Injunction and claim brought by shareholder

GRUPO CLARIN S.A.

Injunction and claim brought by shareholder

On 2 September 2011, Grupo Clarín S.A. (the "Company") informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that on 1 September, 2011, the Company was served notice of an injunction ordered by the Argentine National Commercial Court of First Instance No. 1, Secretariat No. 2 in re Administración Nacional de la Seguridad Social c/ Grupo Clarín S.A. s/ Ordinario (National Social Security Administration v. Grupo Clarín S.A. re/ Ordinary Proceeding), whereby that court suspended-pursuant to Section 252 of Law No. 19,550 of Business Entities-two points of the agenda of the shareholders' meeting held on 28 April, 2011: Point 7 ("Use of Results. Distribution of Dividends") and 2 ("Consideration of the documentation set forth in Section 234, subsection 1 of the Law No. 19,550 for the fiscal year Nº 12 ended on 31 December, 2010 "). With respect to Point 7, the Company was informed that it may not carry out any action that would result in a total or partial disposition of the Ps. 387,028,756 recorded as retained earnings, other than to distribute such amount to the shareholders as dividends. Point 2 was suspended only to the extent described under the recitals of the court's decision, of which the Company has not yet received a full copy.

On 1 September, 2011 the Company was also served notice of a claim brought by the National Social Security Administration, a shareholder of the Company, seeking to nullify the Annual General Shareholders' Meeting of the Company held on 22 April, 2010 (case file name: Administración Nacional de la Seguridad Social c/ Grupo Clarín S.A. s/ Medida Precautoria Expte Nº 071725), pending before the Argentine National Commercial Court of First Instance No. 17, Secretariat No. 34.

The Company will keep investors informed of any relevant developments in connection with such proceedings.

Enquiries:

In Buenos Aires:

Alfredo Marín/

M. Julia Díaz Ardaya/Agustín Medina Manson

Grupo Clarín

Tel: +5411 4309 7215

Email: [email protected]

In London:

Alex Money/Lorna Ellen

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]