CIMECO Tax Proceeding

GRUPO CLARIN S.A.

CIMECO Tax Proceeding

On 4 May 2012, Grupo Clarín S.A. (the "Company") informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that its subsidiary Compañía Inversora en Medios de Comunicación S.A. ("CIMECO") had been served notice of Resolution 38/2012 DV/MRRI, whereby the Argentine Federal Revenue Service ("AFIP") challenged the income tax returns filed by CIMECO for fiscal periods 2003 through 2007 and made its own partial income tax assessment, based on its factual knowledge (determinación de oficio con carácter parcial y de conocimiento cierto). AFIP's assessment resulted in a balance of income tax payable by CIMECO for such periods of Ps. 120,035,238.75, including principal and interest.

Given that both CIMECO and the Company believe they have strong arguments in their favor, they will proceed to appeal such resolution.

Enquiries:

In Buenos Aires:

Alfredo Marín/Agustín Medina Manson

Grupo Clarín

Tel: +5411 4309 7215

Email: [email protected]

In London:

Alex Money/Helen Greenwood

Temple Bar Advisory

Tel: +44 20 7002 1080

Email: [email protected]

In New York:

Melanie Carpenter/Peter Majeski

I-advize Corporate Communications

Tel: +1 212 406 3692

Email: [email protected]