Supercanal Litigation

GRUPO CLARIN S.A.

Supercanal Litigation

On 14 August 2012, Grupo Clarín S.A. (the "Company") informed the Argentine Securities Commission and the Buenos Aires Stock Exchange its subsidiary Cablevisión S.A. ("Cablevisión") was served notice of the decision rendered on 13 August 2012 by Chamber II of the National Court of Appeals on Federal Civil and Commercial Matters of the City of Buenos Aires (the "Court of Appeals"), whereby that court declared that there existed a connection between the appeal filed by Cablevisión against Resolution 113/10 of the Ministry of Economy (in re "Ami Cable Holding LTD y otros s/apel resol Comisión Nac Defensa de la Competencia") and the case "Supercanal S.A. c/ Cablevisión S.A. y otros s/amparo" currently pending before Federal Court No. 2 of Mendoza (the "Mendoza Court"). The Court of Appeals therefore ordered the Mendoza Court to send the file so that the case could continue under the jurisdiction of the Federal Civil and Commercial courts of the City of Buenos Aires. The Court of Appeals stated that the hearing in the Province of Mendoza of the case brought by Supercanal S.A. gives rise to an atypical jurisdictional issue that affects the correct rendering of justice in the case and the powers of the Court of Appeals, due to the existence of a later claim brought in the Province of Mendoza in which the Federal Justice of Mendoza has ignored effective decisions rendered by the Court of Appeals.

Attached is a free translation of the relevant parts of the decision rendered by the Court of Appeals.

Enquiries:

In Buenos Aires:

Alfredo Marín/Agustín Medina Manson

Grupo Clarín

Tel: +5411 4309 7215

Email: [email protected]

In London:

Alex Money/Helen Greenwood

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

National Judicial Branch

File No. 3463/21

AMI CABLE HOLDING LTD AND OTHERS RE/ INCIDENTAL PROCEEDING

Buenos Aires, 13 August 2012

WHEREAS

Doctor Ricardo Víctor Guarinoni said:

1. In its presentation filed on pages 544/552 in re "Ami Cable Holding LTD y otros s/apel resol Comisión Nac Defensa de la Competencia" - No. 2054/10, Cablevisión S.A. requests the joinder of that case with the case "Supercanal S.A. c/ Cablevisión S.A. y otros s/amparo" pending before Federal Court No. 2 of Mendoza, due to the existing connection between both cases, pursuant to Section 188 and related Sections of the National Code of Civil and Commercial Procedure.

[RECITALS 2 to 9 INTENTIONALLY OMITTED]

10. In summary, the hearing of the case in the province of Mendoza has given rise to an atypical issue of competence and jurisdiction that affects the correct rendering of justice. The powers of this Court are affected by the existence of a later case brought in the province of Mendoza. It seems clear that the only way to prevent this affectation to effectively occur is to order that the "Supercanal" file be sent to this forum, to be heard by Court No. 6-which has already declared itself competent in the request brought by Fintech [that that court declare that the court then hearing the case lacked jurisdiction] (inhibitoria)-so that everything related to the termination of the merger between Multicanal and Cablevisión be decided by a single court.

Doctor Alfredo Silverio Gusman:

The joinder request filed by Cablevisión S.A. on pages 544/552 should be dismissed in light of the arguments presented by the Court of Appeals Attorney (Fiscal de Cámara) on pages 562 (front and reverse), to which I refer for the sake of brevity.

Doctor Santiago B. Kiernan said:

I second the solution proposed by doctor Ricardo Víctor Guarinoni on his vote, whose terms I share.

[ADDITIONAL RECITALS INTENTIONALLY OMITTED]

Therefore, having heard the General Attorney, this Court DECIDES, by a majority: to declare the connection between the cases "Ami Cable Holding LTD y otros s/apel resol Comisión Nac Defensa de la Competencia" - No. 2054/10 - and "Supercanal S.A. c/ Cablevisión S.A. y otros s/amparo", pending before Federal Court No. 2 of Mendoza and to request that the case be remitted so that it may proceed in this jurisdiction.

Let this decision be registered, notified-to the Court of Appeals Attorney at his office-and communicated to the referred court and to Chamber A of the Federal Court of Appeals of Mendoza by means of the notices set forth under Law No. 22.172, to be sent by claimant.

/s/ Ricardo Víctor Guarinoni

/s/ Alfredo Silverio Gusman (in dissidence)

/s/ Santiago B. Kiernan

Civil and Commercial Court No. 2

Registered under No. 688, Page 96, Volume 3

Of the Book of Court Decisions

Before me

/s/ Hernán M. España

Pro-secretary