This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1).

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(1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.

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(2) An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14, 16, 23 and 24.

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(3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.

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(4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

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Please complete all relevant boxes should in block capital letters.

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1. Name of the issuer

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GRUPO CLAR�N S.A.

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2. State whether the notification relates to (i) a transaction notified in accordance with DR 3.1.4R(1)(a); or (ii) DR 3.1.4(R)(1)(b) a disclosure made in accordance with section 324 (as extended by section 328) of the Companies Act 1985; or

(iii) both (i) and (ii):

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3. Name of person discharging managerial responsibilities/director

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ALEJANDRO ALBERTO URRICELQUI (MANAGER)

SEBASTIAN BARDENGO (MANAGER and ALTERNATE DIRECTOR)

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4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person

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5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest

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�� 3 ABOVE

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6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares

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- URRICELQUI - CLASS B COMMON SHARES OF THE COMPANY, WITH NOMINAL VALUE OF ONE (1) ARGENTINE PESO PER SHARE IN THE FORM OF GLOBAL DEPOSITARY SHARES

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�- BARDENGO - CLASS B COMMON SHARES OF THE COMPANY, WITH NOMINAL VALUE OF ONE (1) ARGENTINE PESO PER SHARE

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7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them

N/A

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8. State the nature of the transaction

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- URRICELQUI - ACQUISITION OF CLASS B COMMON SHARES IN THE FORM OF GLOBAL ��DEPOSITARY SHARES

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-BARDENGO - ACQUISITION OF CLASS B COMMON SHARES

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9. Number of shares, debentures or financial instruments relating to shares acquired

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ALEJANDRO A. URRICELQUI�� Number of shares: 31,000 GDSs, representing 2 Class B Common Shares each

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SEBASTIAN BARDENGO �� Number of shares: 1,460 Class B Common Shares

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10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)

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ALEJANDRO A. URRICELQUI�� Percentage: 0.0333% of CLASS B COMMON SHARES

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SEBASTIAN BARDENGO�� Percentage: 0.0008% of CLASS B COMMON SHARES

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11. Number of shares, debentures or financial instruments relating to shares disposed

N/A

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12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

N/A

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13. Price per share or value of transaction

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ALEJANDRO A. URRICELQUI�� 31,000 GDS at US$ 28.38 per GDS

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SEBASTIAN BARDENGO:�� 1,460 shares at AR$ 239.12 per share

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14. Date and place of transaction

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ALEJANDRO A. URRICELQUI:�� 31,000 GDS on 21, 24 and 26 July 2017, LONDON

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SEBASTIAN BARDENGO:�� 1,460 SHARES on 20 July 2017, Buenos Aires

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15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)

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ALEJANDRO A. URRICELQUI:

�� 173,158 COMMON SHARES (0.0602% OF OUTSTANDING CAPITAL STOCK)

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SEBASTIAN BARDENGO:

�� 6,460 COMMON SHARES (0.0022% OF OUTSTANDING CAPITAL STOCK)

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16. Date issuer informed of transaction

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If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17. Date of grant

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18. Period during which or date on which it can be exercised

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19. Total amount paid (if any) for grant of the option

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20. Description of shares or debentures involved (class and number)

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21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise

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22. Total number of shares or debentures over which options held following notification

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23. Any additional information

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N/A

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24. Name of contact and telephone number for queries

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IN BUENOS AIRES:

AGUSTIN MEDINA MANSON/PATRICIO GENTILE

GRUPO CLAR�N

EMAIL: [email protected]

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IN LONDON:

ALEX MONEY

JASFORD IR

TEL: +44 20 3289 5300

EMAIL: [email protected] �

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IN NEW YORK:

MELANIE CARPENTER

I-ADVIZE CORPORATE COMMUNICATIONS

TEL: +1 212 406 3692

EMAIL: [email protected]

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Name and signature of duly authorised officer of issuer responsible for making notification

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AGUSTIN MEDINA MANSON, Responsible for Market Relations, Grupo Clar�n S.A.

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Date of notification

August 1^st, 2017

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