Dividend Declaration

GRUPO CLARIN S.A.

Grupo Clarín S.A. announces payment of Cash Dividends

On 16 May 2014, Grupo Clarín S.A. (the "Company") informed the Buenos Aires Stock Exchange and the Argentine Securities Commission that pursuant to the resolutions passed by the Annual General Shareholders Meeting held on April 29, 2014, the payment of the first instalment of the dividend will be made starting on May 28, 2014 in the amount of AR$ 80,000,000 (Argentine Pesos eighty Million). The amount to be distributed is in the equivalent to AR$ 0,278339691493296 per share or AR$ 0,556679382986592 per GDS.

In the case of Global Depositary Shares ("GDS") holders, the record date has been set on May 27, 2014 and payment is expected to occur on June 4, 2014, through the Depositary, JP Morgan Chase N.A.

The Company will require authorization to the Argentine Central Bank to access to foreign exchange market (the "FX Market").

For holders of common stock, payment will be available starting on May 28, 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.