Dividend Declaration

Grupo Clarín S.A. announces payment of Cash Dividends

On 9 May 2011, Grupo Clarín S.A. (the "Company") informed the Buenos Aires Stock Exchange that pursuant to the resolutions passed by the Shareholders Meeting held on April 28, 2011, the payment of the dividend will be made starting on May 17, 2011 in the amount of AR$ 120,000,000 (Argentine Pesos one hundred and twenty Million). The amount to be distributed is in the equivalent to AR$ 0.4175 per share or AR$0.8350 per GDS.

In the case of GDS holders, the record date has been set on May 16, 2011 and payment is expected to occur on May 24, 2011, through the Depositary, JP Morgan Chase N.A.

For holders of common stock, payment will be available starting on May 17, 2011 through Caja de Valores S.A., 25 de Mayo street, 362, Ciudad Autonoma de Buenos Aires, Argentina, in compliance with applicable laws and regulations.

Enquiries:

In Buenos Aires:

Alfredo Marin/Agustin Medina Manson

Grupo Clarín

Email: investors@grupoclarin.com

In London:

Alex Money/Lorna Ellen

Temple Bar Advisory

Tel: +44 20 7002 1080

Email: clarin@templebaradvisory.com

In New York:

Melanie Carpenter/Peter Majeski

I-advize Corporate Communications

Tel: +1 212 406 3692

Email: clarin@i-advize.com