GRUPO CLARIN S.A.

Grupo Clar�n Allocates Equity

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On 2 May 2017, Grupo Clar�n S.A. (the "Company") informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that, by the powers vested in the Board of Directors of the Company by the shareholders on 28 September 2016, and given that the Effective Spinoff Date was 1 May 2017, the Board of Directors had decided to allocate to Cablevisi�n Holding S.A. ("CVH"), as assets, liabilities, rights and obligations that comprise the Additional Equity Subject to Split-up, the following: a) Credits: credit for dividends receivable from VLG Argentina, LLC in the amount of USD 6,000,000; b) Indebtedness: USD 23,000,000, plus interest and accessories as of the Effective Spinoff Date, arising from the payment promise assumed by Grupo Clar�n S.A. as a consequence of the offer sent to, and accepted by, Cablevision S.A. on 25 November 2016.

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Enquiries:

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In Buenos Aires:

Agust�n Medina Manson / Patricio Gentile

Grupo Clar�n

Tel: +5411 4309 7215

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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