Quarterly Report. Grupo Clarín announces its Results for the Nine Months (9M15) and Third Quarter of 2015 (3Q15)

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1 Quarterly Report GCLA: Ps / share (BCBA) GCLA: USD 16.0 / GDS (LSE) Total Shares: 287,418,584 Total GDSs: 143,709,292 Market Value: USD 2,299.3 MM Closing Price: November 10th, Grupo Clarín announces its Results for the Nine Months (9M15) and Third Quarter of (3Q15) Buenos Aires, Argentina, November 11 th, Grupo Clarín S.A. ( Grupo Clarín or the Company - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its nine months and third quarter results for. Figures in this report have been prepared in accordance with International Financial Reporting Standards ( IFRS ) as of September 30th, and are stated in Argentine Pesos, unless otherwise indicated. Highlights (9M15 vs. 9M14): Net Sales totaled Ps. 19,924.0 million, an increase of 43.2% from 9M14, mainly due to ARPU and subscriber growth in the Cable TV and Internet access segment and, to a lesser extent, to higher advertising sales in the Broadcasting and Programming segment and circulation sales in the Printing and Publishing segment. Adjusted EBITDA reached Ps. 6,380.3 million, an increase of 79.3% from 9M14, mainly driven by higher sales in the Cable and Internet access segment. Grupo Clarín s Adjusted EBITDA Margin (2) for 9M15 was 32.0%, compared to 25.6% in 9M14. Income for the period totaled Ps. 2,740.2 million, an increase of 260.3% from the Ps million reported in 9M14, and the Income for the period attributable to Equity Shareholders amount to Ps 1,744.2 million from Ps million, an increase of 290.3%. FINANCIAL HIGHLIGHTS (In millions of Ps.) 9M15 9M14 % Ch. 3Q15 2Q15 3Q14 QoQ YoY Net Sales 19, , % 7, , , % 44.0% Adjusted EBITDA 6, , % 2, , , % 82.2% Adjusted EBITDA Margin (2) Income for the period Attributable to: 32.0% 25.6% 25.1% 32.9% 30.7% 26.0% 7.0% 26.6% 2, % 1, % 134.8% Equity Shareholders 1, % % 172.2% Non-Controlling Interests % % 83.9% 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.. Contacts In Buenos Aires: In London: In New York: Alfredo Marín Agustín Medina Manson Alex Money Melanie Carpenter Grupo Clarín S.A. Jasford IR I-advize Corporate Communications Tel: Tel: Tel:

2 OPERATING RESULTS Net sales reached Ps. 19,924.0 million, an increase of 43.2% from Ps. 13,909.1 million in 9M14 mainly due to ARPU and subscriber growth in the Cable TV and Internet access segment and, to a lesser extent, to higher advertising sales in the Broadcasting and Programming segment and circulation sales in the Printing and Publishing segment. Following is a breakdown of Net Sales by business segment: NET SALES (In millions of Ps.) 9M15 9M14 YoY 3Q15 2Q15 3Q14 QoQ YoY Cable TV and Internet Access 14, , % 5, , , % 42.2% Printing and Publishing 3, , % 1, , % 48.7% Broadcasting and Programming Digital Content and Others 2, , % % 48.4% % % 25.3% Subtotal 20, , % 7, , , % 43.4% Eliminations (795.4) (626.4) 27.0% (302.4) (258.0) (230.8) 17.2% 31.0% Total 19, , % 7, , , % 44.0% Eliminations include Grupo Clarín s intercompany balances and operations and also adjustments of income/loss from discontinued operations. Cost of sales (Excluding Depreciation and Amortization) reached Ps. 8,773.7 million, an increase of 27.5% from Ps. 6,882.6 million reported for 9M14 due to higher costs in our business segments, mainly in Cable TV and Internet access, in Printing and Publishing and in Broadcasting and Programming. Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 4,770.1 million, an increase of 37.6% from Ps. 3,467.4 million in 9M14. This increase was mainly due to higher costs in the Cable TV and Internet access and in Printing and Publishing segments. Adjusted EBITDA reached Ps. 6,380.3 million, an increase of 79.3% from Ps. 3,559.1 million reported for 9M14, driven by higher sales and margin expansion in the Cable TV and Internet access and Broadcasting and Programming segments and, to a lesser extent, to higher EBITDA in the Printing and Publishing.

3 Following is a breakdown of adjusted EBITDA by business segment: ADJUSTED EBITDA (In millions of Ps.) 9M15 9M14 YoY 3Q15 2Q15 3Q14 QoQ YoY Cable TV and Internet access 5, , % 2, , , % 60.6% Printing and Publishing (81.4) 232.1% (40.2) 96.2% 262.2% Broadcasting and Programming Digital Content and Others % % 168.9% % 16.6 (6.0) (10.7) 377.6% 255.1% Subtotal 6, , % 2, , , % 82.1% Eliminations (2) (26.5) (7.3) (262.5%) (9.7) (11.6) (5.8) 16.5% (68.1%) Total 6, , % 2, , , % 82.2% (2) Adjustments of income/loss from discontinued operations. Financial results net totaled Ps. (1,171.0) million compared to Ps. (1,472.1) million for 9M14 The decrease was mainly due to lower peso depreciation during 9M15, which went from Ps 8.55 per dollar at the end of December 9M14, to Ps 9.42 per dollar as of September 30th, ; compared with the 9M14 with went from Ps 6.52 per dollar at the end of December 2013 to Ps per dollar as of September 30th, Equity in earnings from unconsolidated affiliates in 9M15 totaled Ps million, compared to Ps million for 9M14. Other Income (expenses), net reached Ps. 3.2 million, compared to Ps. 2.0 million in 9M14. Income tax as of December reached Ps. (1,291.4) million, from Ps. (327.3) million in September Income from Discontinued Operations, reached Ps million in 9M15, compared to Ps.18.0 million for 9M14. Income for the period totaled Ps. 2,740.2 million, an increase of 260.3% from Ps million reported for 9M14. This was mainly a consequence of higher EBITDA in the Cable TV and Internet access and Broadcasting and Programming segments and lower peso depreciation. The Equity Shareholders Income for the period amounted to Ps.1,744.2 million, an increase of 290.3% compared with September Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 2,749.7 million in 9M15, an increase of 41.6% from Ps. 1,941.6 million reported for 9M14. Out of the total CAPEX in 9M15, 96.6% was allocated to the Cable TV and Internet access segment, 1.8% to the Broadcasting and Programming segment and the remaining 1.5% to other activities. Capex in the Cable TV and Internet Access segment pertains to subscriber growth, network upgrades and digitalization. Debt profile : Debt coverage ratio for the period ended September 30th, was 0.57x and the Net Debt at the end of this period totaled Ps. 3,652.5 million. 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.

4 SALES BREAKDOWN BY SOURCE OF REVENUE SEPTEMBER (In millions of Ps.) Cable TV & Internet access Printing & Publishing Broadcasting & Programming Digital Content & Others Eliminations Total % Advertising , , (169.6) 3, % Circulation - 1, (0.0) 1, % Printing (35.4) % Video Subscriptions 10, , % Internet 3, (11.3) 3, % Subscriptions Programming (103.7) % Other Sales (475.4) % Total Sales 14, , , (795.4) 19, % Eliminations include Grupo Clarín s intercompany balances and operations and also adjustments of income/loss from discontinued operations. SALES BREAKDOWN BY SOURCE OF REVENUE SEPTEMBER 2014 (In millions of Ps.) Cable TV & Internet access Printing & Publishing Broadcasting & Programming Digital Content & Others Eliminations Total % Advertising , , , % Circulation % Printing % Video Subscriptions 7, , % Internet 1, , % Subscriptions Programming % Other Sales % Total Sales 10, , , (626.4) 13, % Eliminations include Grupo Clarín s intercompany balances and operations and also adjustments of income/loss from discontinued operations. RESULTS BY BUSINESS SEGMENT CABLE TV AND INTERNET ACCESS Net Sales Net sales increased by 43.6% to Ps. 14,623.6 million for 9M15 compared to Ps. 10,182.6 million for 9M14. 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 3,535,047 as of September, compared to the 3,508,782 reported for the same date in Internet subscribers reached 1,982,007 in September, compared to the 1,816,109 of September Cost of Sales (Excluding Depreciation and Amortization) Cost of sales (excluding depreciation and amortization) increased by 28.7% to Ps. 5,622.4 million for September, compared to Ps. 4,368.8 million in September This was mainly due to higher programming costs, salaries, taxes, duties and contributions and network expenses and fixed assets maintenance costs.

5 Selling and Administrative Expenses (Excluding Depreciation and Amortization) Selling and administrative expenses (excluding depreciation and amortization) increased by 37.8% to Ps. 3,349.8 million for 9M15, compared to Ps. 2,431.5 million reported in 9M14. This increase is driven by higher fees for services, taxes, duties and contributions, salaries and marketing expenses. Depreciation and Amortization Depreciation and amortization expenses increased by 24.1% to Ps. 1,198.6 million for 9M15 from Ps million reported in 9M14. PRINTING AND PUBLISHING Net Sales The 41.8% increase of Net Sales to Ps. 3,102.9 million in 9M15, was the result of higher sales in circulation, advertising and printing services. Cost of Sales (Excluding Depreciation and Amortization) Cost of sales (excluding depreciation and amortization) increased by 21.9% to Ps. 1,769.8 million in 9M15, compared to Ps. 1,451.4 million in 9M14. The increase was mainly the result of higher printing costs, cost of the goods sold and salaries. Selling and Administrative Expenses (Excluding Depreciation and Amortization) Selling and administrative expenses (excluding depreciation and amortization) increased by 49.7% to Ps. 1,225.6 million in 9M15, compared to the Ps million reported for 9M14. This was primarily the result of higher distribution costs, marketing expenses, fees for services and salaries. Depreciation and Amortization Depreciation and amortization expenses increased by 8.1% to Ps million in 9M15 compared to Ps million in 9M14. BROADCASTING AND PROGRAMMING Net Sales Net sales increased by 44.3% to Ps. 2,457.2 million in 9M15, compared to Ps. 1,702.6 million in 9M14. The increase was primarily the result of higher advertising sales related to Canal Trece and Radio Mitre. Cost of Sales (Excluding Depreciation and Amortization) Cost of sales (excluding depreciation and amortization) increased by 26.8% to Ps. 1,391.8 million in 9M15, compared to Ps. 1,097.6 million in 9M14. This is attributable mainly to higher salaries, production and programming costs.

6 Selling and Administrative Expenses (Excluding Depreciation and Amortization) Selling and administrative expenses (excluding depreciation and amortization) increased by 26.3% to Ps million in 9M15, compared to Ps million in 9M14. The increase was primarily the result of higher salaries and, to a lesser extent, taxes, duties and contributions. Depreciation and Amortization Depreciation and amortization expenses increased by 13.0% to Ps million in 9M15 compared to Ps million reported in 9M14. 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 16.0% to Ps , from Ps million reported in 9M14, due to due to higher sales at Gestión Compartida, fees at Grupo Clarín and revenues from trade fairs and exhibitions business. EBITDA resulted in Ps million.

7 OPERATING STATISTICS BY BUSINESS SEGMENT CABLE TV AND INTERNET ACCESS 9M15 9M14 YoY 3Q15 2Q15 3Q14 QoQ YoY Homes Passed 7, , % 7, , , % 3.2% Bidirectional Homes Passed 70.2% 67.9% 3.3% 70.2% 69.0% 67.9% 1.7% 3.3% Cable TV Total Consolidated Subscribers (3) 3, , % 3, , , % 0.7% Subscribers - Argentina 3, , % 3, , , % 0.6% Subscribers International (Uruguay) % % 3.7% % over Homes Passed 45.6% 46.7% (2.4%) 45.6% 45.4% 46.7% 0.4% (2.4%) Total Equity Subscribers (4) 3, , % 3, , , % 0.8% Churn Rate % 12.4% 13.6% (8.4%) 11.5% 11.9% 13.9% (4.1%) (17.7%) Digital Video Digital Ready Pay TV Subs 3, , % 3, , , % 11.9% Total Digital Decoders 1, , % 1, , , % 14.3% Argentina 1, , % 1, , , % 13.9% International % % 17.5% Penetration over Digital Ready TV Subs 50.8% 49.7% 2.1% 50.8% 54.1% 49.7% (6.1%) 2.1% Internet Subscribers Total Internet Subscribers 1, , % 1, , , % 9.1% Cablemodem 1, , % 1, , , % 9.3% ADSL (30.8%) (7.2%) (30.8%) Dial Up (12.7%) (1.8%) (12.7%) % over Bidirectional Homes Passed 39.3% 35.6% 10.3% 39.3% 38.1% 35.6% 3.0% 10.3% Total ARPU (2) % % 41.9% 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.

8 PRINTING AND PUBLISHING 9M15 9M14 YoY 3Q15 2Q15 3Q14 QoQ YoY Circulation (5.3%) (0.9%) (4.2%) Circulation share % (2) 39.4% 38.9% 1.3% 39.9% 39.2% 39.1% 1.9% 2.1% Advertising share % (3) 51.5% 53.8% (4.3%) 51.1% 51.4% 53.7% (0.6%) (4.9%) 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 9M15 9M14 YoY 3Q15 2Q15 3Q14 QoQ YoY Advertising Share % 38.8% 36.8% 5.3% 40.2% 38.6% 40.2% 4.1% 0.0% Audience Share % (2) Prime Time 37.3% 33.0% 13.2% 39.3% 37.6% 35.7% 4.5% 10.2% Total Time 30.1% 26.3% 14.3% 31.5% 30.2% 28.0% 4.1% 12.4% Company estimate, over ad spend in Ps. In broadcast TV for AMBA region. (2) Share of broadcast TV audience according to IBOPE for AMBA. PrimeTime 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 9M15 9M14 YoY Page Views % Unique Visitors % In millions. Average. Source IAB and Company Estimates. DEBT AND LIQUIDITY (In millions of Ps.) September September 2014 % Change June % Change Short Term and Long Term Debt Current Financial Debt 2, , % 1, % Financial loans % % Negotiable obligations 1, % ,038.3% Accrued interest % (45.4%) Acquisition of equipment % % Sellers Financing Capital ,072.2% ,514.5% Sellers Financing accrued interest - - NA - NA Related Parties Capital % % Related Parties accrued interest % % Bank overdraft % (33.5%) Non-Current Financial Debt 2, ,026.5 (6.9%) 3,959.9 (28.9%) Financial loans (87.3%) (86.3%) Negotiable obligations 2, ,531.7 (5.2%) 3,444.9 (30.3%) Accrued interest - - NA - NA Acquisition of equipment % % Sellers Financing Capital - - NA - NA Sellers Financing accrued interest - - NA - NA

9 (In millions of Ps.) September September 2014 % Change June % Change Related Parties Capital (100.0%) - NA Related accrued interest (100.0%) - NA Bank overdraft - - NA - NA Total Financial Debt (A) 5, , % 5, % Measurement at fair Value (28.2) (39.2) 28.1% (30.9) 8.8% Total Short Term and Long Term Debt 5, , % 5, % Cash and Cash Equivalents (B) 1, , % 3,052.5 (37.8%) Net Debt (A) (B) 3, , % 2, % Net Debt/Adjusted EBITDA 0.38x 0.52x (27.4%) 0.31x 21.9% % USD Debt 80.6% 85.5% (5.7%) 75.5% 6.9% % Ar. Ps Debt 19.4% 14.5% 33.7% 24.5% (21.1%) Total Financial Debt and Net Debt, increased from Ps. 4,424.3 million to Ps. 5,552.5 million and from Ps. 2,762.1 million to Ps. 3,652.5 million respectively. This represents an increase of 25.5% in the Total Debt and an increase of 32.2% in the Net Debt. Debt coverage ratio as of September 30th, was 0.38x in the case of Net Debt and of 0.57x in terms of Total Financial Debt. 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 NEXTEL ARGENTINA ACQUISITION On 14 September, Grupo Clarín S.A. (the Company ) informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that the Company had made an offer to NII Mercosur Telecom, S.L.U. and NII Mercosur Móviles, S.L.U. (as Sellers ), subject to the fulfillment of certain conditions, to acquire from Sellers 49% of the capital stock of Nextel Communications Argentina S.R.L. ( Nextel Argentina ) and an option to acquire, together with its subsidiary Televisión Dirigida S.A., the remaining 51% (the Offer ). The Company offered to assign the rights and obligations arising from the Offer to its subsidiary Cablevisión S.A., which accepted the assignment. The aggregate price of the transaction is of USD165 million (the Price ) plus the right to additional consideration of up to USD13 million, subject to certain conditions. The transaction was completed on 14 September with the acceptance of the Offer by Sellers and the payment by Cablevisión S.A. of USD159 million. The balance of USD6 million was placed in escrow to cover eventual liabilities of the target company. The transaction is carried out in full compliance with applicable law.

10 Nextel Argentina is the fourth mobile telecommunications operator in the country with a market share of approximately 3%, and operates in Argentina since 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. GCLA (BCBA) Price per Share GCLA (LSE) (ARS) Price per GDS 16.0 (USD) Total Shares 287,418,584 Total GDSs 143,709,292 Market Value (USD MM) 2,299.3 Closing Price November 10th, CONFERENCE CALL AND WEBCAST INFORMATION Grupo Clarín will host a conference call and webcast to discuss its Third Quarter Results for, on Wednesday, November 11 th,. Time: 12:00pm Buenos Aires Time/3:00pm London Time/10:00am New York Time. Those interested in connecting via conference call are invited to please dial toll free from the U.S., from Argentina, or 1 (334) from elsewhere 5-10 minutes prior to the start time. The Conference ID is To access the simultaneous webcast presentation, please direct your browser to:. There will be a two weeks replay available starting one hour after the conclusion of the conference call. To access the replay, please dial toll free from the U.S., or from anywhere outside the U.S. The replay passcode is: The PDF version of the webcast presentation will be available at prior to the call, on November 11th, and archived in our Website after its conclusion. ABOUT THE COMPANY Grupo Clarín is the largest media company in Argentina and a leading company in the cable television and Internet access, printing and publishing, and broadcasting and programming markets. Its cable television network is one of the largest in Latin America in term of subscribers, and is a leading broadband provider in Argentina. Its flagship newspaper Diario Clarín is one of the highest circulation newspapers in Latin America. 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.

11 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.

12 Continuing Operations GRUPO CLARÍN S.A. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, AND 2014, AND FOR THE THREE-MONTH PERIODS BEGINNING JULY 1 AND ENDED SEPTEMBER 30, AND 2014 IN ARGENTINE PESOS (PS.) September 30, September 30, 2014 July 1, through September 30, July 1, 2014 through September 30, 2014 Revenues 19,924,038,692 13,909,132,795 7,402,162,129 5,141,944,493 Cost of Sales (9,963,942,054) (7,846,502,383) (3,658,354,100) (2,875,459,438) Subtotal - Gross Profit 9,960,096,638 6,062,630,412 3,743,808,029 2,266,485,055 Selling Expenses (2,525,812,615) (1,738,322,799) (960,654,017) (628,013,417) Administrative Expenses (2,343,305,991) (1,812,586,480) (811,142,999) (681,674,115) Other Income and Expense, net 3,159,029 2,049,600 (4,929,317) (1,381,837) Financial Costs (994,115,232) (1,522,266,799) (371,579,736) (281,712,653) Other Financial Results, net (176,895,706) 50,127,279 (88,306,264) (26,553,378) Financial Results (1,171,010,938) (1,472,139,520) (459,886,000) (308,266,031) Equity in Earnings from Affiliates and Subsidiaries 59,766,841 28,298,132 26,681,145 10,061,064 Income before Income Tax and Tax on Assets 3,982,892,964 1,069,929,345 1,533,876, ,210,719 Income Tax and Tax on Assets (1,291,391,232) (327,298,392) (492,027,103) (215,765,240) Income for the period from continuing operations 2,691,501, ,630,953 1,041,849, ,445,479 Discontinued Operations Net Income from Discontinued Operations 48,721,236 17,972,538 21,311,328 11,437,187 Income for the period 2,740,222, ,603,491 1,063,161, ,882,666 Other Comprehensive Income Items which may be reclassified to net income Variation in Translation Differences of Foreign Operations from Continuing Operations (127,217,059) 480,999,756 92,681, ,168,159 Other Comprehensive Income for the period (127,217,059) 480,999,756 92,681, ,168,159 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 2,613,005,909 1,241,603,247 1,155,842, ,050,825 Profit Attributable to: Shareholders of the Parent Company 1,744,216, ,935, ,873, ,806,230 Non-Controlling Interests 996,006, ,667, ,287, ,076,436 Total Comprehensive Income Attributable to: Shareholders of the Parent Company 1,673,868, ,692, ,889, ,517,774 Non-Controlling Interests 939,137, ,910, ,953, ,533,051 Basic and Diluted Net Income (Loss ) per Share from Continuing Operations Basic and Diluted Net Income (Loss) per Share from Discontinued Operations Basic and Diluted Net Income (Loss) per Share - Total Includes amortization of intangible assets and film library, and depreciation of property, plant and equipment in the amount of Ps. 1,289,304,444 and Ps. 1,047,355,631 for the nine-month periods ended September 30, and 2014, respectively. The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of September 30 th,, available at.

13 GRUPO CLARÍN S.A. CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, AND DECEMBER 31, 2014 IN ARGENTINE PESOS (PS.) September 30, December 31, 2014 ASSETS NON-CURRENT ASSETS Property, Plant and Equipment 7,940,325,018 6,370,192,626 Intangible Assets 249,436, ,614,131 Goodwill 2,913,281,980 2,932,411,625 Deferred Tax Assets 365,800, ,134,997 Investments in unconsolidated affiliates 1,244,452, ,510,998 Other Investments 325,545, ,625,916 Inventories 17,863,419 20,952,973 Other Assets 2,003,705 1,249,770 Other Receivables 1,053,070, ,959,494 Trade Receivables 98,551,480 91,505,064 Total Non-Current Assets 14,210,331,469 10,801,157,594 CURRENT ASSETS Inventories 427,652, ,051,027 Other Assets 4,435,133 7,063,276 Other Receivables 956,396, ,552,014 Trade Receivables 3,483,907,055 2,885,040,086 Other Investments 1,640,950,677 1,416,105,212 Cash and Banks 1,163,993,057 1,161,628,319 Total Current Assets 7,677,334,711 6,366,439,934 Assets held for sale 165,868, ,897,072 Total Assets 22,053,535,130 17,331,494,600 EQUITY (as per the corresponding statement) Attributable to Shareholders of the Parent Company Shareholders Contributions 2,010,638,503 2,010,638,503 Other items 406,897, ,244,708 Retained Earnings 4,489,355,585 2,995,139,163 Total Attributable to Shareholders of the Parent Company 6,906,891,119 5,483,022,374 Attributable to Non-Controlling Interests 3,033,384,313 2,282,464,286 Total Shareholders Equity 9,940,275,432 7,765,486,660 LIABILITIES NON-CURRENT LIABILITIES Provisions and Other 362,221, ,650,704 Debt 2,766,717,968 2,870,498,547 Deferred Tax Liabilities - 55,140,623 Taxes Payable 88,606,517 98,018,442 Other Liabilities 141,243, ,758,062 Trade Payables and Other 10,100,341 8,059,507 Total Non-Current Liabilities 3,368,890,066 3,520,125,885 CURRENT LIABILITIES Debt 2,579,739,305 1,718,898,323 Seller Financings 177,831,161 3,791,426 Taxes Payable 1,338,173, ,170,919 Other Liabilities 622,732, ,348,644 Trade Payables and Other 4,025,892,899 3,155,672,743 Total Current Liabilities 8,744,369,632 6,045,882,055 Total Liabilities 12,113,259,698 9,566,007,940 Total Equity and Liabilities 22,053,535,130 17,331,494,600

14 Capital Stock GRUPO CLARÍN S.A. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, AND 2014 IN ARGENTINE PESOS (PS.) Equity attributable to Shareholders of the Parent Company Shareholders Contributions Other items Retained Earnings Inflation Adjustment Additional Translation on Capital Paid-in of Foreign Other Legal Optional Accumulated Stock Capital Subtotal Operations Reserves Reserve reserves Results Total Equity of Controlling Interests Equity Attributable to Non- Controlling Interests Balances as of January 1 st, 287,418, ,885,253 1,413,334,666 2,010,638, ,454,394 (209,686) 119,460,767 2,071,576, ,101,687 5,483,022,374 2,282,464,286 7,765,486,660 Set-up of reserves (Note 10.a.) ,101,687 (554,101,687) Dividend Distribution (Note 10.a.) (250,000,000) (250,000,000) - (250,000,000) Dividends and Other Movements of Non-Controlling Interest (188,217,137) (188,217,137) Income for the period ,744,216,422 1,744,216, ,006,546 2,740,222,968 Other Comprehensive Income: Variation in Translation Differences of Foreign Operations (70,347,677) (70,347,677) (56,869,382) (127,217,059) Balances as of September 30, 287,418, ,885,253 1,413,334,666 2,010,638, ,106,717 (209,686) 119,460,767 2,625,678,396 1,744,216,422 6,906,891,119 3,033,384,313 9,940,275,432 Total Equity Balances as of January 1 st, ,418, ,885,253 1,413,334,666 2,010,638, ,025,052 5,207, ,710,297 1,838,495, ,831,556 4,729,908,305 1,748,885,854 6,478,794,159 Set-up of reserves ,750, ,081,086 (239,831,556) Dividend Distribution (240,000,000) (240,000,000) - (240,000,000) Changes in Reserves for Acquisition of Investments (5,416,960) (5,416,960) - (5,416,960) Dividends and Other Movements of Non-Controlling Interest (173,428,392) (173,428,392) Income for the period ,935, ,935, ,667, ,603,491 Other Comprehensive Income: Variation in Translation Differences of Foreign Operations ,756, ,756, ,243, ,999,756 Balances as of September 30, ,418, ,885,253 1,413,334,666 2,010,638, ,781,720 (209,686) 119,460,767 2,071,576, ,935,880 5,184,183,893 2,117,368,161 7,301,552,054 Broken down as follows: (i) Optional reserve for future dividends of Ps. 300,000,000; (ii) Judicial reserve for future dividend distribution of Ps. 387,028,756, (iii) Optional reserve for illiquidity of results of Ps. 694,371,899 and (iv) Optional reserve to provide financial aid to subsidiaries and in connection with the Audiovisual Communication Services Law of Ps. 1,244,277,741.

15 GRUPO CLARÍN S.A. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, AND 2014 IN ARGENTINE PESOS (PS.) September 30, September 30, 2014 CASH PROVIDED BY OPERATING ACTIVITIES Income for the period 2,740,222, ,603,491 Income Tax and Tax on Assets 1,291,391, ,298,392 Accrued Interest, net 337,393, ,715,827 Adjustments to reconcile net income for the period to cash provided by operating activities: Depreciation of Property, Plant and Equipment 1,159,181, ,855,680 Amortization of Intangible Assets and Film Library 130,123, ,499,951 Net of allowances 252,042, ,363,413 Financial Results 53,139, ,534,556 Equity in Earnings from Affiliates and Subsidiaries (59,766,841) (28,298,132) Other Income and Expense (13,453,051) (2,368,242) Net Income from Discontinued Operations (48,721,236) (17,972,538) Changes in Assets and Liabilities: Trade Receivables (777,275,520) (492,028,261) Other Receivables (525,005,148) 262,573,719 Inventories (155,387,098) (32,226,429) Other Assets 1,874,208 (1,392,643) Trade Payables and Other 853,391, ,945,381 Taxes Payable (151,456,551) (66,564,610) Other Liabilities 211,436,681 81,842,872 Provisions (43,922,862) (29,116,264) Income Tax and Tax on Assets Payments (797,845,124) (217,137,140) Net Cash Flows Provided by Operating Activities 4,457,362,499 3,475,129,023 CASH PROVIDED BY INVESTMENT ACTIVITIES Acquisition of Property, Plant and Equipment, net (2,749,697,669) (1,941,618,055) Acquisition of Intangible Assets (45,663,449) (35,377,464) Payments for the Acquisition of Subsidiaries, Net of Cash Acquired and Contributions in Associates (695,837,033) (7,245,505) Call Option - Nextel (789,102,688) - Collection of Interest 1,351,834 1,966,530 Proceeds from Sale of Property, Plant and Equipment 14,741,050 6,402,291 Dividends Collected 40,094,116 27,002,767 Transactions with Securities, Bonds and Other Financial Instruments, Net (171,925,771) (583,203,816) Collections of Certificates of Deposit 211,196, ,728,693 Net Cash Flows used in Investment Activities (4,184,843,061) (2,146,344,559) CASH PROVIDED BY FINANCING ACTIVITIES Loans 1,215,962, ,739,108 Repayment of Loans and Issue Expenses (827,713,530) (1,596,131,678) Payment of Interest (566,527,580) (458,309,001) (Payments) / Collections on Financial Instruments, Net (7,683,300) 4,242,112 Payment of Dividends (125,000,000) (70,421,279) Reserve set-up and other - (11,428,240) Payments to Non-Controlling Interests, net (186,657,634) (126,702,437) Net Cash Flows used in Financing Activities (497,619,471) (1,424,011,415) FINANCING RESULTS GENERATED BY CASH AND CASH EQUIVALENTS 407,742, ,033,549 Net Increase in Cash Flow 182,642,729 16,806,598 Cash and Cash Equivalents at the Beginning of the Year 1,717,383,640 1,650,463,169 Effect in Cash from Disposal of Businesses for Sale - (21,666,553) Cash and Cash Equivalents at the End of the Period 1,900,026,369 1,645,603,214

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