Grupo Televisa : Investor Presentation Website First Quarter 2019

Investor Presentation

As of First Quarter 2019

Disclaimer

This press release contains forward-looking statements regarding the Company's results and prospects. Actual results could differ materially from these statements. The forward-looking statements in this press release should be read in conjunction with the factors described in "Item 3. Key Information - Forward-Looking Statements" in the Company's Annual Report on Form 20-F, which, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this press release and in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

2

SNAPSHOT:Our Core Businesses

Share of Consolidated Revenue LTM 1Q19

CABLEA leading cable operator		CONTENT
in Mexico		Advertising
Video: 4.4 million RGUs *	Video	Four broadcast channels
in Mexico City and
Data: 4.6 million RGUs
	affiliated stations
Voice: 3.2 million RGUs
	throughout the country

*Revenue generating units

Voz	35%		Network Subscription
	36%	26 pay-tv networks and
		74 feeds in Mexico and
	CABLE	CONTENT	globally
			Licensing & Syndication
WiFi	SKY		Univision royalties, other
		licensing fees, and
	20%	CONTENT	exports to over 75
	countries

		SKY
		SKYA leading DTH system in Mexico and internet
		provider, also operating in Central America and the
		Dominican Republic
		7.6 million RGUs
			3
Source: Grupo Televisa's public filings

SNAPSHOT: Highlights

oNorth of Ps 100 billion in consolidated revenue, growing at a CAGR* of 5.7% since 2012

oConsolidatedOperating Segment Income ("OSI") of Ps 41 billion, a CAGR of 5.4% since

2012

oInvestment grade.Average debt maturity of 14.5 years. Net-debt-to-OSI of 2.3x

oDecliningCapitalExpenditures-to-Salesratio from 27.6% in 2016 to 19.3% in LTM 1Q19

o19.7 mm revenue generating units("RGUs") contributing with 62.4% of Consolidated OSI

in LTM 1Q19

oFastest growing broadband providerin the country in terms of new customers

oContent production powerhouse. During the first quarter 9 of the top 10 rated programs were produced and transmitted by Televisa

oTwo thirds of Televisa's equityis in the hands of institutional investors, mostly U.S. based

oPublicly tradedin the NYSE since 1993 andin the Mexican Stock Exchange since 1991

*Compound Annual Growth Rate	4

DEFINING TRENDS

I.Highlights 1Q'19

II.Diversified revenue streams

III. Growing operating cash flow

IV. Untapped opportunities in growth markets

V. Strong balance sheet

5

Highlights 1Q'19

Consolidated

oDuring the quarter, our Cable, Sky and Content segments contributed with 46%, 25% and 24%, respectively, of Consolidated Operating Segment Income.

Cable

oContinued strong momentum in the Cable segment, adding 285 thousand RGUs during the quarter, and reaching a total of 12.1 million RGUs.

oDouble-digitgrowth in Segment Sales and Operating Segment Income of 14.2% and 17.3%, respectively. oOperating Segment Income growth of 14.5% in Enterprise Operations, the third consecutive quarter of

growth after its restructuring in 2018.

Sky

oSky closed the quarter with 7.6 million RGUs, of which 165 thousand were broadband RGUs.oSky maintained a strong Operating Segment Income margin, reaching 43.7%.

Content

oOngoing leadership with our content offer airing 9 of the top 10 programs in Mexican Television. Prime time viewership in our flagship channel grewyear-over-year by 4.6%.

oSegment Sales dropped by 9.0% mostly due to a significant drop in advertising sales to government entities.

oDuring the first quarter, Advertising Sales represented 15.7% of Consolidated Net Sales.

Source: Grupo Televisa's public filings	6

Highlights 1Q'19

Consolidated		Consolidated OSI
Revenue		Ps. in billions
Ps. in billions
21.7 22.2	22.8 23.4			9.1	9.4
			8.6
				8.4
19.9				7.6
15.2 15.516.9		5.6	5.7	6.1

Consolidated Sales grew 2.6%,	Consolidated Operating Segment
Income grew 3.0%, CAGR of
CAGR of 5.7% since 2012
5.4% since 2012
Source: Grupo Televisa's public filings	7

Highlights 1Q'19

Cable Revenue

Ps. in billions

9.9

8.7

7.6 8.1

6.7

3.8	4.0	4.6

1Q'12 1Q'13 1Q'14 1Q'15 1Q'16 1Q'17 1Q'18 1Q´19

Cable O.S.I.

oStrong top line growth: 13.9% CAGR from 2013

oOSI margins have expanded rapidly, reaching 42.5% in LTM 1Q'19, up from 35.8% in 2013

oDuring 1Q'19 total net adds were 285 thousand, representing ayear-over-year growth in RGUs of 17.0% .

Net Adds ('000)	2Q18	3Q18	4Q18	1Q19
Video	78	-35	6	-9
Broadband	136	62	81	89
Telephony	115	247	229	205
RGU Net Adds	329	274	316	285

Ps. in billions

3.2

2.7

1.3	1.4	1.6

4.3

3.7

3.4

oChurn has come down significantly

oAfter important decline in capex, it is now free cash flow positive

oOver 14.6 million homes passed, of which more than 90% can receive data speeds of 100 Mbps

1Q'12 1Q'13 1Q'14 1Q'15 1Q'16 1Q'17 1Q'18 1Q´19

Source: Grupo Televisa's public filings

8

Highlights 1Q'19

oAs of 1Q'19, close to 7.6 million RGUs in Mexico and Central America

oRevenue reached Ps. 21.8 billion in LTM 1Q´19,

Ps. in billions

Sky Revenue

5.35.5 5.5 5.3

4.6

contributing with 20.4% of consolidated revenue

oOSI Margins have remained solid for more than 10 years, in spite of strong competition

oWe launched broadband services under theBlue Telecommbrand:

4.2

3.8

3.4

1Q'12 1Q'13 1Q'14 1Q'15 1Q'16 1Q'17 1Q'18 1Q´19

•	Fixed broadband through incumbent's network
	(3 to 200 Mbps - subject to incumbent's
	technical capability in a given location)
•	Fixed wireless broadband through Red
	Compartidaand AT&T's wireless network (5

Ps. in billions

Sky O.S.I.

2.12.4 2.52.4 2.3

and 10 Mbps)

oAs of 1Q´19, 165 thousand broadband RGUs

1.8

1.6

1.9

Source: Grupo Televisa's public filings

1Q'12 1Q'13 1Q'14 1Q'15 1Q'16 1Q'17 1Q'18 1Q´19

9

Highlights 1Q'19

Content Revenue

Ps. in billions
			7.5		7.9	7.2
			7.3
6.5	6.3	6.6	7.0

1Q'12 1Q'13 1Q'14 1Q'15 1Q'16 1Q'17 1Q'18 1Q´19

oWe are the leading producer of Spanish language content in the world

oAs of 1Q19, Content Revenue and OSI decreased 9.0% and 19.6%, respectively, due to a significant drop in advertising sales to government entities

oTotal prime time viewership in our flagship network increasedyear-over-year by 4.6%

oWe fully revamped our content offering with

more updated formats and storylines and higher

Ps. in billions

Content O.S.I.

production values

oWe are partnering with leading global content players such as Amazon, Endemol, Mediapro and Sony

2.6	2.4	2.4	2.6	2.7	2.6	2.8
				2.3

1Q'12 1Q'13 1Q'14 1Q'15 1Q'16 1Q'17 1Q'18 1Q´19

Source: Grupo Televisa's public filings	10

Highlights 1Q'19

(Ch.2)Las Estrellas

Kids

News

Sports

Movies

Televisa

Networks

o#1 Morning, afternoon and prime time channel in Mexico

oMost watched shows(Mo-Fri):Silvia Pinal Frente a ti,La Rosa de Guadalupe,Mi marido

tiene más familia.

o#1 Comedy Shows:Nosotros los Guapos ,La Familia P. Luche,40 y 20.o#1 Magazine show:Hoy

oChannel 2 and Channel 5 have as much audience as all competing pay TV channels combined

oMost successful animated content

o#1 morning newscasts withDespierta con Loret andAl aire con Paola o#1 night newscast withEn punto con Denise Maerker

o#1 news channel on a national basis: Foro TV

o19 out of 30 most watched soccer matches in local league.

oMost watched night soccer show: La Jugadaand NTD.Exclusive sports events

oMost watched movies in FTA TV:El regreso de la nana mágica, andNo manches Frida.

oMost watched channel among women: Tlnovelas

o#1 most watched movie networks: De Película

11

DEFINING TRENDS

I.Highlights 1Q'19

II. Diversified revenue streams

III. Growing operating cash flow

IV. Untapped opportunities in growth markets

V. Strong balance sheet

12

DIVERSIFIED REVENUE STREAMS

A strong position in our three core businesses

Cable Revenue

Ps. in billions

36.2 37.5

31.9 33.0

28.5

20.9

2014 2015 2016 2017 2018 LTM

2019

Strong organic growth as a result of attractive 3-play offers and a focus on customer service

Source: Grupo Televisa's public filings

Sky Revenue

Ps. in billions

21.9 22.222.021.8

19.3

17.5

2014 2015 2016 2017 2018 LTM

2019

Leveraging off its customer base of 7.4 million video RGUs to sell broadband services

Content Revenue

Ps. in billions

39.2 38.5

34.9	34.3	36.7
		34.0

2014 2015 2016 2017 2018 LTM

2019

Stable level of revenues in the context of a highly competitive environment

13

DIVERSIFIED REVENUE STREAMS

Distribution (Cable & Sky) overtook Content in terms of OSI since 2014

Consolidated Revenue

Ps. in billions

OSI Margin

101.3 101.9

88.1 96.394.3

80.1

39.6% 39.6% 39.2% 38.4% 38.3% 38.3%

2014 2015 2016 2017 2018 LTM

2019

Contribution to OSI

24%						Others
32%	34%	37%	38%
25%		39%		Cable
25%	25%	27%	24%	24%
			Sky

Content

48% 41% 38% 34% 37% 35%

2014 2015 2016 2017 2018 LTM

2019

Our multiple revenue sources	Cable has overtaken Content as the
have allowed us to post a CAGR	most important contributor to
of 5.5% since 2013	Consolidated OSI
Source: Grupo Televisa's public filings	14

DIVERSIFIED REVENUE STREAMS: Content

Within Content, the revenue mix has also changed with advertising declining in importance

Content Revenue Mix

All Other Content Revenue

Advertising Revenue

30% 34%	31% 34%	40% 43%46%
		49%

70% 66% 69% 66% 60%57% 54% 51%

oTelevisa's content revenue mix		Content Revenue
	has changed over the years
	Ps. in billions
o	During 1Q'19, advertising	Licensing & Syndication
Network Subscription
	revenues represented 51% of
	Advertising
	Content revenues
					2.0		2.4
					1.6	2.1
				1.4			2.3
o	On a consolidated basis,	1.2	1.3
	advertising revenues	0.7	0.9	0.7	0.8	1.1	1.0	1.2
	represented 15.7% of			1.2
	consolidated revenues in 1Q'19
oTelevisa continues to explore
	other ways to monetize the
	content produced
		4.5	4.2	4.6	4.6	4.5	4.1	4.3	3.7

Source: Grupo Televisa's public filings	15

DIVERSIFIED REVENUE STREAMS: Content

The majority of our Licensing and Syndication revenue originates in the Univision Royalties

Royalties

USD Millions

383.6

376.1

324.6

311.1313.9

2015 2016 2017 2018 LTM

2019

oWe monetize our content in U.S. through our licensing agreement with Univision.

oThe royalty rate is 16.45% of substantially all of Univision's audiovisual revenue.

oA step up in the royalty rate of Univision came into effect on January and July 2018.

oIn addition to our stream of royalties, we hold equity and warrants of Univision which upon their exercise would represent 36%.

Univision

USD Millions

Total Revenue		Adjusted OIBDA

Interest Expense

2,858 2,9992,937

2,714 2,678

1,312 1,333 1,310

1,023 968

540 494423391 391

2015 2016 2017 2018 LTM

2019

Source: Grupo Televisa's and Univision's public filings	16

DIVERSIFIED REVENUE STREAMS: Content

We are developing our digital platforms to turn them into a new, solid revenue stream

KPI	Q1 2018	Q1 2019	%
			Chg.
Televisa	10.0m	15.3m	53%
Sites's Users
Televisa	212.6m	321m	51%
Pageviews
YouTube	1.0b	2.3b	142%
views
Facebook	1.1b	1.7b	52%
views
Instagram	23.5m	43m	83%
views

oDuring 2018 we became the	Some of our key online
number one digital platform	destinations:
among all media companies in
terms of number of users	www.televisa.com
(comScore).
	www.lasestrellas.tv
oThe number of views of our
content in YouTube, Facebook	deportes.televisa.com
and Instagram reached more
than 4 billion in 1Q19, almost	noticieros.televisa.com
twice of those in 1Q18.

oIn our own digital platforms, we closed 1Q19 with 15.3 million users, 53% more than in 1Q18.

Users: comScore (Desktop 6+ and Total Mobile 15+)

Pageviews: comScore (Desktop 6+ and Total Mobile 15+)

Youtube, Facebook and Instagram views: Tubular (Televisa total property data)

17

DIVERSIFIED REVENUE STREAMS: Cable

Within Cable, data and voice account for 64% of revenue generating units

Cable RGU Mix

Video		Voice		Data

49% 45% 43%41%37% 36%

oStrong gross additions

oVoice and data are the main sources of growth

oMany data customers are upgrading to faster speeds

oGrowing inhigh-speedFiber-to-the-Homeusers

Cable RGU

in millions

Voice RGUs

Data RGUs

Video RGUs

3.0 3.2

2.12.1

1.9

18% 21%

22% 21% 25% 26%

1.2

4.5

4.6

3.1	3.4	3.8
2.3

33%

34%

35%

38%

38%

38%

3.44.1 4.2 4.2 4.4 4.4

2014	2015	2016	2017	2018	1Q'19	2014	2015	2016	2017	2018	1Q'19

Source: Grupo Televisa's public filings	18

DIVERSIFIED REVENUE STREAMS: Cable

Our izzi goapp further positions our cable operation for evolving viewing habits

o68 live channels from Mexico and from global content distributors

oOver 30 thousand on-demand assets

from Televisa's extensive library, FOX

Premium, HBO MAX, and other international content partners

oSince March, Netflix is included in our izzi TV interface.

oWith izzi Kids, six live TV channels and hundreds of hours on video on demand

oOver 197 thousand users as of 1Q19 and available for all video subscribers since April

Different content at the same time, on the TV

and other devices

19

DEFINING TRENDS

I.Highlights 1Q'19

II.Diversified revenue streams

III. Growing operating cash flow

IV. Untapped opportunities in growth markets

V. Strong balance sheet

20

GROWING OPERATING CASH FLOW

The free cash flow profile of Televisa has improved dramatically

Capital Expenditures

Ps. in billions

Cable

Sky

Content

17.6

16.2

9.210.112.313.8

5.1 5.4 6.23.83.9 4.1

2.42.5 2.9 2.1 1.7 1.7

2014 2015 2016 2017 2018 LTM

2019

oExpanding operating cash flow in Cable and Sky has increased our ability to generate strong free cash flow

oThe contribution to consolidated OSI, net of capital expenditures, has almost doubled since 2016

O.S.I minus Capex

Ps. in billions

20.7 22.220.9

15.3

10.2 11.0

2014 2015 2016 2017 2018 LTM

2019

Source: Grupo Televisa's public filings	21

GROWING OPERATING CASH FLOW: Cable

We are entering the harvesting phase after heavy investments in infrastructure

oDuring 2015 and 2016, Televisa accelerated its capital investments in Cable segment

oIt embarked on aheavy-capex phase to upgrade its network and support growth in RGUs

oCable capex reached Ps 17.6 billion in 2016 making Televisa one of the most important investors in Mexico's telecom infrastructure that year

		Cable net adds
RGUs in millions		1.5
				1.2
	0.6	0.7	0.7
		0.6
0.4	0.5	0.5	0.4
		0.3

oAs a percentage of revenues, Cable capex came	Cable OSI net of CAPEX
down from 55% in 2016 to 37% in LTM 1Q19	Ps. in billions
	3.9

3.0

2.1

2011	2012	2013	2014	2015	2016	2017	2018	LTM
-0.4	-0.2		-1.4					2019
			-1.5
					-4.8	-4.3
Source: Grupo Televisa's public filings.
* Organic growth only. Excludes RGU growth from acquisitions										22

GROWING OPERATING CASH FLOW: Sky

	Sky net adds
RGUs in millions
1.09	1.15
0.96	0.86
		0.74
	0.62	0.65
0.20
			-0.02	-0.27
				-0.36

Sky OSI net of CAPEX

Ps. in billions

6.3

5.9

5.5

3.5 3.7

3.1

2.8	2.7
2.3

2011 2012 2013 2014 2015 2016 2017 2018 LTM 2019

Source: Grupo Televisa's public filings

Cash flow has increased substantially after 2016 due to lower capital needs

oSky launched VeTV is 2010, apre-paid basic pay TV package and launched an aggressive campaign to add new subscribers

oIts net adds reached a peak in 2012 installing over 40,000 new services every week, on average

oIn 2016, growth further accelerated with the shut- down of the FTA analog signals

oMajority of subscriber losses in LTM2019 are attributed to thepost-World Cup effect

oSlower net adds starting in 2017 meant lower CAPEX requirement and more cash flow

oIn 2018 Sky launched broadband services through the brand Blue Telecomm, reaching 165 thousand RGUs in 1Q 2019

23

DEFINING TRENDS

I.Highlights 1Q'19

II.Diversified revenue streams

III. Growing operating cash flow

IV. Untapped opportunities in growth markets

V. Strong balance sheet

24

UNTAPPED OPPORTUNITIES: Broadband Market

Composition of Data Subs in Mexico

Data Net Adds

Thousand RGUs

	2.6%
DSL	20.2%

Incumbent

249

Coaxial

39.1%

Fiber

Other

38.1%

oAccording to the Mexican regulator, as of the end of the third quarter 2018, 7.1 million customers were still on copper (DSL: Digital Subscriber Line)

oThis is a fertile pool for Cable as it takes advantage of its superior coaxial and fiber infrastructure

Televisa Cable

		110
	36				311
					62
145	157	173	136	4
	89
				62
-23			-8

3Q'17 4Q'17 1Q'18 2Q'18 3Q´18 4Q´18 1Q´19

oIn the last seven quarters our Cable Segment has added more than twice the number of data RGUs added by the incumbent

Source: Internal analysis based on IFT and other companies ' public information	25

UNTAPPED OPPORTUNITIES: Broadband Market

										Telecom Market Share
	Televisa Cable Market Share -
			Data services							AMX
										6.6%
					22.2%	24.1%	24.2%			5.8%	Telefónica
				21.3%					4.0%
			20.8%						AT&T
		16.4%								4.4%		Megacable
13.1%									10.5%	53.7%	Sky
										Televisa Cable
												Otros
										15.0%
										As of 1Q19
2013	2014	2015	2016	2017	2018	1Q'19
									oIn spite of Televisa's strong growth in the
oOur cable operation, izzi, has been gaining
	market share for more than 6 years				telecom market, it is still a small participant in

the industry

Source: Internal analysis based on IFT and other companies' public information	26

UNTAPPED OPPORTUNITIES: Broadband Market

Fixed broadband penetration

50.0

subscribers per 100 inhabitants

40.0

30.0

20.0

10.0

0.0

Switzerland

Denmark

France

Netherlands

Korea

Norway

Germany

United Kingdom

Iceland

Belgium

Sweden

Canada

Luxembourg

Greece

Portugal

United States

New Zealand

Australia

Spain

Finland

Japan

Hungary

Estonia

Czech Republic

Ireland

Slovenia

Austria

Lithuania

Israel

Italy

Latvia

Slovak Republic

Poland

Chile

Turkey

Mexico

Colombia

oMexico's broadband market is just developing. Data customers in Mexico still have among the lowest speeds in the OECD.

oMexico has the second lowest penetration of data services of all OECD countries, and the lowest speed.

oWe are positioned like to no other operator in Mexico to benefit from increased demand for broadband.

Source: OECD, Broadband Portal (June 2018)	27

UNTAPPED OPPORTUNITIES: Broadband Market

There are 33mmhomes in the country

of which more than 14.6mmhomes are passed by Televisa Cable

Of those, more than 90%are capable of getting 100Mbps from Televisa Cable

but only 4.6mmhomes are currently customers of our data offering

There is plenty of room for further growth under existing homes passed

In the large majority of the markets we reach, Televisa is the provider capable of delivering the fastest speeds

Source: Internal analysis based on IFT and other companies' public information	28

DEFINING TRENDS

I.Highlights 1Q'19

II.Diversified revenue streams

III. Growing operating cash flow

IV. Untapped opportunities in growth markets

V. Strong balance sheet

29

STRONG BALANCE SHEET

Limited FX exposure, comfortable debt profile, long maturities

An operating hedgewith a similar amount in dollar-denominated revenue and in dollar-denominated costs and expenses

•dollar-denominatedrevenue US$933 million(2018)

•dollar-denominatedcosts and expenses US$750 million(2018)

A balance sheet hedgewith a similar amount in dollar-denominated assets and liabilities (1Q19)

•US$3.9bin total debt includes (1) USD debt, (2) capital lease obligations, (3) other notes payable

•US$3.4bin total assets includes (1) our stake in Univision; (2) cash and temporary investments

We have a very comfortable debt profile with very long maturities

•Net debt to OSI ratio: around2.3xas of 1Q19 (LTM OSI)

•ClosestUSD-denominated maturity: US$600 million in 2025

•ClosesMXN-denominated maturity: MXN$10 billion in 2020

•Weighted average maturity: USD is19.5 years, MXN is 7.2years

•1Q19 USD/MXN breakdown:59% of debt was in USD, 41% of debt in MXN

•1Q19 weighted average interest rates: inUSD 6.05%, in MXN 7.54%

•US$211 millionin interest expense (2019), all of which is hedged

Source: Grupo Televisa's public filings.

30

OTHER RELEVANT INFORMATION

31

NON-COREASSETS:Selling or rationalizing

Consolidated Under the "Other Businesses" line item

oGaming:Casino sites and online lottery business. 2018 Revenues of Ps. 2.7 billion. Exploring sale of asset.

oRadio:(50% equity interest). Owned and affiliated radio stations. 2018 Revenues of Ps. 920 million. Exploring sale of asset.

Contribution to

Consolidated Sales

8.53%

As of LTM 1Q19

oPublishing:The leading Spanish-language magazine publisher in Latin America. 2018 Revenues Ps. 1.3 billion. Recently closed unprofitable markets.

Unconsolidated

oImagina:(19% equity interest). Spanish media group Imagina. Closed sale during 2018. Proceeds of approximately USD 341 million

oLive entertainment: (40% equity interest). The company organized 3,109 events during 2018. Exploring sale of asset.

Contribution to

OSI

2.65%

As of LTM 1Q19

Source: Grupo Televisa's public filings

32

SUSTAINABILITY:Many recent milestones

oTelevisa included in the2019 Bloomberg Gender-Equality Index.

oMember of theDow Jones Sustainability MILA Pacific Alliance Index.

oOne of only three Mexican companies to be included in the Dow Jones

Sustainability Emerging Markets Index.

oPart of the United Nations (UN) Global Compact, the world's largest corporate

sustainability initiative.

oTelevisa has submitted our Report for Climate Change and Waterthrough CDP (formerly the Carbon Disclosure Project).

oConstituent of theFTSE4Good Emerging Index.

oMembers of the IPC Sustentable(Sustainability Index), of the Bolsa Mexicana de Valores (Mexican Stock Exchange).

oTelevisa's social responsibility programs were recognized for the second time with

the "Empresa Socialmente Responsable" award.

oOur facilities Santa Fe, San Ángel and Collection Center received the Environmental Quality Certificateissued by federal environmental entities.

oTelevisa was recertified with the new version of the norm ISO 14001:2015in three of our facilities: Santa Fe, San Ángel and Collection Center.

Source: Grupo Televisa's public filings	33

Investor Relations

www.televisair.com

+ (52) 55 5261 2438

Av. Vasco de Quiroga 2000, A4. Col. Santa Fe

CP. 01210

Mexico City

Carlos Madrazo

VP, Head of Investor Relations [e-mail]

Santiago Casado

Investor Relations Director [e-mail]

Pablo Necoechea

Sustainability and Analysis Coordinator [e-mail]

Ana Paola Montiel

Investor Relations Analyst [e-mail]