Vitro Announces Pricing of US$170 Million Notes

Vitro, S.A. de C.V. announced that its subsidiary Vitro Envases Norteamerica S.A. de C.V. (“VENA”), Vitro’s glass containers division, has agreed to sell US$170 million aggregate principal amount of 10.75% senior secured guaranteed notes due 2011 (the “Notes”). The closing of this sale is expected to occur on July 23, 2004. VENA intends to use the proceeds of the issuance to repay existing indebtedness. The Notes will be issued by VENA and guaranteed by VENA’s principal Mexican subsidiaries and Vitro Packaging, VENA’s trading company in the United States. The Notes will be secured by first priority liens on most of VENA´s and its subsidiaries´ assets. The Notes have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the current expectations of Vitro (the “Company”) with respect to future market conditions, and other plans. Words such as “expects,”, “intends,” “plans,” “projects,” “believes,” “estimates,” “may,” “will,”, “should,” “shall,” and similar expressions typically identify such forward-looking statements. Even though the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. In particular, various economic, regulatory and competitive factors, including those outside the Company’s control, such as interest rates, foreign currency exchange rates, inflation rates, instability in domestic and foreign financial markets, energy costs and availability, freight costs, and changes in raw material and component costs, could cause the Company’s actual results during the remainder of 2004 and future years to differ materially from the results the Company currently foresees. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward looking statements whether as a result of new information, future events or otherwise. Important additional information identifying risks and uncertainties is contained in the Company’s most recent Annual Report filed with the Securities and Exchange Commission. Vitro, through its subsidiary companies, is one of the world’s leading glass producers. Vitro is a major participant in three principal businesses: flat glass, glass containers and glassware. Vitro serves multiple product markets, including construction and automotive glass; food and beverage, wine, liquor, cosmetics and pharmaceutical glass containers; glassware for commercial, industrial and retail uses, and aluminum containers. Founded in 1909 in Monterrey, Mexicobased Vitro has joint ventures with major world-class partners and industry leaders that provide its subsidiaries with access to international markets, distribution channels and state-of-the-art technology. Vitro’s subsidiaries have facilities and distribution centers in eight countries, located in North, Central and South America, and Europe, and export to more than 70 countries worldwide.