Payment of Cash Dividends

GRUPO CLARIN S.A.

Grupo Clarín S.A. announces payment of Cash Dividends

On 27 April 2016, Grupo Clarín S.A. (the "Company") informed the Buenos Aires Stock Exchange and the Argentine Securities Commission that pursuant to the resolutions passed by the Annual General Shareholders Meeting held on April 25, 2016, the dividend payment will be made starting on 12 May, 2016 in the amount of AR$ 300,000,000 (Argentine Pesos Three Hundred Million). The amount to be distributed is in the equivalent to AR$ 1.0437738431 per share or AR$ 2.0875476862 per GDS.

In the case of Global Depositary Shares ("GDS") holders, the record date has been set on 11 May, 2016 and payment is expected to occur on 23 May, 2016, through the Depositary, JP Morgan Chase N.A.

For holders of common stock, payment will be available starting on 12 May, 2016 through Caja de Valores S.A., 25 de Mayo 362, Ciudad Autónoma de Buenos Aires, Argentina, in compliance with applicable laws and regulations.

If applicable, shareholders will be subject to a 10% Income Tax deduction from the amount distributed as provided in the last paragraph of Section 90, Law 20,628 and amendments, incorporated by Law 26,893.