A)
Borrower, in the means that Borrower is the absorbing or surviving company, or
(B) any other Subsidiary of Borrower (including any Person who becomes a
Subsidiary of Borrower derived from such merger or consolidation); (ii) Borrower
or any of its Significant Subsidiaries may be merged or consolidated with any
other Persons, as long as (A) in the case of a merger or consolidation of
Borrower or of a Significant Subsidiary, Borrower or Such Significant Subsidiary
must be the absorbing or surviving company, and (B) there must not exist and
subsist any Case of Noncompliance or any event or condition that, through notice
or by the passing of time, or both, might constitute a Case of Noncompliance
after such merger or consolidation becomes effective; (iii) any Significant
Subsidiary may be merged or consolidated with any Person through an adequate
consideration to Borrower and its Significant Subsidiaries.

      (c) Sale of Fixed Assets. Innova may sell any of its respective properties
or assets, either present or future, as long as the sale in question does not
result in Innova breaching any of the Financial Limitations established in
section (a) of this Clause 4.02 or there occurs a Case of Noncompliance or event
that, through notice or by the passing of time, or both, might constitute a Case
of Noncompliance.

      (d) Liens. Innova may create, establish or permit the existence of any
Lien of any kind on any of its properties or assets, either present or future,
or those of its Subsidiaries, as long as creation, establishment and/or
completion of such Lien does not result (i) in any violation of the Financial
Limitations established in section (a) of this Clause 4.02, or (ii) a Case of
Noncompliance or event that, through notice or by the passing of time, or both,
would constitute a Case of Noncompliance.

      (e) Change in the Nature of the Business. Neither Borrower or its
Significant Subsidiaries may introduce a substantial change in the line of
business and nature of their main activities such as they are conducted per the
date of this Agreement; except for changes made through technological innovation
or convergence, or changes that because of the nature of the industry are being
introduced or imply a natural turn for companies providing telecommunications
and related services.

      (f) Investments. Innova may make investments in Persons other than
companies who to date are Subsidiaries of Borrower, as long as such investments
do not cause Innova to breach any of the Financial Limitations established in
section (a) of this Clause 4.02, or otherwise, there occurs a Case of
Noncompliance or event that, through notice or by the passing of time, or both,
would constitute a Case of Noncompliance.

      (g) Dividend. Innova shall pay dividend either in cash or in species
without previous authorization by Bank, as long as the Consolidated Leverage
Index does not exceed 4.0:1 (four point zero to one). However, such limitation
shall not be extended to the Subsidiaries of Innova, who may pay dividend thus
approved by their competent corporate committees.

<PAGE>

      4.03. Affirmative Covenants for GT. As long as any Promissory Note
continues fully or partially unpaid, and as long as Borrower has any payment
liability according to this Agreement, except for the obligations of Borrower
that subsist according to Clause 2.10 (c), unless otherwise consented in writing
by Bank, GT binds itself to:

      (a) Financial Statements. As soon as available, but in any case, within
180 (one hundred eighty) calendar days immediately after the close of every
fiscal year, provide Bank a copy of its audited consolidated financial
statements for that fiscal year, that include the general balance sheet,
consolidated profit and loss statements, statements of changes in the financial
condition and of variations in net worth for that fiscal year according to GAAP,
together with an audit report by any independent public accountant firm
recognized in the jurisdiction where it is located.

      (b) Inspection Rights. By request from Bank (through the corresponding
contact officer), at least 7 (seven) calendar days before, permit the
representatives designated in writing by Bank to inspect the accounting records
and/or properties of GT and interview its respective officers and outside
auditors during business days and hours, sustaining confidentiality over the
information which they have access to.

                                      FIFTH
                                   SURETY BOND

      5.01 Surety Bond. Guarantor hereby unconditionally and irrevocably
guarantees prompt payment by Borrower of all and each present or future amounts
owned by Borrower according to this Agreement and the Promissory Notes, and
payment at maturity, whether such maturity is scheduled or early, of the full
amount of principal, interest, charges, commissions, as well as exact and prompt
compliance of all and each of other obligations derived against Borrower from
this Agreement and from the Promissory Notes, including payment of Taxes
according to Clause 2.10 and expenses incurred by Bank in exercising its rights
according to this Agreement and/or the Promissory Notes according to Clause 7.05
of this Agreement (all such amounts, interest, charges, commissions and other
obligations shall hereinafter be the "OBLIGATIONS"). Hereinafter, the surety
bond granted by Guarantor according to this Clause shall be the "SURETY BOND".

      In addition to payment or fulfillment of the Obligations, the Surety Bond
hereby granted shall secure due compliance by Borrower of any other additional
amount that, as the case may be, is disbursed or delivered by Borrower under
this Agreement and the Promissory Notes, as well as payment of any other
obligation for Borrower derived from restructure, novation, extension or delay
of this Agreement, as long as such restructure, novation, extension or delay has
been previously approved in writing by Guarantor. To this effect, Guarantor
reserves to itself its consent for Bank to grant extensions, delays or renewals
concerning payment or fulfillment of the Obligations of Borrower, which Bank
must previously obtain in writing in order that this Surety Bond not be
considered extinct.

<PAGE>

      Additionally, Guarantor binds itself to "as guarantor" subscribe the
Promissory Notes established in Clause 2.02 of this Agreement.

      Guarantor guarantees that the Obligations shall be strictly paid according
to the terms and conditions stipulated in this Agreement, the Promissory Notes,
or any modifications thereof, as long as they have been previously authorized in
writing by Guarantor, notwithstanding any legal provision, regulation or
ordinance currently or further in effect in any jurisdiction that affects any of
such terms or rights of Bank under this Agreement and/or the Promissory Notes.
The responsibility of Guarantor according to this Surety Bond shall absolutely
and unconditionally subsist, notwithstanding:

      (i) any change in the term, manner or place of payment, or any other term
of this Agreement, the Obligations or any other modification or waiver of the
original terms of this Agreement, the Obligations or this Surety Bond previously
authorized in writing by Guarantor; or

      (ii) any change, release, modification or waiver of the original terms of
this Agreement, the Obligations, or any previous consent previously granted in
writing for each of such cases by Guarantor, to drift away from the terms
stipulated in this Agreement, the Obligations, or any other act or accessory
document thereof; or

      (iii) any exchange control system, system limiting transparency of funds
or other measure delaying or preventing due fulfillment by Borrower of its
Obligations under this Agreement and the Obligations; or

      (iv) any insolvency proceeding, bankruptcy, insolvency or reorganization,
or other similar proceeding where Borrower is involved; or

      (v) any other circumstance that might otherwise constitute an exception or
release for Borrower.

      The Surety Bond shall continue in effect or shall be reestablished, as the
case may be, if at any time payment of any of the Obligations were returned or
should have to be in any manner reimbursed to Bank for any reason due to
insolvency proceedings or bankruptcy of Borrower, or for any other reason, in
which case such payment shall be understood as not made.

      Additionally, the parties expressly agree that the Surety Bond shall
subsist until the Bank has been fully paid the entire amount owed to it on
account of the Obligations assumed by Borrower in this Agreement, including
accessories and other legal consequences, even though: (i) Borrower is granted
an extension or delay, as long has these have been previously consented in
writing by Guarantor; (ii) Bank releases Borrower from the debt, and because of
such release the Obligations are subject to new liens or conditions, in which
case such release of debt must be previously consented to in writing by
Guarantor; or (iii) Bank does not judicially claim against Borrower fulfillment
of the main Obligations

<PAGE>

within the month after expiration of the term, or when the principal debt
becomes demandable at sight, or (iv) during more than 3 (three) months, Bank
unjustifiably ceases to pursue the action filed against the debtor.

      For purposes of Article 2813 of the Civil Code for the Federal District
and corresponding articles of the Civil Codes of the other States of the Mexican
Republic and of the Federal Civil Code, supplementary for any deficiency in
mercantile matters, Borrower binds itself to obtain written consent from
Guarantor for the waivers referred to in such Article. Copy of such consent must
be delivered to Bank within 5 (five) Business Days after it has been obtained.

      5.02. Waiver. (i) Except for the provisions of section (ii) below,
Guarantor hereby, and throughout the valid term of this Surety Bond, waives any
proceeding, filing, request, objection, notice of acceptance and any other
notice with respect to any of the Obligations and this Surety Bond, and any
request that Bank or by any of its assigns or transferees, exercise any right or
undertake any measure against Borrower or any other Person for the execution of
this Surety Bond. Guarantor accepts that if Borrower ceases to partially or
fully pay any of the Obligations according to this Clause, Guarantor shall
proceed to punctually pay them without requiring request or notice whatsoever,
which Guarantor hereby expressly waives, and also expressly waives the benefits
of division, order and discussion and the rights granted by articles 3814, 2815,
2822 and 2823 of the Civil Code for the Federal District and corresponding
articles of the Civil Codes of the other States of the Mexican Republic and of
the Federal Civil code, supplementary for any deficiency in mercantile matters.

      (ii) Notwithstanding the provisions of Clause 5.02 (i) above, before
demanding payment from Guarantor, Bank must extra-judicially request payment of
the Obligations according to this Agreement, primarily from Borrower (in such
case only requiring simple written request for payment issued to Borrower with
copy to Guarantor, which the parties agree shall not be necessary through
judicial means); consequently, if Borrower does not provide payment within the
term established in such request, Bank may claim against Guarantor payment of
the Obligations past due through simple written notice as provided in this
Agreement.

      5.03. Subrogation. During the valid term of this Surety Bond Guarantor may
not exercise any right acquired through subrogation according to this Surety
Bond, by virtue of any payment made by them according to this Surety Bond, as
long as the Obligations have not been paid in full to Bank, its assigns or
transferees. The foregoing, unless Borrower files a voluntary proceeding aimed
at reaching insolvency proceedings, in which case such limitation shall not be
applicable to Guarantor.

      For purposes of Article 2845 of the Civil Code for the Federal District
and corresponding articles of the Civil Codes of the other States of the Mexican
Republic and of the Federal Civil Code, supplementary for any deficiency in
mercantile matters, the parties agree that Guarantor shall be released from its
obligation as long as it cannot

<PAGE>

subrogate itself in the rights of Bank due to fault or negligence directly
attributable to Borrower, and determined through ruling in first instance by a
competent judge.

      If Borrower should pay Guarantor any amount on account of such subrogation
rights, and any the Obligations are past due, unless payment is made as a result
of mercantile bankruptcy proceedings according to the above paragraph, the
amount(s) thereby delivered shall be kept under deposit and custody by
Guarantor, and shall be delivered immediately to Bank for credit to the balance
past due of the Obligations not settled by Borrower, according to this
Agreement, in the payment account theretofore instructed by Bank. In such case,
Guarantor shall be considered receiver of such amounts, with the obligation to
invest them in fixed income instruments in the same currency as the Obligations,
in the understanding that yield thereof shall also be delivered to Bank for
allocation to the past due Obligations according to the above terms.

      Once the Obligations have been fully settled, Guarantor shall subrogate
itself in the rights held by Bank under this Agreement according to the terms of
the applicable regulations, in which case Bank shall by no means be responsible
for the legitimacy and acceptability of such rights or, as the case may be, with
respect to the solvency of Borrower.

                                      SIXTH
                             CASES OF NONCOMPLIANCE

      6.01. Cases of Noncompliance. If there occur and subsist any of the events
described below (each one a "CASE OF NONCOMPLIANCE"), through written notice
issued by Bank to Borrower with copy to Guarantor at least 5 (five) Business
Days before the date when, as the case may be, the period expires to correct the
Case of Noncompliance according to this Agreement (i) if the Draw has not
occurred, declare extinguished its commitment, and immediately, the obligation
for Bank to permit the Draw shall be extinguished, and (ii) if the Draw has not
occurred, declare past due and immediately payable principal due of the Loan,
interest earned and not paid, and all other amounts payable according to this
Agreement, in which case the Promissory Notes, principal due of the Loan,
interest earned and not paid, and all other amounts owed by Borrower to Bank
according to this Agreement and the Promissory Notes shall fall due and be
payable immediately without requiring a filing, requirement, request, objection
or any other notice, either judicial or extra-judicial, all of which Borrower
hereby expressly waives, in the understanding that, unless otherwise provided
for, Borrower shall have 2 (two) Business Days to remedy the Case of
Noncompliance referred to in section (n) below:

      (a)   If upon maturity (either on a scheduled maturity date, because of
            early maturity or for any other reason), Borrower does not pay for
            (i) principal of the Loan or of any Promissory Note; or (ii) any
            amount of interest earned or any amount payable according to this
            Agreement or the Promissory Notes, and such default in paying
            interest or any other amount due according to this Agreement or the
            Promissory Notes, other than the principal amount, were not
            corrected within 5

<PAGE>

            (five) calendar days after the date when such payments should have
            been made; or

      (b)   If any statement issued by Borrower or Guarantor according to this
            Agreement, or any certification or document delivered by Borrower or
            Guarantor in compliance of their obligations under this Agreement
            were incorrect or false in any relevant aspect at the time when
            made, and such noncompliance is not corrected within 30 (thirty)
            calendar days after (i) the date when any Head Officer of Borrower
            or of Guarantor, as the case may be, were informed of such
            noncompliance, or (ii) the date when Bank notified Borrower or
            Guarantor of such error, whichever occurs first; or

      (c)   If Innova or any of its Significant Subsidiaries or GT (i) default
            in their obligations or in any of their Debts, or fail in their
            obligation to secure or pay for any Derivate in one operation or in
            series of operations, whether or not these are inter-related, if
            such default involves an amount (individually or collectively with
            the other Debts not settled) above US$100,000,000.00 (One Hundred
            Million Dollars 00/100) (or the equivalent in Pesos) or interest
            thereof when due, whether this is conventional, on account of
            obligatory early payment or in any other manner, and such
            noncompliance subsists after expiration of the applicable grace
            period, as the case may be, stipulated in the agreement or
            instrument related to such Debt, or otherwise (ii) fails to comply
            with any other term, pact or condition contained in the agreement or
            instrument related to such Debts and such noncompliance subsists
            after expiration of the applicable grace period, as the case may be,
            stipulated in such agreement or instrument, regardless of whether
            such Debt is or not declared past due early; or

      (d)   If Borrower or any of its Significant Subsidiaries or GT should
            admit in writing their incapacity to pay their debts, or make a
            general assignment of properties in benefit of creditors, or
            mercantile bankruptcy proceedings, or reorganization or similar
            proceedings were filed against Borrower or any of its Significant
            Subsidiaries or GT without request or consent by Borrower or its
            Significant Subsidiaries or GT, as long as such proceedings remain
            without being rejected or dismissed during a period of sixty (60)
            calendar days or more; or

      (e)   If any Government Authority should confiscate, expropriate or assume
            custody or control of all or any important part of the properties of
            Borrower or its Significant Subsidiaries, or displace the management
            of Borrower or its Significant Subsidiaries, or substantially limit
            its authority to operate its business or exercise control over any
            of its Significant Subsidiaries, or of all or any important part of
            its Significant Subsidiaries, and such action has or might
            reasonably have a significant adverse effect on the business,
            assets, responsibilities, condition (financial or of any other
            nature), licenses, operation or projects of Borrower or of any of
            its Significant Subsidiaries, or in the capacity of Borrower to pay
            the Loan or comply with its obligations derived

<PAGE>

            from this Agreement and/or the Promissory Notes; or if any
            franchise, license, authorization or important concession of
            Borrower or of any of its Significant Subsidiaries is terminated or
            substantially modified and such termination or substantial
            modification has, or might reasonably have a significant adverse
            effect on the business, assets, responsibilities, condition
            (financial or of any other nature), licenses, operation or projects
            of Borrower or of any of its Significant Subsidiaries, or on the
            capacity of Borrower to pay the Loan or comply with its obligations
            derived from this Agreement and/or the Promissory Notes, and in all
            the above cases, such action by the Government Authority remains
            without being rejected or dismissed for a period of sixty (60)
            calendar days or more; or

      (f)   If at any time during the valid term of this Agreement Borrower
            fails to comply with any of its obligations stipulated in sections
            (b), (c)(iv) and (i) of Clause 4.01 of this Agreement and sections
            (a), (b), (c) and (d) of Clause 4.02 of this Agreement; or

      (g)   If at any time during the valid term f this Agreement Borrower or
            Guarantor fail to comply with any of their other obligations or any
            of the terms, pacts or understandings set forth in this Agreement,
            and such noncompliance were not corrected within the first 30
            (thirty) calendar days after the date when Bank notifies this to
            Borrower, as the case may be; or

      (h)   If any event or condition occurs which, the Bank determines to have
            or that might have an adverse effect on the capacity of GT, Innova
            or the Significant Subsidiaries to pay the Loan or comply with the
            obligations derived from this Agreement and/or the Promissory Notes;
            or

      (i)   If one or more court rulings or decrees are pronounced against GT,
            Innova or any of its Significant Subsidiaries, involving a total
            contingency (that is not paid or not totally protected by insurance)
            of US$50,000,000.00 (Fifty Million Dollars 00/100) (or the
            equivalent in Pesos) and if such court rulings or decrees are not
            dismissed, invalidated or guaranteed while being appealed within the
            first 40 (forty) calendar days after the day of such ruling, or
            within the legal term for the respective appeal, or if they are not
            reserved by GT, Borrower or the Significant Subsidiary involved
            according to GAAP, or according to the applicable and generally
            accepted accounting principles of the Significant Subsidiary
            involved, as the case may be; or

      (j)   If the credit rating of GT on the execution date of this Agreement
            (per the date of this Agreement it is BBB and BAS by S&P and Moody's
            respectively) is reduced to BB and Ba2 by either S&P or Moody's
            respectively, according to the pertinent rating scale, unless (i)
            Innova proves that on such date it has an Investment Grade by
            Moody's or S&P; or (ii) Innova has a Consolidated Leverage Index
            equal or below 2 to 1 and an Interest Coverage Index equal to or

<PAGE>

            above 4 to 1, calculated per the date when the credit rating of GT
            is reduced, or (iii) GT is substituted by another guarantor who is
            reasonably accepted by Bank within no more than 30 (thirty) calendar
            days after the credit rating of GT is reduced; or

      (k)   If Innova or its Significant Subsidiaries are declared in arrears,
            and such noncompliance causes a relevant adverse effect that may
            result in default in the obligations of Borrower as provided for in
            this Agreement; or

      (l)   If on any occasion and for any reason attributable to Borrower or
            Guarantor (except for payment of the Loan or compliance of existing
            obligations according to it), this Agreement and/or the Promissory
            Notes cease to have full force and effect, or Borrower and/or
            Guarantor object against the validity or enforceability of this
            Agreement and/or of the Promissory Notes; or

      (m)   If Borrower unjustifiably ceases to pay any tax debt or dues to the
            Mexican Social Security, or the Workers' National Housing Fund, or
            to the Retirement Savings System, except in the means that the above
            cannot reasonably result in a significant adverse effect over the
            financial condition or the Principal Business of Borrower or in the
            capacity of Borrower to pay for the Loan or comply with the
            obligations derived from this Agreement or from the Promissory
            Notes, and unless Borrower in good faith objects against the
            corresponding resolution through the appropriate procedures, filed
            and conducted promptly and diligently, and for which it establishes
            adequate reserves according to GAAP; or

      (n)   If at any time during the valid term of this Agreement and for any
            reason directly attributable to Borrower or to Guarantor (i) the
            Surety Bond or any other of the present or future guarantees granted
            in favor of the Bank to secure obligations derived against Borrower
            from this Agreement cease to be enforceable or valid; or (ii) of the
            party granting the Surety Bond or such guarantees were to claim that
            such guarantees are void or null.

                                     SEVENTH
                                  MISCELLANEOUS

      7.01. Modifications. No modification or waiver of any right derived from
this Agreement, and no consent to any divergence by Borrower of its obligations
derived form this Agreement shall have effect unless evidenced in writing and
subscribed by Bank, and in such case, such modification, consent or waiver shall
only have effect in relation to the specific purpose for which it has been
granted.

      7.02. Waivers. Joinder of Remedies. No failure or delay by Bank in
exercising any of its rights, powers of authority or actions according to this
Agreement may be considered as a waiver of them, nor may any singular or partial
exercise of any of such rights, powers of authority or actions prevent any other
or further exercise of them, or exercise of any

<PAGE>

other right, power of authority or action. The rights and actions provided for
in this Agreement are addable and do not exclude any right or action whatsoever
provided for in the Law.

      7.03. Information. (a) Seeking to comply with the provisions of the Law
for the Regulation of Credit Information Companies, on this date Borrower and
Guarantor authorize Bank to periodically inquire with credit information
companies concerning the credit records of Borrower and Guarantor, and that it
be authorized to provide information to these companies credit information
concerning Borrower and Guarantor.

      (b) In addition to the persons and authorities referred to in Articles 93
and 117 of the Credit Institutions Law, Borrower and Guarantor authorize Bank to
reveal information derived from the operations referred to in this Agreement, to
(i) other financial entities forming part of the financial group of Bank
(exclusively in the means permitted by the Credit Institutions Law), and to the
Person holding direct or indirect control over Borrower, (ii) the regulating
authorities with the jurisdiction where the Persons holding direct or indirect
control over Bank are established, (iii) the Central Bank of Mexico, (iv)
persons with whom Bank enters into agreements according to Clause 7.06, and (v)
the persons thus agreed on by the parties in writing.

      7.04. Notices, Etc. Unless otherwise stipulated in this Agreement,
notifications or notices contemplated herein shall be issued in writing and
forwarded by facsimile or shall be delivered to each party of this Agreement at
the addresses given below their names on the pages of this Agreement bearing the
signatures by each party, or any other address notified in writing by any party
to the other parties of this Agreement. All notifications and notices delivered
at the address of the corresponding party shall have effect on the date when
delivered, and those forwarded by facsimile shall have effect when the addressee
issues written acknowledgement of receipt of the corresponding notification or
notice.

      7.05. Costs and Expenses. Borrower also agrees that upon request from Bank
it shall pay for all losses, costs and expenses, if any, in relation to
enforcement of this Agreement and of the Promissory Notes, as well as of any
other document that must be delivered according to this Agreement.

      7.06. Assignment. Borrower may not assign its rights or obligations
derived from this Agreement without previous written consent granted by Bank.
Bank may assign its rights and obligations derived from this Agreement and from
the Promissory Notes to (i) with previous notice issued to Borrower 10 (ten)
Business Days in advance, and as long as such assignment is made in favor of the
Affiliates and/or Subsidiaries of Bank or to the trusts where Bank and/or its
Affiliates and/or its Subsidiaries act as trustors and beneficiary in any
location, (ii) to any credit institution or Mexican insurance institution,
through simple written notice issued to Borrower 7 (seven) days in advance, but
without requiring consent by Borrower (except for institutions forming part of
Grupo Salinas); or (iii) to any other Person, as long as it has obtained consent
from Borrower, which may not be unjustifiably rejected. In case Bank makes any
assignment according to this Clause, the

<PAGE>

assignee shall acquire the same rights and benefits against Borrower as those it
would have with respect to the rights and obligations that were assigned to
itself if originally it were the Bank according to this Agreement.

      By request from Bank, Borrower and Guarantor bind themselves to substitute
the Promissory Notes issued according to this Agreement if so required by Bank
due to assignments or participations made according to this Clause, in the
understanding that for such substitution, Bank binds itself to return to
Borrower the substituted Promissory Notes against delivery or the new Promissory
Note(s) by Borrower, if such substitution is made in one of the offices of Bank.

      Subject to the provisions of this Clause, the Promissory Notes issued
according to this Agreement may be discounted, transferred or assigned by Bank
according to Article Two Hundred Ninety-Nine of the General Law of Negotiable
Instruments and Credit Operations, in which respect Borrower hereby expressly
authorizes it, and Borrower hereby waives that it be delivered or credited
interest referred to in the second paragraph of Article Two Hundred Ninety-Nine
of the General Law of Negotiable Instruments and Credit Operations.

      7.07. Compensation. (a) On any date when:

      (i)   Borrower must pay Bank any amount according to this Agreement and/or
            the Promissory Notes, either on account of principal, interest or
            any other item, or

      (ii)  There occurs any Case of Noncompliance and any grace period
            applicable to it has expired, and principal of the Loan has been
            declared past due,

In such case, in the means permitted by the Law, Borrower authorizes and
irrevocably grants powers of authority to Bank to charge against any deposit
and/or account kept by Borrower with Bank (including, without limitation,
deposits and/or accounts, accounts at sight, savings accounts, term accounts,
provisions or definite accounts), expressly excluding funds derived from
payments by Bank, acting as trustee in trust agreements where Borrower is
beneficiary, deposited in the accounts of Borrower specifically opened for such
purposes; in the understanding that this exception shall not be applicable if
there exists a Case of Noncompliance of payment according to the terms of this
Agreement, and compensate against any Debt which Bank might have in favor of
Borrower for any matter, for as much as a sum equal to the amount not paid to
Bank, in the case of sub-section (i) above, and to the total amount of the
principal amount defaulted of the Loan, plus interest and accessory amounts, in
the event of sub-section (ii) above, without requiring any notice, requirement
or complaint whatsoever.

      (b) Bank shall notify Borrower as soon as possible, but in any case,
within 3 (three) Business Days after the date when Borrower applies the charge
or corresponding compensation as permitted under this Clause, in the
understanding that failure to make such

<PAGE>

notification shall by no means whatsoever affect the validity of such charge or
compensation. The right of Bank according to this Clause is additional to any
other right (including other compensation rights) that Bank might hold.

      7.08. Jurisdiction. The parties of this Agreement express and irrevocably
bind themselves to the jurisdiction of the competent federal courts of Mexico
located in the Federal District, Mexico for any action or procedure related to
this Agreement, and express and irrevocably hereby waive any other jurisdiction
that might currently or further correspond to them in virtue of their respective
present domiciles or any other future domicile, or for any other reason.

      7.09. Applicable Law. This Agreement shall be governed by and interpreted
according to the applicable federal laws of Mexico.

      7.10. Headings. The headings of the Clauses and subdivisions of these used
in this Agreement are only meant for convenience of the parties and may not
affect the interpretation of this Agreement.

      7.11. Copies. This Agreement is signed in three (3) copies, which shall
constitute a same instrument, one for Borrower, one for Bank and one for
Guarantor.

                            [SIGNATURE PAGES FOLLOW]

<PAGE>

In virtue of the above, the parties have executed this Agreement on the date
mentioned in the introduction.

INNOVA, S. DE R.L. DE C.V. as              Address:
Borrower                                   Insurgentes Sur 694 - 6 degrees piso
                                           Colonia del Valle
                                           03100 Mexico, D.F.

By: /s/ Alexandre Moreira Penna Da Silva
   ------------------------------------
Name: Alexandre Moreira Penna Da Silva     Attention: Administration and Finance
Title: Attorney in Fact                    Vice-President
                                           Copy:      Chief Legal Officer
                                           Telephone: (55)5448-4131
                                           Facsimile: (55)5448-4047

By: /s/ Carlos Ferreiro Rivas
   ------------------------------------
Name: Carlos Ferreiro Rivas
Title: Attorney in Fact

BANCO NACIONAL DE MEXICO, S.A.             Address:
INTEGRANTE DEL GRUPO FINANCIERO            Act. Roberto Medellin No. 800
BANAMEX                                    Torre Sur, Piso 4
                                           Colonia Santa Fe
By: /s/ Juan Carlos Perez Rocha Ituarte    01210, Mexico, D.F.
   ------------------------------------
Name: Juan Carlos Perez Rocha Ituarte
Title: Attorney in Fact                    Attention: Juan Carlos Perez Rocha
                                           And/or Miguel Angel Soto Gutierrez
                                           Telephone: 2262-3787
By: /s/ Emilia Ponce Garcia                Facsimile: 2226-2912 / 2226-2927
   ------------------------------------
Name: Emilia Ponce Garcia
Title: Attorney in Fact

This page bears a stamp with signature by the Sky Legal Department.

<PAGE>

GRUPO TELEVISA, S.A. as Guarantor           Address:
                                            Avenida Vasco de Quiroga No. 2000
By: /s/ Salvi Rafael Folch Viadero          Edificio A, Piso 4
   ---------------------------------------  Colonia Zedec Santa Fe
Name: Salvi Rafael Folch Viadero            01210 Mexico, D.F.
Title: Attorney in Fact

By:  /s/ Jorge Agustin Lutteroth Echegoyen  Attention: Salvi R. Folch Viadero
    --------------------------------------  and/or Guadalupe Phillips
Name: Jorge Agustin Lutteroth Echegoyen     Telephone: 5261-2135
Title: Attorney in Fact                     Facsimile: 5261-2039

                                            Copy to:

                                            Chief Legal Officer
                                            Address:
                                            Avenida Vasco de Quiroga No. 2000
                                            Edificio A, Piso 4
                                            Colonia Zedec Santa Fe
                                            01210 Mexico, D.F.

                                            Attention: Joaquin Balcarcel Santa
                                                       Cruz
                                            Telephone: 5261-2433
                                            Facsimile: 5261-2546

This page bears a stamp and signature by Televisa.

<PAGE>

                                 Attachment "A"
                            [FORM FOR NOTICE OF DRAW]

                                                                          [Date]

Banco Nacional de Mexico, S.A.
Integrante del Grupo Financiero Banamex
Act. Roberto Medellin No. 800, Torre Sur, Piso 4
Colonia Santa Fe
01210 Mexico, Distrito Federal

Attention:
Facsimile: ___________, Telephone: ___________

Ladies and Gentlemen:

      The undersigned, Innova, S. de R.L. de C.V., refers to Simple Loan
Agreement dated March 10, 2006 (the "LOAN AGREEMENT"; capitalized terms not
expressly defined herein shall have the meaning attributed to them in the Loan
Agreement), executed between the undersigned as Borrower, Banco Nacional de
Mexico, S.A., Integrante del Grupo Financiero Banamex, as Bank, and Grupo
Televisa, S.A., as Guarantor, hereby irrevocably notifies Bank according to
Clause 2.02 of the Loan Agreement, that the undersigned requests Draw for the
full amount of the Loan, and according to the Loan Agreement, and for such
purpose establishes that the Business Day of such Draw be _____ 2, 006. Borrower
hereby instructs Bank that the Draw be deposited in checking account number
27/9978005 CLABE: 002180002799780052 kept by Borrower in Banco Nacional de
Mexico, S.A., Integrante del Grupo Financiero Banamex.

      The undersigned hereby certifies (i) that all and each of the
representations set forth by the undersigned in the Loan Agreement are true and
correct per the date of this communication, and shall be true and correct in all
significant aspects on the date when the Draw is made, as if issued on and per
such date (except in the means that such representations refer to a specific
previous date, in which case such representations must be true and correct in
all significant aspects per such previous date), (ii) that no Case of
Noncompliance has occurred nor continues, nor may result from such Draw or from
applying the funds derived from it, and (iii) there has not occurred any event
or condition that has or might have a significant adverse effect on the
business, assets, responsibilities or condition (financial or of any other
nature) of Borrower or of any of its Significant Subsidiaries, that might
significantly affect the result of the operations or projects of Borrower or of
any of its Significant Subsidiaries, or the capacity of Borrower to pay the Loan
or to comply with its obligations according to this Agreement and the Promissory
Notes.

<PAGE>

                                  Yours truly,

                           Innova, S. de R.L. de C.V.

By: ______________________________            By: _____________________________
Name: Alexandre Moreira Penna Da              Name: Carlos Ferreiro Rivas
Silva                                         Title: Attorney in Fact
Title: Attorney in Fact

<PAGE>

                                 Attachment "B"
                             [PROMISSORY NOTE FORM]

                                                       Promissory Note [1] [2]/2
                                                 This promissory note forms part
                                             of a series of two promissory notes

                                 PROMISSORY NOTE
                                 NON-NEGOTIABLE

FOR VALUE RECEIVED, the undersigned, Innova, S. de R.L. de C.V. ("SUBSCRIBER"),
hereby unconditionally promises to pay to the order of Banco Nacional de Mexico,
S.A., Integrante del Grupo Financiero Banamex ("BANK"), the principal amount
of        $[________].00 ([________] pesos 00/100 Mexican Currency), precisely
on [________], 2016 ("DUE DATE").

If any payment of principal by Subscriber according to this Promissory Note is
due and payable on demand on a day other than a Business Day (as such term is
further defined), such payment shall due and payable on demand on the
immediately previous Business Date.

Subscriber also unconditionally promises to pay interest on the balance past due
of principal of this Promissory Note, from and including the date of this Note,
but excluding the date when balance of principal past due of this Note is paid
in full, at an applicable annual rate that, during every Interest Period (as
such term is further defined), equal to 8.74% (eight point seventy-four)
percent) per year (the "INTEREST RATE"). Interest shall be payable when due, on
each Interest Payment Date (as such term is further defined).

Subscriber also unconditionally promises to pay penalty interest over the
balance past due of this Promissory Note since the date when it defaults in any
payment of principal or interest of this Promissory Note as provided for herein,
and until the date when principal past due of this Promissory Note is paid in
full, at an annual rate equal to the result of adding the Interest Rate plus 200
(two hundred) base points, for which the interest shall be payable at sight.

Interest earned according to this Promissory Note shall be calculated for days
actually passed based on a three hundred sixty (360) day year (including the
first day, but excluding the last day).

All payments according to this Promissory Note must be made to the holder of
this Note no later than 14.00 hours (Mexico City, Federal District time) on the
date when due, through electronic transfer in pesos and in funds freely
available on the same day, in any branch of Bank inside territory of Mexico,
without for such purposes considering automatic teller branch offices and those
inside corporations (SEC), or in any other location or form duly notified by the
holder of this Note to Subscriber in writing.

<PAGE>

Subscriber shall pay to the holder of this Promissory Note all amounts of
principal, interest and other amounts payable according to this Note, free,
exempt and without any deduction on account of any Tax currently or further
applicable to such amounts, payable in any jurisdiction, except for income tax
(or any substitute tax) payable by any creditor on income or total assets
according to the laws, regulations and other legal provisions of Mexico. If at
any time any authority from any jurisdiction entitled to, imposes, charges or
collects any tax, government charge, contribution, tribute, withholding,
deduction, burden, lien or other tax liability, together with interest,
surcharges, sanctions, fines or charges resulting from these ("TAXES"), on or
with respect to this Promissory Note, or to any payment required according to
it, Subscriber shall, on behalf of the holder of this Note, pay to the
corresponding tax authority the amount of any of such taxes, and shall pay to
the holder of this Promissory Note additionally amounts required to assure that
the holder of this Promissory Note receives the full amount it would have
received had such Taxes not been paid, and shall deliver to the holder of this
Promissory Note the original receipts or other evidence satisfactory to the
holder of this Promissory Note, of payment of any Tax within 30 (thirty) days
after the date such Tax is payable on demand according to the applicable legal
provisions; all of the above, unless any of such Taxes result from the serious
negligence, deceit or bad faith by the holder of this Promissory Note, or in
case of income tax (or any substitute tax) payable by any creditor on its income
or total assets according to the laws, regulations and other legal provisions of
Mexico.

For purposes of this Promissory Note, the following terms shall have the
following meanings:

"BUSINESS DAY" means any day, except Saturday and Sunday, and any obligatory day
of rest in Mexico City, or a day when banking institutions are authorized or
obliged by the law or other government provision to remain closed.

"INTEREST PAYMENT DATE" means the last day of each Interest Period.

"INTEREST PERIOD" means every period of approximately one (1) month based on
which interest earned from principal past due of the Loan; in the understanding
that (i) the first Interest Period shall begin on the Date of this Promissory
Note and end on the immediately following calendar month, on the date that
numerically corresponds to the day when the Draw from the Loan was made, (ii)
every subsequent Interest Period shall begin on the day after the last day of
the immediately previous Interest Period and end on the calendar month
immediately after the month in which the immediately previous Interest Period
ended, on the day that numerically corresponds to the day when the Draw from the
Loan was made, (iii) any Interest Period in effect on the maturity date of the
Loan shall end on that Maturity Date, and (iv) if the calendar month in which an
Interest Period must end does have a day that numerically corresponds to the day
when such Interest Period began, or to the day when the immediately previous
Interest Period expired, as the case may be, such Interest Period shall end on
the last day of that calendar month.

<PAGE>

This Promissory Note shall be governed and construed according to the laws of
the United Mexican States.

For any complaint, action or procedure derived from or in connection with this
Promissory Note, Subscriber and the holder of this Promissory Note express and
irrevocably bind themselves to the jurisdiction of the competent federal courts
of Mexico located in the Federal District, United States of Mexico; and hereby
express and irrevocably waive any other jurisdiction to which they might be
entitled by reason of their respective present or future domiciles, or by the
place of payment of this Promissory Note, or any other reason.

Subscriber hereby releases the holder of this Promissory Note from previously
handling any proceeding, complaint, objection, filing, notice of non-acceptance
and notice or complaint of any kind, to obtain payment of this Promissory Note,
which Subscriber hereby irrevocably waives.

No partial or individual exercise of any right, authority or privilege according
to this Promissory Note prevents or limits any other or future exercise of such
rights, authority or privileges, or the exercise of any other right, authority
or privilege according to this Promissory Note.

This Promissory Note forms part of a series of two promissory notes;
consequently, Subscriber and Guarantor agree that full or partial default in
paying for any amount of principal or interest contained in such notes shall
cause early maturity of the other promissory note, and both shall be payable at
sight.

Subscriber and Grupo Televisa, S.A. in its capacity as Guarantor, have signed
this Promissory Note on the date given below.

                   Mexico, Federal District [_________], 2006.

                                   SUBSCRIBER

                           INNOVA, S. DE R.L. DE C.V.

By: _____________________________             By: __________________________
Name: Alexandre Moreira Penna Da              Name: Carlos Ferreiro Rivas
Silva                                         Title: Attorney in Fact
Title: Attorney in Fact

<PAGE>

                                    GUARANTOR

                              GRUPO TELEVISA, S.A.

By: ___________________________             By: __________________________
Name: [_________]                           Name: [_________]
Title: Attorney in Fact                     Title: Attorney in Fact

<PAGE>

-     Copy of official identification of the attorneys in fact

<PAGE>

                                 Attachment "D"
                         [SIGNATURES CERTIFICATION FORM]

                                                                          [Date]

Banco Nacional de Mexico, S.A.
Integrante del Grupo Financiero Banamex
Act. Roberto Medellin No. 800, Torre Sur, Piso 4
Colonia Santa Fe
01210 Mexico, Distrito Federal
Attention: [-]
Facsimile: [-]
Telephone: [-]

Gentlemen:

I, the undersigned, [-] refer to Simple Loan Agreement dated March 10, 2006 (the
"LOAN AGREEMENT"; capitalized terms not expressly defined herein shall have the
meaning attributed to them in the Loan Agreement) executed by the undersigned as
Borrower, Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero
Banamex as Bank, and Grupo Televisa, S.A. as Guarantor.

In relation to the Loan Agreement and in accordance with Clause 3.01 (f) of
aforementioned Agreement, the undersigned certifies the signatures of the
officers of [-] authorized to subscribe the Loan Agreement, the Promissory Notes
and other documents which [-] must subscribe and deliver to Bank according to
the Loan Agreement.

[Name of officer]                      ________________________
[Title]                                [Signature]

[Name of officer]                      ________________________
[Title]                                [Signature]

Yours truly,
[-]

By: _________________________          By: ________________________
Name: [-]                              Name: [-]
Title: Attorney in Fact                Title: Attorney in Fact

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