Directorate Change

GRUPO CLARIN S.A.

Company accepts resignations of Board Members and Appoints Replacements

On 14 November 2017, Grupo Clarín S.A. (the "Company") informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that the Company had (i) accepted the resignation of Mr. Pablo C. Casey to his position as Director of the Company appointed by the Class A Shareholders; Mr. Francisco Iván Acevedo was appointed in Mr. Casey's place, (ii) accepted the resignation of Mr. Hernán P. Verdaguer to his position as Alternate Director of the Company, appointed by the Class A Shareholders, and (iii) accepted the resignation of Mr. Marcelo A. Trivarelli to his position as Alternate Director of the Company, appointed by the Class A Shareholders

Attached as Exhibit A is a free translation of the Minutes of the Meeting of the Board of Directors of the Company at which such resignations were accepted.

Enquiries:

In Buenos Aires:

Agustín Medina Manson / Patricio Gentile

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

Minutes of the Meeting of the Board of Directors No. 399: In the City of Buenos Aires, on the 10th day of the month of November 2017, at 11.00 hours, the Board of Directors of Grupo Clarín S.A. meets at the Company's headquarters on calle Piedras 1743, City of Buenos Aires, with the presence of Jorge Carlos Rendo, Héctor Mario Aranda, Horacio Eduardo Quirós, Ignacio Rolando Driollet, Martin Gonzalo Etchevers, Lorenzo Calcagno, Alberto César José Menzani, Gonzalo Blaquier and Sebastián Salaber and of the members of the Supervisory Committee who sign below. The Chairman, Mr. Jorge C. Rendo, submits the first point of the agenda to the consideration of those present: 1) Acknowledgment of the resignation submitted by Mr. Pablo C. Casey to his position as Director. Appointment of a replacement. The Chairman speaks and states that, on that date, Mr. Pablo Casey has tendered his resignation to the position of Director appointed by the Class A Shareholders. In light of the above and taking into account that the resignation is not malicious or untimely and does not affect the normal development of the Company's business, the Chairman motions specifically that the Board approve the resignation submitted by Mr. Casey. The motion is submitted to a vote and approved unanimously. The Board states for the record that Mr. Francisco Iván Acevedo-who had been appointed as alternate director by the Class A Shareholders-shall replace Mr. Casey. Mr. Acevedo, who is present at the meeting, signs these minutes in witness of his consent to the appointment as Director of the Company. Next, the second point of the agenda is submitted to the consideration of the Board: 2) Acknowledgment of the resignation submitted by Mr. Hernán Pablo Verdaguer, to his position as Alternate Director. The Chairman speaks and states that, on that date, Mr. Hernán P. Verdaguer has tendered his resignation to the position of Alternate Director appointed by the Class A Shareholders. In light of the above and taking into account that the resignation is not malicious or untimely and does not affect the normal development of the Company's business, the Chairman motions specifically that the Board approve the resignation submitted by Mr. Casey. The motion is submitted to a vote and approved unanimously. Next, the last point of the agenda is submitted to the consideration of the Board: 3) Acknowledgment of the resignation submitted by Mr. Marcelo A. Trivarelli, to his position as Alternate Director. The Chairman speaks and states that, on that date, Mr. Marcelo A. Trivarelli has tendered his resignation to the position of Alternate Director appointed by the Class A Shareholders. In light of the above and taking into account that the resignation is not malicious or untimely and does not affect the normal development of the Company's business, the Chairman motions specifically that the Board approve the resignation submitted by Mr. Casey. The motion is submitted to a vote and approved unanimously. With no further matters to discuss, the meeting is adjourned at 11.30am.

On Behalf of the Board: Jorge C. Rendo, Héctor M. Aranda, Horacio E. Quirós, Ignacio R. Driollet, Martín G. Etchevers, Francisco Iván Acevedo, Lorenzo Calcagno, Alberto C. Menzani, Sebastián Salaber and Gonzalo Blaquier.

On Behalf of the Supervisory Commission: Carlos A. P. Di Candia, Hugo E. López and Pablo G. San Martín.