Supreme Court Decision Section 161

GRUPO CLARIN S.A.

Supreme Court Decision

On 22 May 2012, Grupo Clarín S.A. (the "Company") informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that the Company had learned that day, from information published in the media, that the Supreme Court of Argentina had rendered a decision whereby it considered that the three-year term of the injunction that suspended the application of Section 161 of the Media Law (which sets a deadline for the divestments required by such law), was reasonable. However, it shortened the term of the injunction by calculating it as from 2009 and not 2010, as provided by the National Court of Appeals.

Notwithstanding the above, a decision is still pending on the substantive claim brought by the Company, which challenges the constitutionality of such Section.

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]