Attached hereto are free translations of the minutes of the meeting of the Board of Directors and of the note referred above.

Transcription

1 GRUPO CLARIN S.A. Board of Directors Receives Note from Shareholder On 9 June 2014, Grupo Clarín S.A. (the Company ) informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that the Board of Directors of the Company had held a meeting on 6 June 2014, in which the Board of Directors had considered a note received from the shareholders ELHN Grupo Clarín New York Trust, HHM Grupo Clarín New York Trust, LRP Grupo Clarín New York Trust, José Antonio Aranda and Aranlú S.A. in connection with the implementation of the Plan to Conform the Company to the Audiovisual Communication Services Law. Attached hereto are free translations of the minutes of the meeting of the Board of Directors and of the note referred above. Enquiries: In Buenos Aires: Alfredo Marín/Agustín Medina Manson Grupo Clarín Tel: investors@grupoclarin.com In London: Alex Money Jasford IR Tel: alexm@jasford.com In New York: Melanie Carpenter I-advize Corporate Communications Tel: clarin@i-advize.com

2 FREE TRANSLATION Minutes of the Meeting of the Board of Directors No. 274: In the City of Buenos Aires, on the 6th day of the month of June 2014, at hours, the Board of Directors of Grupo Clarín S.A. meets at the Company s headquarters on calle Piedras 1743, Federal Capital, with the presence of Messrs. Directors Alejandro Alberto Urricelqui, Pablo César Casey, Héctor Mario Aranda, Saturnino Lorenzo Herrero Mitjans, Ignacio Rolando Driollet, Lorenzo Calcagno, Alberto Menzani, Luis Maria Blaquier and of the undersigned members of the Supervisory Committee. The Vice Chairman, Mr. Alejandro Urricelqui opens the meeting and submits the following point of the agenda to the consideration of those present: Consideration of the Note received from shareholders of the Company in connection with the Plan to Conform the Company to the Audiovisual Communication Services Law. Mr. Urricelqui states, pursuant to the decision made by the Board on 27 May 2014, the Company sent a note to all the shareholders who had executed the letters of 25 April 2014 and 15 may 2014 requesting that they provide the Company with the information necessary for it to respond to the comments made by Dr. Luis Felipe Marrollo (Undermanager of Fixed Rent Issuance Authorisations of the CNV) within the framework of the proceedings that were initiated in connection with the Company s request for administrative approval of its spinoff should the shareholders approve that alternative for the implementation of the Plan to Conform the Company to the Audiovisual Communication Services Law. Mr. Urricelqui goes on to say that on that day, the Company received a note from the ELHN Grupo Clarín New York Trust, HHM Grupo Clarín New York Trust, LRP Grupo Clarín New York Trust, José Antonio Aranda and Aranlú S.A., which is copied below in full text, whereby they communicate to the Company that in the event that the spinoff option is the one selected by the shareholders of the Company to implement the Plan to Conform the Company to the Audiovisual Communication Services Law, with respect to Units 1 and 2: A) The direct and indirect shareholder composition of Unit 1 will be: a) GC Dominio S.A., owned by: i) José Antonio Aranda (50%) and, ii) LRP Grupo Clarín New York Trust (50%), whose trustees will be: Lucio Rafael Pagliaro, Lucio Andrés Pagliaro, Francisco Pagliaro, María Florencia Pagliaro, José María Sáenz Valiente (h),

3 Santiago José María Sáenz Valiente and David Carl Camerini. The beneficiaries will be: Lucio Andrés Pagliaro, Francisco Pagliaro and María Florencia Pagliaro. b) Grupo Clarín S.A. owned by: (i) GC Dominio S.A. (26.44%), (ii) Aranlú S.A. (1.19%) whose shareholders, in turn, will be: José Antonio Aranda (90%), Alma Rocio Aranda (5%) and Antonio Román Aranda (5%), (iii) José Antonio Aranda (21.42%) and (iv) LRP Grupo Clarín New York Trust (21.94%) whose trustees and beneficiaries were stated above. B) The direct and indirect shareholder composition of Unit 2 will be: a) CV Dominio S.A. (company spun off GC Dominio S.A.) owned by: i) HHM Grupo Clarín New York Trust (49%) whose trustees will be: Héctor Horacio Magnetto, Pablo César Casey, Ignacio José María Sáenz Valiente, Rafael A. Ginebra and Ezequiel Amaranto Camerini and whose beneficieries will be: Principal: Héctor Horacio Magnetto (100%), Secondary: Marcia Ludmila Magnetto (50%) and Horacio Ezequiel Magnetto (50%); ii) Pablo César Casey (2%); iii) ELHN Grupo Clarín New York Trust (49%). Its trustees will be: Héctor Horacio Magnetto, Ignacio José María Sáenz Valiente, Rafael A. Ginebra and Ezequiel Amaranto Camerini. The beneficiaries will be: Principal: Ernestina Laura Herrera de Noble (100%), Secondary: Marcela Noble Herrera (50%) and Felipe Noble Herrera (50%). b) Cablevisión Holding S.A. (company spun off Grupo Clarín S.A.) owned by: i) CV Dominio S.A. (26.44%), ii) HHM Grupo Clarín New York Trust (13.86%) whose trustees and beneficiaries were stated above,iii) ELHN Grupo Clarín New York Trust (30.69%) whose trustees and beneficiaries were stated above. Given the importance of the letter received by the Company, Mr. Urricelqui motions that the Board take due note of its content and that it be sent to the Argentine Securities Commission, and that its information be added to the Spin off Prospectus filed with the Commission on 14 May The motion is submitted to a vote and approved unanimously. With no further items to discuss, the meeting is adjourned at hours. SIGNATORIES: Directors: Alejandro Alberto Urricelqui, Pablo César Casey, Héctor Mario Aranda, Saturnino Lorenzo Herrero Mitjans, Ignacio Rolando Driollet, Lorenzo Calcagno, Alberto Menzani, Luis Maria Blaquier.

4 Supervisory Committee: Carlos Alberto Pedro Di Candia, Raúl Antonio Morán, and Pablo San Martín. 5 June 2014 Grupo Clarín S.A. Mr. Jorge Rendo Chairman Within the framework of the implementation of the Plan to Conform Grupo Clarín S.A. to the Audiovisual Communication Services Law and as stated on our letter of 15 May 2014, in the event that the shareholders of the Grupo Clarín S.A. shall select the spinoff option in order to implement the Plan to Conform the Company to the Audiovisual Communication Services Law with respect to Units 1 and 2, we hereby inform that: a) The direct and indirect shareholder composition of Unit 1 will be: a. Shareholders of GC Dominio S.A.: i. José Antonio Aranda (50%) ii. LRP Grupo Clarín New York Trust (50%) Trustees: Lucio Rafael Pagliaro, Lucio Andrés Pagliaro, Francisco Pagliaro, María Florencia Pagliaro, José María Sáenz Valiente (h), Santiago José María Sáenz Valiente and David Carl Camerini. Beneficiaries: Lucio Andrés Pagliaro (33.33%), Francisco Pagliaro (33.33%) and María Florencia Pagliaro (33.33%). b. Shareholders of Grupo Clarín S.A. i. GC Dominio S.A. (26.44%) ii. Aranlú S.A. (1.19%) Shareholders: José Antonio Aranda (90%), Alma Rocio Aranda (5%) and Antonio Román Aranda (5%),

5 iii. José Antonio Aranda (21.42%) iv. LRP Grupo Clarín New York Trust (21.94%) Trustees: Lucio Rafael Pagliaro, Lucio Andrés Pagliaro, Francisco Pagliaro, María Florencia Pagliaro, José María Sáenz Valiente (h), Santiago José María Sáenz Valiente and David Carl Camerini. Beneficiaries: Lucio Andrés Pagliaro (33.33%), Francisco Pagliaro (33.33%) and María Florencia Pagliaro (33.33%). b) The direct and indirect shareholder composition of Unit 2 will be: a. Shareholders of CV Dominio S.A. i. HHM Grupo Clarín New York Trust (49%) Trustees: Héctor Horacio Magnetto, Pablo César Casey, Ignacio José María Sáenz Valiente, Rafael A. Ginebra and Ezequiel Amaranto Camerini. Beneficiaries: Principal: Héctor Horacio Magnetto (100.00%), Secondary: Marcia Ludmila Magnetto (50%) and Horacio Ezequiel Magnetto (50.00%) ii. Pablo César Casey (2%) iii. ELHN Grupo Clarín New York Trust (49%) Trustees: Héctor Horacio Magnetto, Ignacio José María Sáenz Valiente, Rafael A. Ginebra and Ezequiel Amaranto Camerini. Beneficiaries: Principal: Ernestina Laura Herrera de Noble (100.00%), Secondary: Marcela Noble Herrera (50.00%) and Felipe Noble Herrera (50.00%). b. Shareholders of Cablevisión Holding S.A. i. CV Dominio S.A. (26.44%) ii. HHM Grupo Clarín New York Trust (13.86%)

6 Trustees: Héctor Horacio Magnetto, Pablo César Casey, Ignacio José María Sáenz Valiente, Rafael A. Ginebra and Ezequiel Amaranto Camerini. Beneficiaries: Principal: Héctor Horacio Magnetto (100.00%), Secondary: Marcia Ludmila Magnetto (50.00%) and Horacio Ezequiel Magnetto (50.00%) iii. ELHN Grupo Clarín New York Trust (30.69%) Trustees: Héctor Horacio Magnetto, Ignacio José María Sáenz Valiente, Rafael A. Ginebra and Ezequiel Amaranto Camerini. iv. Beneficiaries: Principal: Ernestina Laura Herrera de Noble (100.00%), Secondary: Marcela Noble Herrera (50.00%) and Felipe Noble Herrera (50.00%). [Translator Note: the original note mistakenly lists this point as iv, when it should be a second bullet under point iii.] We also hereby state that the transactions that will result in this final shareholders composition reflected under points a) and b) above, complies and will fully comply with the Audiovisual Communication Services Law, especially considering that the shareholders that will maintain the ownership of the companies that will participate in that corporate reorganisation have already been approved by the various Oversight Agencies. Sincerely, [Translator s Note: There is a stamp that reads 11 [hours] Grupo Clarín S.A. 06 Jun 2014 To be Controlled] [Illegible signatures follow by:] ELHN Grupo Clarín New York Trust [two trustees] HHM Grupo Clarín New York Trust [two trustees] LRP Grupo Clarín New York Trust [two trustees] Alanlú S.A. [Chairman] /s/ José Antonio Aranda [Signature certification language intentionally omitted]