National Communications Commission Resolution

GRUPO CLARIN S.A.

National Communications Commission Issues Resolution No. 2936/2010

On 9 August 2010, Grupo Clarín S.A. (the "Company") informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that on 5 August 2010 at 10:06 PM, Cablevisión S.A. ("Cablevisión"), a subsidiary of the Company, was notified of Resolution No. 2936/2010 of the National Communications Commission ("Resolution 2936"). Pursuant to Resolution 2936, Cablevisión and/or any other person rendering services under the licenses granted to Fibertel S.A. ("Fibertel") must abstain from adding any new subscribers and from altering the terms and conditions under which they currently render their services. Resolution 2936 disregards the corporate reorganisation process that was completed and registered before the local corporate registry, whereby Fibertel was merged into Cablevisión, effective as of 1 April 2003.

As a result of that merger, Cablevisión became the universal successor of all assets, rights and obligations of Fibertel, including the license granted pursuant to Resolutions Nos. 100/96, 2375/97, 168/02 and 83/03 of the Secretariat of Communications.

The Company understands that Resolution 2936 is arbitrary and flagrantly violates due process and the Company's defence rights. The Company will resort to all available judicial means to appeal Resolution 2936.

Attached hereto is a free translation of the relevant sections of Resolution 2936.

Enquiries:

In Buenos Aires:

Alfredo Marín/

M. Julia Díaz Ardaya/Alejandro Yu

Grupo Clarín

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]

FREE TRANSLATION

Buenos Aires, 4 August 2010

Having reviewed File No. 2940/2010 of the Registry of the National Communications Commission [and] Resolution No. 165 of the Communications Secretariat, dated as of 22 July 2009,

[RECITALS INTENTIONALLY OMITTED]

THE PROVISIONAL SUPERVISOR (INTERVENTOR) OF THE

NATIONAL COMMUNICATIONS COMMISSION

HEREBY DECIDES:

Section 1º - The Company CABLEVISIÓN SOCIEDAD ANÓNIMA and/or any other individual or entity through which the services relating to the licences and registrations granted to FIBERTEL SOCIEDAD ANÓNIMA may be rendered, shall abstain from soliciting, contracting and/or adding new subscribers, or from altering the conditions under which such services are currently being rendered.

Section 2º - Let this Resolution be notified, communicated and filed.

RESOLUTION CNC NO. 2936

Signed: Ing. Ceferino A. Namuncurá

Provisional Supervisor (Interventor)

National Communications Commission