Payment of Cash Dividends

GRUPO CLARIN S.A.

Grupo Clarín S.A. announces payment of Cash Dividends

On 4 December 2015, 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 28, 2015, the payment of the second instalment of the dividend will be made starting on 16 December 2015 in the amount of AR$ 125,000,000 (Argentine Pesos One Hundred twenty five Million). The amount to be distributed is in the equivalent to AR$ 0.434905767958275 per share or AR$ 0.86981153591655 per GDS.

In the case of Global Depositary Shares ("GDS") holders, the record date has been set on 15 December, 2015 and payment is expected to occur on 23 December, 2015, through the Depositary, JP Morgan Chase N.A.

For holders of common stock, payment will be available starting on 16 December, 2015 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.