AFSCA Rejects Request to Amend Proposal

GRUPO CLARIN S.A.

AFSCA Rejects Request to Amend Proposal

On 13 August 2014, Grupo Clarín S.A. (the "Company") informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that it had been served notice of Resolution No. 920/AFSCA/14, whereby, within the framework of the Company's Plan to conform to the Audiovisual Communication Services Law, the Audiovisual Communication Services Law Federal Enforcement Authority ("AFSCA", for its Spanish acronym) had dismissed the Company's request that it reconsider its rejection of an amendment proposed by the Company to its original Plan to conform to the Audiovisual Communication Services Law.

A free translation of the relevant sections of AFSCA's Resolution is attached hereto as Schedule A.

Enquiries:

In Buenos Aires:

Alfredo Marín/Agustín Medina Manson

Grupo Clarín

Tel: +5411 4309 7215

Email: [email protected] 

In London:

Alex Money

Jasford IR

Tel: +44 20 3289 5300

Email: [email protected] 

In New York:

Melanie Carpenter

I-advize Corporate Communications

Tel: +1 212 406 3692

Email: [email protected]

SCHEDULE A

FREE TRANSLATION

Audiovisual Communication Services Law

Federal Enforcement Authority

13 August 2014

NOTICE

Dr. MARIA DE LOS MILAGROS PAEZ

ATTORNEY IN FACT OF GRUPO CLARÍN SOCIEDAD ANÓNIMA

ADDRESS: Av. JUANA MANSO 205, 1st FLOOR

AUTONOMOUS CITY OF BUENOS AIRES.

[Notice intentionally omitted]

Audiovisual Communication Services Law

Federal Enforcement Authority

0902

BUENOS AIRES, 12 August 2014-08-14

HAVING SEEN File No. 3002/13 of the records of the Audiovisual Communication Services Law Federal Enforcement Authority, and

WHEREAS

[Recitals intentionally omitted]

Therefore,

THE BOARD OF DIRECTORS OF THE AUDIOVISUAL

COMMUNICATION SERVICES LAW FEDERAL ENFORCEMENT AUTHORITY

HEREBY RESOLVES:

ARTICLE 1°.- The request for reconsideration is hereby dismissed.

ARTICLE 2°.- The request brought by Grupo Clarín S.A. and Artear S.A. to amend the Proposal to Conform [the Company to the Audiovisual Communication Services Law] that was declared formally admissible pursuant to Resolution No. 193-AFSCA/14, is hereby rejected.

ARTICLE 3°.- GRUPO CLARÍN SOCIEDAD ANÓNIMA, ARTE RADIOTELEVISIVO ARGENTINO SOCIEDAD ANÓNIMA, CABLEVISION SOCIEDAD ANÓNIMA AND RADIO MITRE SOCIEDAD ANÓNIMA are hereby ordered to RATIFY, within ten (10) business days, their intention to comply, with no amendments, with the Proposal to Conform [the Company to the Audiovisual Communication Services Law] that was declared formally admissible pursuant to Resolution No. 193-AFSCA/14, in the terms under which it was admitted. Failure to do so will result in the consequences set forth under Section 21 of Law No. 19,549, and the application of point 3), subsection b) of Section 161 of Annex I of Decree No. 1225/10 that implements Law No. 26,522, and, therefore, the Rules for Ex-Officio Transfers approved under Resolution No. 2206-AFSCA/12.

ARTICLE 4°.- [Intentionally omitted]

RESOLUTION No. 0902

APPROVED AT THE MEETING OF THE BOARD OF DIRECTORS NO. 52

FILE NO. 3002-AFSCA/13

/S/ Martín Sabbatella

President of the Board of Directors of the

Audiovisual Communication Services Law.