Supreme Court Renders Decision

GRUPO CLARIN S.A.

Supreme Court Renders Decision on Constitutionality of Media Law

On 29 October 2013, Grupo Clarín S.A. (the "Company") filed several letters with the Argentine Securities Commission and the Buenos Aires Stock Exchange in connection with a decision rendered by the Argentine Supreme Court in re "Grupo Clarín S.A. and others v. National Executive Branch and others re/ Merely declarative Action".

The Company first informed the Argentine Securities Commission that it had received a note from the Buenos Aires Stock Exchange whereby that stock exchange had temporarily interrupted trading of the Company's securities. Attached as Schedule A is a free translation of the note issued by the Buenos Aires Stock Exchange.

Later that day, the Company informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that it had learned through the media that the Argentine Supreme Court had rendered a decision on the merits in re "Grupo Clarín S.A. and others v. National Executive Branch and others re/ Merely declarative Action" and attached to its note a copy of the decision. Attached as Schedule B is a free translation of the relevant sections of the votes of the Supreme Court justices that formed the majority decision.

The Company then filed a new note informing the Argentine Securities Commission and the Buenos Aires Stock Exchange that at approximately 4.30 pm it was served formal notice of the Supreme Court's decision.

Finally, the Company informed the Argentine Securities Commission that it had received a note from the Buenos Aires Stock Exchange whereby that stock exchange had lifted the suspension on the trading of the Company's securities. Attached as Schedule C is a free translation of the second note issued by the Buenos Aires Stock Exchange.

Enquiries:

In Buenos Aires:

Alfredo Marín/Agustín Medina Manson

Grupo Clarín

Tel: +5411 4309 7215

Email: [email protected] 

In London:

Alex Money/Clare Gallagher

Jasford IR

Tel: +44 20 3289 5300

Email: [email protected] 

In New York:

Melanie Carpenter

I-advize Corporate Communications

Tel: +1 212 406 3692

Email: [email protected]

SCHEDULE A

FREE TRANSLATION

BCBA

Buenos Aires Stock Exchange

29 October 2013

To be cited as: C.R. 192294

Mr. President of

GRUPO CLARÍN S.A.

Héctor Horacio Magnetto

Piedras 1743

Ciudad Autónoma de Buenos Aires

Re: Interruption of trading

Dear Sir:

We hereby bring to your attention that this Stock Exchange has decided to interrupt temporarily the trading of the securities issued by that company because it has come to our knowledge that on this date a decision has been rendered in re: "Grupo Clarín S.A. and others v. National Executive Branch and others re/ Merely declarative Action".

In that regards, we ask that you send a note that will be published for the knowledge of the investor public, where you shall provide information on the matter, laying down the scope of the referred decision and any other clarification that you may deem pertinent.

Sincerely,

/s/ NORA RAMOS

Technical and Securities Manager

BCBA

Buenos Aires Stock Exchange

Notice

Interruption of Trading

Grupo Clarín S.A.

Due to the fact that it has come to the knowledge of this Institution through the official website www.infojusnoticias.gov.ar that a Judicial Decision may have been rendered in re: "Grupo Clarín S.A. and others v. National Executive Branch and others re/ Merely declarative Action", this Stock Exchange of the City of Buenos Aires has decided to interrupt temporarily the trading of securities issued by Grupo Clarín S.A., pursuant to Section 43, a) of the Trading Rules, until information is provided on the matter.

Buenos Aires, 29 October 2013

/s/ NORA RAMOS

Technical and Securities Manager

SCHEDULE B

FREE TRANSLATION

G. 439. XLIX (REX)

G. 445. XLIX

G. 451. XLIX

DE FACTO APPEAL

Grupo Clarín S.A. and others v. National Executive Branch and others re/ Merely declarative Action

National Supreme Court of Justice

Year of its Hundred and Fiftieth Anniversary

Buenos Aires, Twenty Nine October 2013

Having reviewed the case "Grupo Clarín S.A. and others v. National Executive Branch and others re/ Merely declarative Action"

Whereas:

[Recitals intentionally omitted]

Therefore, and in line with the opinion of the National Attorney General, we hereby:

1º) Declare that the extraordinary appeals and direct appeals are admissible, to the extent set forth in this decision.

2º) Revoke the decision under appeal to the extent that it declared the unconstitutionality of Section 45, part 1, subsection "c" and final paragraph; part 2, subsections "c" and "d" and final paragraph; part 3 in its entirety; and part 1, subsection "b", with respect to the limitation to holding registered title to a single content signal, and Section 48, second paragraph, Law No. 26,522.

3º) Confirm the decision under appeal to the extent it rejected the claim for damages as brought under this case file, and with respect to all remaining matters.

May this decision be notified, the direct appeals added to the main claim and duly returned. Costs to be borne by each party as incurred, given the complexity of the matters under debate in this case (Section 68, second paragraph, Code of Civil and Commercial Procedures). Deposits are to be refunded.

/s/ Ricardo Luis Lorenzetti

/s/ Elena I. Highton de Nolasco

/s/ Enrique S. Petracchi (according to my vote)

/s/ Carlos S. Fayt (dissenting)

/s/ E. Raúl Zaffaroni (his vote)

/s/ Juan Carlos Maqueda (partial dissent)

/s/ Carmen M. Argibay (partial dissent)

SCHEDULE C

FREE TRANSLATION

BCBA

Buenos Aires Stock Exchange

29 October 2013

To be cited as: C.R. 192298

Mr. President of

GRUPO CLARÍN S.A.

Héctor Horacio Magnetto

Piedras 1743

Ciudad Autónoma de Buenos Aires

Re: Interruption of trading lifted

Dear Sir:

I hereby bring to your attention that this Stock Exchange has decided to lift the interruption of trading of the securities issued by that company, as provided in the notice attached hereto.

Notwithstanding the above, I hereby request that once you have analysed the decision that motivated the abovementioned interruption of trading, you inform this Association about the scope of such decision as well as any other clarification that you may deem pertinent.

Sincerely,

/s/ NORA RAMOS

Technical and Securities Manager

1 Attachment

BCBA

Buenos Aires Stock Exchange

Notice

Lifting of Interruption of Trading

Grupo Clarín S.A.

Due to the fact that there has been widespread publication of the information disclosed by the issuer in connection with the judicial decision rendered in re "Grupo Clarín S.A. and others v. National Executive Branch and others re/ Merely declarative Action" -which was also made available to the investor public by this Association-, this Stock Exchange of the City of Buenos Aires has decided to resume trading in this stock exchange of the securities issued by Grupo Clarín S.A.

Buenos Aires, 29 October 2013

/s/ NORA RAMOS

Technical and Securities Manager