Paraguayan Subsidiary Makes Investment

GRUPO CLARIN S.A.

Cablevisión S.A. Paraguayan Subsidiary Makes Investment

On 20 December 2012, Grupo Clarín S.A. (the "Company") informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that Cablevisión Comunicaciones S.A., a Paraguayan subsidiary of Cablevisión S.A. ("Cablevisión"), a subsidiary of the Company, will make a related party investment of up to USD40,000,000 consisting in the purchase of notes issued by Primera Red Interactiva de Medios Argentinos (PRIMA) S.A., another subsidiary of Cablevisión. Cashflows of principal or interest under the notes, and the notes themselves, either in final physical form, book entry form or as participations in such notes, are expected to be received by Cablevisión Comunicaciones S.A. on first demand. The economic terms of the investment will be market terms, with a possible benefit to Cablevisión due to the eventual reduction in its third-party indebtedness.

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]