Dividend Declaration

GRUPO CLARIN S.A.

Grupo Clarín S.A. announces payment of Cash Dividends

On 21 November 2014, Grupo Clarín S.A. (the "Company") informed the Buenos Aires Stock Exchange and the Argentine Securities Commissionthat pursuant to the resolutions passed by the Annual General Shareholders Meeting held on April 29, 2014, the payment of the second instalment of the dividend will be made starting on December 10, 2014 in the amount of AR$ 160,000,000 (Argentine Pesos One Hundred Sixty Million). The amount to be distributed is in the equivalent to AR$ 0.556679382986592 per share or AR$ 1.113358765973180 per GDS.

In the case of Global Depositary Shares ("GDS") holders, the record date has been set on December 9, 2014 and payment is expected to occur on December 17, 2014, through the Depositary, JP Morgan Chase N.A.

For holders of common stock, payment will be available starting on December 10, 2014 through Caja de Valores S.A., 25 de Mayo 362, Ciudad Autónoma de Buenos Aires, Argentina, in compliance with applicable laws and regulations.

If applicable, shareholders will suffer a 10% Income Tax deduction from the amount distributed as provided in the last paragraph of Section 90, Law 20,628 and amendments, incorporated by Law 26,893.

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]