Court denies Government's Appeal to Supreme Court

GRUPO CLARIN S.A.

Court of Appeals denies Government's Appeal to Supreme Court

On 21 March 2016, Grupo Clarín S.A. (the "Company") informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that it had been served notice of a decision rendered by Chamber II of the Court of Appeals on Federal Civil and Commercial Matters, whereby that court had denied the appeal filed by the National Government - Ministry of Economy and Public Finance to have their claim against the Resolution dated 17 September 2015 heard by the Supreme Court of Argentina. The appealed Resolution ordered the revocation of MECON Resolution No. 113/10. Therefore, SCI Resolution No. 257/07 and the effects of the authorization granted thereunder remain in full force and effect.

Attached as Exhibit A is a free translation of the relevant sections of the decision of Chamber II of the Court of Appeals on Federal Civil and Commercial Matters.

Enquiries:

In Buenos Aires:

Alfredo Marín/Agustín Medina Manson

Grupo Clarín

Tel: +5411 4309 7215

Email: investors@grupoclarin.com 

In London:

Alex Money

Jasford IR

Tel: +44 20 3289 5300

Email: alexm@jasford.com 

In New York:

Melanie Carpenter

I-advize Corporate Communications

Tel: +1 212 406 3692

Email: clarin@i-advize.com

Exhibit A

FREE TRANSLATION

Year of the Bicentennial of the National Declaration of Independence

National Judicial Branch

Chamber II of the Court of Appeals on Federal Civil and Commercial Matters

Claim No. 2054/2010

AMI CABLE HOLDING LTD AND OTHERS re/ APPEAL RESOLUTION OF THE NATIONAL ANTITRUST COMMISSION

Buenos Aires, March 2016.- HE

HAVING REVIEWED: the extraordinary appeal filed by the National Government on pp. 910/925, responded on PP 940/959, 960 and 961, against the decision of pp. 886/904; and

WHEREAS:

1º) In said decision, to the extent relevant here, this Chamber revoked Resolution No. 113/10 of the Ministry of Economy and Public Finance, whereby [said Ministry] had declared the termination of the effects of the authorisation granted under SCI Resolution No. 257/07.

To so decide, the court estimated that the transaction that had been filed [for approval] had been authorised without conditions and that therefore its effects could not be terminated based on the failure by the requesting parties to fulfil the commitments that they had presented.

[Remaining recitals intentionally omitted]

In light of the above, this Chamber DECIDES: to deny the extraordinary appeal, with costs to be borne by appellant.

We hereby state for the record that Doctor Alfredo Silverio Gusman does not intervene on account of him having excusing himself from judging this case on p. 173 of the file "Ami Cable Holding re. excusation incident, No. 6723/12, which was accepted on pp. 416/420 of the above file (pursuant to Section 109 of the R.J.N).

Let this decision be notified by electronic means and let Case No. 6413/12 be returned to Chamber I, from which it was borrowed.

/s/ RICARDO VÍCTOR GUARINONI

/s/ GRACIELA MEDINA