Results for the 1H12 and 2Q12

Grupo Clarín announces its

 Results for the First Half (1H12) and Second Quarter of 2012 (2Q12)

Buenos Aires, Argentina, August 21st, 2012 - Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its first half and second quarter results for 2012. Figures in this report have been prepared in accordance with International Financial Reporting Standards ("IFRS") as of June 30th, 2012 and are stated in Argentine Pesos, unless otherwise indicated.

Highlights (1H12 vs. 1H11):

§ Net Sales totaled Ps. 5,345.3 million, an increase of 22.9% from 1H11, mainly due to ARPU and subscriber growth in the Cable TV and Internet access segment and, to a lesser extent, to higher sales in the Printing and Publishing segment.

§ Adjusted EBITDA (1) reached Ps. 1,379.2 million, an increase of 6.9% from 1H11, mainly driven by higher sales in the Cable and Internet access segment.

§ Grupo Clarín's Adjusted EBITDA Margin (2) for 1H12 was 25.8%, compared to 29.7% in 1H11.

§ Net Income totaled Ps. 400.2 million, a decrease of 18.1% from the Ps. 488.7 million reported in 1H11. Net Income attributable to Equity Shareholders amounted to Ps 226.4 million, a decrease of 28.5% from Ps. 316.7 million.

FINANCIAL HIGHLIGHTS

(1) We define Adjusted EBITDA as net sales minus cost of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization). We believe that Adjusted EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies on the basis of operating performance, leverage and liquidity. Nonetheless, Adjusted EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Other companies may compute Adjusted EBITDA in a different manner; therefore, Adjusted EBITDA as reported by other companies may not be comparable to Adjusted EBITDA as we report it.

(2) We define Adjusted EBITDA Margin as Adjusted EBITDA over Net Sales.

(3) We define Net Income as Income for the period.

OPERATING RESULTS

Net sales reached Ps.5,345.3 million, an increase of 22.9% from Ps. 4,350.0 million in 1H11, mainly due to ARPU and subscriber growth in the Cable TV and Internet access segment and, to a lesser extent, to higher circulation and advertising sales in the Printing and Publishing segment.

Following is a breakdown of Net Sales by business segment:

NET SALES

Cost of sales (Excluding Depreciation and Amortization) reached Ps. 2,678.9 million, an increase of 30.3% from Ps. 2,055.4 million reported for 1H11 due to higher costs mainly in the Cable TV and Internet access and Printing and Publishing segments.

Selling and Administrative Expenses(Excluding Depreciation and Amortization) reached Ps. 1,287.2 million, an increase of 28.1% from Ps. 1,004.6 million in 1H11. This increase was mainly due to higher costs in the Cable TV and Internet access and Printing and Publishing segments.

Adjusted EBITDA reached Ps.1,379.2 million, an increase of 6.9% from Ps. 1,290.0 million reported for1H11, driven by higher sales and EBITDA in the Cable TV and Internet access, though partially offset by a negative EBITDA in the Broadcasting and Programming segment.

Following is a breakdown of adjusted EBITDA by business segment:

ADJUSTED EBITDA

Financial results net totaled Ps. (347.6) million compared to Ps. (232.9) million for 1H11. The increase was mainly due to higher interest expenses and also due to peso depreciation during 1H12, which went from Ps. 4.30 per dollar at the end of December 2011, to Ps 4.53 per dollar as of June 30th, 2012.

Equity in earnings from unconsolidated affiliates in 1H12 totaled Ps. 15.8 million, compared to Ps. 21.7 million for 1H11.

Other income (expenses), netreached Ps.3.1 million, compared to Ps. 12.2 million in 1H11.

Income tax as of June 2012 reached Ps. (210.0) million, from Ps. (254.8) million in June 2011.

Net income totaled Ps. 400.2 million, a decrease of 18.1% from Ps. 488.7 million reported for 1H11. This was mainly a consequence of higher interest expenses, the peso depreciation and a negative EBITDA in the Broadcasting and Programming segment. The Equity Shareholders Net Income amounted to Ps.226.4 million, a decrease of 28.5% compared with June 2011.

Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 535.9 million in 1H12, a decrease of 24.1% from Ps. 706.0 million reported for 1H11. Out of the total CAPEX in 1H12, 91.9% was allocated to the Cable TV and Internet access segment, 5.0% to the Broadcasting and Programming segment and the remaining 3.1% to other activities. Capex in the Cable TV and Internet Access segment pertains to subscriber growth, network upgrades, digitalization and further development of the triple play strategy.

Debt profile (1): Debt coverage ratio for the period ended June 30th, 2012 was 1.15x, and Net Debt at the end of this period totaled Ps. 2,487.1 million.

(1) Debt Coverage Ratio is defined as Total Financial Debt divided by Adjusted EBITDA (Last Quarter Annualized). Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest.

SALES BREAKDOWN BY SOURCE OF REVENUE - JUNE 2012

SALES BREAKDOWN BY SOURCE OF REVENUE - JUNE 2011

RESULTS BY BUSINESS SEGMENT

CABLE TV AND INTERNET ACCESS

Net Sales

Net sales increased by 26.3%to Ps. 3,697.7 million for 1H12 compared to Ps. 2,926.8 million for 1H11. The increase is mostly attributable to an increase in subscription charges registered during the last twelve months, and also reflects the growth in Cable, Broadband and Digital subscribers. Total Consolidated Cable TV basic subscribers reached 3,513,341 as of June 2012, compared to the 3,414,164 reported for the same date in 2011. Internet subscribers reached 1,432,826 in June 2012, compared to the 1,219,629 of June 2011.

Cost of Sales(Excluding Depreciation and Amortization)

Cost of sales (excluding depreciation and amortization) increased by 31.6% to Ps. 1,582.7 million for June 2012, compared to Ps. 1,202.9 million in June 2011. This was mainly due to higher salaries, programming costs, cost of goods sold, network expenses and fixed assets maintenance costs.

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses (excluding depreciation and amortization) increased by 29.4% to Ps. 851.2 million for 1H12, compared to Ps. 657.9 million reported in 1H11. This increase is driven by higher salaries, fees for services, taxes, duties and contributions.

Depreciation and Amortization

Depreciation and amortization expenses increased by 29.9% to Ps. 387.2 million for 1H12 from Ps. 298.0 million reported in 1H11.

PRINTING AND PUBLISHING

Net Sales

The 18.5% increase of Net sales to Ps. 1,124.4 million in 1H12 was the result of higher advertising and circulation sales, although it was partially offset by less printing services revenues.

Cost of Sales(Excluding Depreciation and Amortization)

Cost of sales (excluding depreciation and amortization) increased by 23.9% to Ps. 663.4 million in 1H12, compared to Ps. 535.5 million in 1H11. The increase was mainly the result of higher salaries and cost of the goods sold.

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses (excluding depreciation and amortization) increased by 15.9% to Ps. 349.7 million in 1H12, compared to the Ps. 301.7 million reported for 1H11. This was primarily the result of higher salaries and fees for services.

Depreciation and Amortization

Depreciation and amortization expenses increased by 16.0% to Ps. 30.5 million in 1H12 compared to Ps. 26.3 million in 1H11.

BROADCASTING AND PROGRAMMING

Net Sales

Net sales increased by 8.0% to Ps. 563.8 million in 1H12, compared to Ps. 521.9 million in 1H11. The increase was primarily the result of higher sales related to Canal Trece, partially offset by lower sales in programming content and in our racing car business.

Cost of Sales(Excluding Depreciation and Amortization)

Cost of sales (excluding depreciation and amortization) increased by 35.0% to Ps. 437.4 million in 1H12, compared to Ps. 323.9 million in 1H11. This is attributable mainly to higher salaries, production costs and fees to artists.

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses (excluding depreciation and amortization) increased by 28.5% to Ps. 129.8 million in 1H12, compared to Ps. 101.0 million in 1H11. The increase was primarily the result of higher fee for services, salaries and marketing expenses.

Depreciation and Amortization

Depreciation and amortization expenses increased by 1.7% to Ps. 17.7 million in 1H12 compared to Ps. 17.4 million reported in 1H11.

DIGITAL CONTENT AND OTHERS

Net sales in this segment are derived from administrative and corporate services rendered by the Company and by our subsidiary GC Gestión Compartida S.A. to third parties as well as to other subsidiaries of the Company (which are eliminated in the consolidation). Additionally, this segment includes the production of digital content and the organization of trade fairs and exhibitions. Cost of sales (excluding depreciation and amortization) is driven mainly by salaries and professional fees paid to advisers.

In this period, net sales increased 16.4% to 174.1, from Ps. 149.5 million reported in 1H11, due to higher fees at Grupo Clarín, higher sales in digital content, Gestión Compartida and trade fairs and the exhibitions business. EBITDA resulted in Ps. 7.4 million.

OPERATING STATISTICS BY BUSINESS SEGMENT

CABLE TV AND INTERNET ACCESS

(1) Figures in thousands

(2) Net Sales/ Average Pay TV Subscribers

(3) Total subscribers consolidated following the same consolidation methods used in the financial statements as of each year end.

(4) Total subscribers considering the equity share in each subsidiary.

PRINTING AND PUBLISHING

(1) Average number of copies according to IVC (including Diario Clarín and Olé)

(2) Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín. Source: AGEA and IVC.

(3) Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín. Source: Monitor de Medios Publicitarios S.A.

BROADCASTING AND PROGRAMMING

(1) Company estimate, over ad spend in Ps. in broadcast TV for AMBA region.

 (2) Share of broadcast TV audience according to IBOPE for AMBA. Prime Time is defined as Monday through Friday from 8pm to 12am. Total Time is defined as Monday through Sunday from 12 pm to 12 am.

DIGITAL CONTENT AND OTHERS

(1)In millions. Average. Source IAB and Company Estimates.

DEBT AND LIQUIDITY

Total Financial Debt(2) and Net Debt, increased from Ps. 3,056.1 million to Ps. 3,392.4 million and from Ps. 2,094.4 million to Ps. 2,487.1 million respectively. This represents an increase of 11.0% in the Total Debt and an increase of 18.8% in the Net Debt.

Debt coverage ratio (2) as of June 30th, 2012 was 0.85x in the case of Net Debt and of 1.15x in terms of Total Financial Debt.

(1) Last Quarter Annualized EBITDA.

(2) Debt Coverage Ratio is defined as Total Financial Debt divided by Adjusted EBITDA (Last Quarter Annualized). Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest.

RELEVANT MATTERS

SALE OF PARAGUAY OPERATIONS

On 16 July 2012, Grupo Clarín S.A. informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that the current subsidiaries of Cablevisión S.A. that operate in the Republic of Paraguay agreed, on 15 July 2012, subject to certain conditions precedent, to sell substantially all of their assets and operations to Telefónica Celular del Paraguay S.A., a subsidiary of Millicom International Cellular S.A. Aggregate consideration for the transaction was US$ 150 million. Additionally, as from the effective date of the transaction, Cablevisión will start to render services to the purchaser in connection with the transferred business.

Of the abovementioned subsidiaries, Cablevisión Comunicaciones S.A., Televisión Dirigida S.A., Consorcio Multipunto Multicanal S.A. and Producciones Unicanal S.A., would sell their assets and operations, and the subsidiary Teledeportes S.A. would be transferred by way of a sale of all of its equity shares.

After the sale, the subsidiaries will continue to exist and will not be liquidated.

As expressed above, the transaction is subject to conditions precedent, including the prior approval of the regulatory authorities of Paraguay, and could fail to occur if any one condition is not fulfilled. Neither Cablevisión S.A. nor any of its subsidiaries may assure that such conditions shall be fulfilled and that the transactions will in fact occur. In the coming days, the required regulatory authorizations will be requested in Paraguay pursuant to the applicable regulatory framework.

Millicom International Cellular S.A. is a global company that provides mobile telephone services, internet and cable television services, with more than 40 million customers in 15 different markets in Latin America and Africa.

Cablevisión S.A. is the owner of 70% of the abovementioned subsidiaries, except for Teledeportes S.A., of which Cablevisión S.A. owns substantially 100%. The remaining 30% belongs to minority shareholders who have agreed to withdraw from the subsidiaries when the transaction becomes effective, by selling their shares to the control group.

Cablevisión S.A. provides pay TV to 119,707 subscribers and Internet access to 12,672 subscribers in Asunción and Great Asunción as of June 30th, 2012.

STOCK AND MARKET INFORMATION

Grupo Clarín trades its stock in the Buenos Aires Stock Exchange (BCBA) and in the London Stock Exchange (LSE), in the form of shares and GDS's, respectively.

CONFERENCE CALL AND WEBCAST INFORMATION

Grupo Clarín will host a conference call and webcast to discuss its Second Quarter Results for 2012, on Tuesday, August 21th, 2012.

Presentations by: Alejandro Urricelqui, Chief Financial Officer; Alfredo Marin, Investor Relations Officer.

Time: 12:00 pm Buenos Aires Time/4:00 pm London Time/11:00 am New York Time.

To access the conference call, please dial: from within Argentina + 0 800 333 0050; from within the United Kingdom +44 (800) 092 3582; from within the United States +1 (800) 311 9401; and from all other countries +1 (334) 323 7224. The Conference ID is #6118.

To access the simultaneous webcast presentation, please direct your browser to:

http://www.grupoclarin.com/ir

A replay of the conference call will be available one hour after its conclusion, and will remain available for two weeks. To access the replay, please dial from the within the U.S. +1-877-919-4059, or from anywhere outside the U.S. +1-334-323-7226. The passcode is 45874990. The webcast presentation will be archived at http://www.grupoclarin.com.ar/ir.

The PDF version of the webcast presentation will be available at http://www.grupoclarin.com.ar/ir prior to the call, on August 21th, and archived in our Website after its conclusion.

ABOUT THE COMPANY

Grupo Clarín is the largest media company in Argentina and the market leader in the Cable Television and Internet Access, Printing and Publishing, and Broadcasting and Programming segments. Its Cable Television network is one of the largest in Latin America, with one of the largest broadband subscriber base in Argentina. Its flagship newspaper -Diario Clarín- is the highest circulation newspaper in Latin. Grupo Clarín is the largest producer of media content in Argentina, including news, sports and entertainment and reaches substantially all segments of the Argentine population in terms of wealth, geography and age.

Disclaimer

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Grupo Clarín. You can identify forward-looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could", "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. Grupo Clarín does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in Grupo Clarín's projections or forward-looking statements, including, among others, general economic conditions, Grupo Clarín's competitive environment, risks associated with operating in Argentina a, rapid technological and market change, and other factors specifically related to Grupo Clarín and its operations.

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012 AND 2011,

AND THE THREE-MONTH PERIODS BEGINNING ON APRIL 1 AND ENDING ON JUNE 30, 2012 AND 2011

In Argentine Pesos (Ps.)

(1) Includes amortization of intangible assets and film library, and depreciation of property, plant and equipment in the amount of Ps. 440,287,074 and Ps. 347,445,334 for the six-month periods ended June 30, 2012 and 2011, respectively.

The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of June 30th, 2012, available at http://www.grupoclarin.com/ir.

GRUPO CLARÍN S.A.

CONSOLIDATED BALANCE SHEET

AS OF June 30, 2012, DECEMBER 31, 2011 AND JANUARY 1, 2011

In Argentine Pesos (Ps.)

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2012 AND 2011

In Argentine Pesos (Ps.)