TV Azteca, S.A. de C.V. ("TZA") has announced a cash distribution of $0.6703 per TZA American Depositary Share ("ADS"). The record date is June 27, 2003; payable date is July 10, 2003. The New York Stock Exchange ("NYSE") has set June 25, 2003 as the TZA ex-distribution date for this distribution. (On June 17, 2003, the declaration date, TZA closed at $6.76 on the NYSE. A $0.6703 dividend distribution represents approximately 9.916% of the TZA share price on the declaration date.)

THE FOREGOING IS AN UNOFFICIAL SUMMARY OF THE TERMS OF THE SPECIAL CASH DIVIDEND, PREPARED BY OCC FOR THE CONVENIENCE OF CLEARING MEMBERS. OCC ACCEPTS NO RESPONSIBILITY FOR THE ACCURACY OR COMPLETENESS OF THE SUMMARY. CLEARING MEMBERS SHOULD REFER TO THE NYSE DIVIDEND BULLETIN DATED JUNE 18, 2003, FOR THE AUTHORITATIVE DESCRIPTION OF THE DIVIDEND AND ALL ITS TERMS AND CONDITIONS.

NO CONTRACT ADJUSTMENT

Pursuant to Article VI, Section 11, of OCC's Amended By-Laws, a Panel of OCC's Securities Committee has determined that TZA OPTIONS WILL NOT BE ADJUSTED FOR THIS $0.6703 CASH DIVIDEND (the panel consists of two representatives from the Exchanges on which the affected option is traded (in this case the Chicago Board Options Exchange ("CBOE") and the American Stock Exchange ("AMEX")) and the Chairman of OCC or his delegee, who only votes in case of a tie).

Call option holders wishing to capture entitlement to this TZA $0.6703 cash dividend must exercise their TZA options prior to June 25, 2003.