First Instance Decision on Merits

GRUPO CLARIN S.A.

First Instance Court renders decision on the merits

On 14 December 2012, Grupo Clarín S.A. (the "Company") informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that that same afternoon the Company had been served notice of a decision rendered in re "Grupo Clarín S.A. and others v/ National Executive Branch Poder Ejecutivo Nacional and other re: merely declarative claim". Attached is a free translation of the relevant sections of the decision.

The Company has strong arguments in its favour and it will therefore appeal the decision.

Enquiries:

In Buenos Aires:

Alfredo Marín/Agustín Medina Manson

Grupo Clarín

Tel: +5411 4309 7215

Email: [email protected]

In London:

Alex Money/Clare Gallagher

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]

Free translation

National Judicial Branch

Buenos Aires, December fourteen (14), 2012

AND HAVING REVIEWED this claim entitled "Grupo Clarín S.A. and others v/ National Executive Branch Poder Ejecutivo Nacional and other re: merely declarative claim," file No. 119/2010, of Secretariat No. 1 of the National First Instance Court on Federal Civil and Commercial Matters No. 1, in order to render a decision on the claim 

[where the paties made the following ALLEGATIONS:] (de los cuales RESULTA:)

I.- On pp. 63-87 the claimants Grupo Clarín S.A., Arte Radiotelevisivo Argentino S.A., Cablevisión S.A., Multicanal S.A., Radio Mitre S.A. and Teledigital Cable S.A., appear through their attorneys-in-fact to bring the claim provided under Section 322 of the National Code of Civil and Commercial Procedures against the National Executive Branch -Cabinet Chief-appear [before this court] to request a declaration of the unconstitutionality of Sections 41, 45, 48 (second paragraph), 161 and corresponding Sections of Law No. 26,522 and its inapplicability with respect to the licenses and signals of which [claimants] were owners at the time the law was enacted, with express imposition of costs [on defendants].

[DESCRIPTION OF THE PARTIES' ALLEGATIONS AND RECITALS INTENTIONALLY OMITTED]

In light of the reasons given [above] and the concurring grounds exposed by the Federal Attorney in his opinion of pp. 3178/3203, I DECIDE: 1) To dismiss the exception of lack of standing alleged by the National Government - Chief of Government - 2) To dismiss the claim for the declaration of unconstitutionality brought by Grupo Clarín S.A., Arte Radiotelevisivo Argentino S.A., Cablevisión S.A., Multicanal S.A., Radio Mitre S.A. and Teledigital Cable S.A. 3) To order, as a consequence of this decision, and in light of the new circumstances that have taken shape, the immediate lifting of the injunction granted in this procedure. 4) To impose the costs of the litigation to each party as incurred, given the novelty of the claim, the difficulty and complexity of the matters under debate and the nature of the rights involved in the litigation (Sect. 68, 2nd part of the National Code of Civil and Commercial Procedures). 5) To render without effect the allowance that filings be made and processed in non-business days and hours (habilitación de días y horas inhábiles) made in this case, under the terms and with the scope described under Recital IX. 6) To defer the calculation of the fees of the intervening professionals to the time when this decision becomes final or is consented. 7) Let this decision be registered, notified and duly FILED.

/s/ Horacio C. Alfonso

Federal Judge