Quarterly Report. Grupo Clarín announces its Results for the First Quarter 2016 (1Q16)

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1 Quarterly Report GCLA: Ps / share (BCBA) GCLA: USD 19.5 / GDS (LSE) Total Shares: 287,418,584 Total GDSs: 143,709,292 Market Value: USD 2,802.3 MM Closing Price: May 11th, 2016 Grupo Clarín announces its Results for the First Quarter 2016 (1Q16) Buenos Aires, Argentina, May 12 th, 2016 Grupo Clarín S.A. ( Grupo Clarín or the Company - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its first quarter results for Figures in this report have been prepared in accordance with International Financial Reporting Standards ( IFRS ) as of March 31 th, 2016 and are stated in Argentine Pesos, unless otherwise indicated. Highlights (1Q16 vs. 1Q15): Net Sales totaled Ps. 8,985.6 million, an increase of 50.5% from 1Q15, mainly due to ARPU and subscriber growth in the Cable TV and Internet access businesses, and, to a lesser extent, driven by the consolidation of Nextel Argentina in the Cable TV, Internet access and Telephony segment. Adjusted EBITDA (1) reached Ps. 2,844.7 million, an increase of 46.9% from 1Q15, mainly driven by higher sales in the Cable, Internet access and Telephony segment. Grupo Clarín s Adjusted EBITDA Margin (2) for 1Q16 was 31.7%, compared to 32.4% in 1Q15. Income for the period totaled Ps. 1,113.2 million, an increase of 39.1% from the Ps million reported in 1Q15, and the Income for the period attributable to Equity Shareholders amount to Ps million from Ps million, an increase of 34.8%. FINANCIAL HIGHLIGHTS (In millions of Ps.) 1Q16 1Q15 % Ch. 4Q15 QoQ Net Sales 8, , % 7, % Adjusted EBITDA (1) 2, , % 1, % Adjusted EBITDA Margin (2) 31.7% 32.4% (2.4%) 25.0% 26.5% Income for the period 1, % % Attributable to: Equity Shareholders % % Non-Controlling Interests % ,273.7% (1) We define Adjusted EBITDA as net sales minus cost of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization). We believe that Adjusted EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies on the basis of operating performance, leverage and liquidity. Nonetheless, Adjusted EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Other companies may compute Adjusted EBITDA in a different manner; therefore, Adjusted EBITDA as reported by other companies may not be comparable to Adjusted EBITDA as we report it. (2) We define Adjusted EBITDA Margin as Adjusted EBITDA over Net Sales.. Contacts In Buenos Aires: In London: In New York: Alfredo Marín Agustín Medina Manson Alex Money Melanie Carpenter Grupo Clarín S.A. Jasford IR I-advize Corporate Communications Tel: Tel: Tel: investors@grupoclarin.com alex@jasford.com clarin@i-advize.com

2 OPERATING RESULTS Net sales reached Ps. 8,985.6 million, an increase of 50.5% from Ps. 5,969.5 million in 1Q15 mainly due to ARPU and subscriber growth in the Cable TV and Internet access businesses, and, to a lesser extent, driven by the consolidation of Nextel Argentina in the Cable TV, Internet access and Telephony segment. Following is a breakdown of Net Sales by business segment: NET SALES (In millions of Ps.) 1Q16 1Q15 YoY 4Q15 QoQ Cable TV, Internet access and Telephony 7, , % 5, % Printing and Publishing 1, % 1, % Broadcasting and Programming % 1,144.2 (37.8%) Digital Content and Others % % Subtotal 9, , % 8, % Eliminations (282.7) (229.7) 23.1% (261.6) 8.1% Total 8, , % 7, % Cost of sales (Excluding Depreciation and Amortization) reached Ps. 3,841.1 million, an increase of 48.0% from Ps. 2,595.7 million reported for 1Q15 due to higher costs across all segments, mainly in Cable TV, Internet access and Telephony that was also impacted by the consolidation of the Mobile Argentine operation (Nextel Argentina). Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 2,299.8 million, an increase of 60.0% from Ps. 1,437.7 million in 1Q15. This increase was mainly due to higher costs and the consolidation of Nextel in the Cable TV, Internet access and Telephony segment. Adjusted EBITDA reached Ps. 2,844.7 million, an increase of 46.9% from Ps. 1,936.1 million reported for 1Q15, driven by higher sales and margin expansion in the Cable TV and Internet access business and the consolidation of Nextel Argentina; and, to a lesser extent, to higher EBITDA in the Broadcasting and Programming segment. Following is a breakdown of adjusted EBITDA by business segment: 2

3 ADJUSTED EBITDA (In millions of Ps.) 1Q16 1Q15 YoY 4Q15 QoQ Cable TV, Internet access and Telephony 2, , % 1, % Printing and Publishing (7.5) 9.1 (182.4%) 5.1 (247.1%) Broadcasting and Programming % (77.2%) Digital Content and Others (71.2%) (13.9) (109.4%) Subtotal 2, , % 1, % Eliminations - - NA - NA Total 2, , % 1, % Financial results net totaled Ps. (772.1) million compared to Ps. (380.4) million for 1Q15. The increase was mainly due to higher peso depreciation during 1Q16, which went from Ps per dollar at the end of December 2015, to Ps per dollar as of March 31th, 2016; compared with the 1Q15 which went from Ps 8.55 per dollar at the end of December 2014 to Ps per dollar as of March 31th, Income from Acquisition of Companies amount to Ps million in 1Q16. Equity in earnings from unconsolidated affiliates in 1Q16 totaled Ps million, compared to Ps million for 1Q15. Other Income (expenses), net reached Ps. 8.0 million, compared to Ps. 0.4 million in 1Q15. Income tax as of March 2016 reached Ps. (542.6) million, from Ps. (393.1) million in March Income for the period totaled Ps. 1,113.2 million, an increase of 39.1% from Ps million reported for 1Q15. This was mainly a consequence of higher EBITDA in the Cable TV, Internet access and Telephony and Broadcasting and Programming segments, and was partially offset by higher peso depreciation. The Equity Shareholders Income for the period amounted to Ps.632.7million, an increase of 34.8% compared with March Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 1,684.7 million in 1Q16, an increase of 165.5% from Ps million reported for 1Q15. Out of the total CAPEX in 1Q16, 96.3% was allocated to the Cable TV, Internet access and Telephony segment, 2.3% to the Broadcasting and Programming segment and the remaining 1.4% to other activities. Capex in the Cable TV, Internet Access and Telephony segment pertains to subscriber growth, network upgrades and digitalization. Debt profile (1) : Debt coverage ratio for the period ended March 31th, 2016 was.68x and the Net Debt at the end of this period totaled Ps. 3,449.6 million. (1) Debt Coverage Ratio is defined as Total Financial Debt divided by Adjusted EBITDA (Last Quarter Annualized). Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest. 3

4 SALES BREAKDOWN BY SOURCE OF REVENUE MARCH 2016 (In millions of Ps.) Cable TV, Internet access and Telephony Printing & Publishing Broadcasting & Programming Digital Content & Others Eliminations ) Advertising (73.5) % Circulation (34.8) % Printing (13.3) % Video Subscriptions 4, , % Internet Subscriptions 1, (6.1) 1, % Programming (15.0) % IDEN telecommunication services % Other Sales (139.9) % Total Sales 7, , (282.7) 8, % Total % SALES BREAKDOWN BY SOURCE OF REVENUE MARCH 2015 (In millions of Ps.) Cable TV, Internet access and Telephony Printing & Publishing Broadcasting & Programming Digital Content & Others Eliminations Total % Advertising (53.8) % Circulation (0.0) % Printing (11.1) % Video Subscriptions 3, , % Internet Subscriptions 1, (3.6 ) 1, % Programming (38.6 ) % IDEN telecommunication services Other Sales (122.6 ) % Total Sales 4, (229.7) 5, % RESULTS BY BUSINESS SEGMENT CABLE TV, INTERNET ACCESS AND TELEPHONY Net Sales Net sales increased by 55.0% to Ps. 7,068.5 million for 1Q16 compared to Ps. 4,559.1 million for 1Q15. The increase is mostly attributable to an increase in subscription charges (Cable TV and Internet) registered during the last twelve months, also reflects the growth in Cable, Broadband and Digital subscribers and the consolidation of Nextel Argentina. Total Consolidated Cable TV basic subscribers reached 3,506,595 as of March 2016, compared to the 3,475,531 reported for the same date in Internet subscribers reached 2,041,775 in March 2016, compared to the 1,858,554 of March

5 Cost of Sales (Excluding Depreciation and Amortization) Cost of sales (excluding depreciation and amortization) increased (including the consolidation of Nextel Argentina) by 54.7% to Ps. 2,612.7 million for March 2016, compared to Ps. 1,689.2 million in March This was mainly due to higher programming costs, network expenses and fixed assets maintenance costs and salaries. Selling and Administrative Expenses (Excluding Depreciation and Amortization) Selling and administrative expenses (excluding depreciation and amortization) increased (including the consolidation of Nextel Argentina) by 69.7% to Ps. 1,677.8 million for 1Q16, compared to Ps million reported in 1Q15. This increase is driven by higher, taxes, duties and contributions, fees for services and salaries. Depreciation and Amortization Depreciation and amortization expenses increased by 50.2% to Ps million for 1Q16 from Ps million reported in 1Q15. PRINTING AND PUBLISHING Net Sales The 35.1% increase of Net Sales to Ps. 1,213.8 million in 1Q16, was the result of higher sales in circulation, advertising and printing services. Cost of Sales (Excluding Depreciation and Amortization) Cost of sales (excluding depreciation and amortization) increased by 39.7% to Ps million in 1Q16, compared to Ps million in 1Q15. The increase was mainly the result of higher salaries, printing costs and cost of the goods sold. Selling and Administrative Expenses (Excluding Depreciation and Amortization) Selling and administrative expenses (excluding depreciation and amortization) increased by 33.8% to Ps million in 1Q16, compared to the Ps million reported for 1Q15. This was primarily the result of higher distribution costs, fees for services and salaries. Depreciation and Amortization Depreciation and amortization expenses increased by 21.5% to Ps million in 1Q16 compared to Ps million in 1Q15. BROADCASTING AND PROGRAMMING Net Sales Net sales increased by 27.9% to Ps million in 1Q16, compared to Ps million in 1Q15. The increase was primarily the result of higher advertising sales related to Canal Trece and Radio Mitre and also programming content sales. 5

6 Cost of Sales (Excluding Depreciation and Amortization) Cost of sales (excluding depreciation and amortization) increased by 23.0% to Ps million in 1Q16, compared to Ps million in 1Q15. This is attributable mainly to higher salaries, rights and fees for services. Selling and Administrative Expenses (Excluding Depreciation and Amortization) Selling and administrative expenses (excluding depreciation and amortization) increased by 26.9% to Ps million in 1Q16, compared to Ps million in 1Q15. The increase was primarily the result of higher fee for services and salaries. Depreciation and Amortization Depreciation and amortization expenses increased by 40.9% to Ps million in 1Q16 compared to Ps. 9.7 million reported in 1Q15. DIGITAL CONTENT AND OTHERS Net sales in this segment are derived from administrative and corporate services rendered by the Company and by our subsidiary GC Gestión Compartida S.A. to third parties as well as to other subsidiaries of the Company (which are eliminated in the consolidation). Additionally, this segment includes the production of digital content and ecommerce, and the organization of trade fairs and exhibitions. Cost of sales (excluding depreciation and amortization) is driven mainly by salaries and professional fees paid to advisers. In this period, net sales increased 48.1% to Ps , from Ps million reported in 1Q15, due to due to higher sales in digital content, ecommerce and revenues at Gestión Compartida. EBITDA resulted in Ps. 1.3 million. 6

7 OPERATING STATISTICS BY BUSINESS SEGMENT CABLE TV AND INTERNET ACCESS 1Q16 1Q15 YoY 4Q15 QoQ Homes Passed (1) 7, , % 7, % Bidirectional Homes Passed 73.1% 69.1% 5.7% 72.1% 1.3% Unique Subscribers 3, , % 3,873.7 (0.1%) Cable TV Total Consolidated Subscribers (1)(3) 3, , % 3,532.6 (0.7%) Subscribers - Argentina 3, , % 3,395.3 (0.8%) Subscribers International (Uruguay) % % % over Homes Passed 44.9% 46.2% (2.9%) 45.3% (1.0%) Total Equity Subscribers (4) 3, , % 3,664.1 (0.7%) Churn Rate % 15.3% 13.9% 10.2% 13.1% 17.2% Digital Video Digital Ready Pay TV Subs 2, , % 3,180.3 (5.9%) Total Digital Decoders 1, , % 1, % Argentina 1, , % 1, % International % % Penetration over Digital Ready TV Subs 55.3% 51.9% 6.4% 51.6% 7.1% Internet Subscribers Total Internet Subscribers (1) 2, , % 2, % Cablemodem (1) 2, , % 2, % ADSL (1) (23.2%) 3.3 (6.9%) Dial Up (1) (7.6%) 4.5 (1.6%) % over Bidirectional Homes Passed 34.7% 37.2% (6.8%) 34.9% (0.7%) Total ARPU (2) % % (1) Figures in thousands (2) Net Sales/ Average Pay TV Subscribers (3) Total subscribers consolidated following the same consolidation methods used in the financial statements as of each year end. (4) Total subscribers considering the equity share in each subsidiary. TELEPHONY 1Q16 Mobile Postpaid Subs (1) Postpaid ARPU (2) (1) Figures in thousands (2) Net Sales/ Average Pay TV Subscribers 7

8 PRINTING AND PUBLISHING 1Q16 1Q15 YoY 1Q16 4Q15 1Q15 QoQ YoY Circulation (1) (9.0%) (2.8%) (9.0%) Circulation share % (2) 40.6% 39.1% 3.8% 40.6% 39.5% 39.1% 2.9% 3.8% Advertising share % (3) 55.0% 52.2% 5.5% 55.0% 50.4% 52.2% 9.1% 5.5% (1) Average number of copies according to IVC (including Diario Clarín and Olé) (2) Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín. Source: AGEA and IVC. (3) Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín. Source: Monitor de Medios Publicitarios S.A. BROADCASTING AND PROGRAMMING 1Q16 1Q15 YoY 1Q16 4Q15 1Q15 QoQ YoY Advertising Share % (1) 37.2% 36.3% 2.5% 37.2% 39.5% 36.3% (5.7%) 2.5% Audience Share % (2) Prime Time 32.3% 34.6% (6.7%) 32.3% 37.3% 34.6% (13.3%) (6.7%) Total Time 29.1% 28.3% 2.9% 29.1% 31.6% 28.3% (7.8%) 2.9% (1) Company estimate, over ad spend in Ps. In broadcast TV for AMBA region. (2) Share of broadcast TV audience according to IBOPE for AMBA. PrimeTime is defined as Monday through Friday from 8pm to 12am. Total Time is defined as Monday through Sunday from 12 pm to 12 am. DIGITAL CONTENT AND OTHERS 1Q16 1Q15 YoY Page Views (1) % Unique Visitors (1) % (1) In millions. Average. Source IAB and Company Estimates. DEBT AND LIQUIDITY (In millions of Ps.) March 2016 March 2015 % Change December 2015 % Change Short Term and Long Term Debt Current Financial Debt 4, , % 2, % Financial loans (37.6%) (23.0%) Negotiable obligations 3, ,543.6% 1, % Accrued interest % (41.6%) Acquisition of equipment % % Sellers Financing Capital % % Sellers Financing accrued interest - - NA - NA Related Parties Capital % % Related Parties accrued interest % % Bank overdraft % % Non-Current Financial Debt 3, ,988.0 (17.2%) 4,071.9 (18.9%) Financial loans (50.2%) % Negotiable obligations 2, ,344.1 (25.3%) 3,321.7 (24.8%) Accrued interest - - NA - NA Acquisition of equipment % % 8

9 (In millions of Ps.) March 2016 March 2015 % Change December 2015 % Change Sellers Financing Capital - - NA - NA Sellers Financing accrued interest - - NA - NA Related Parties Capital % % Related accrued interest - - NA - NA Bank overdraft - - NA - NA Total Financial Debt (A) 7, , % 6, % Measurement at fair Value (5.7) (32.0) 82.2% (32.7) 82.6% Total Short Term and Long Term Debt 7, , % 6, % Cash and Cash Equivalents (B) 4, , % 2, % Net Debt (A) (B) 3, , % 4,264.1 (19.1%) Net Debt/Adjusted Ebitda (1) 0.3x 0.3x 2.6% 0.55x (44.4%) % USD Debt 88.3% 75.2% 17.5% 88.3% (0.0%) % Ar. Ps Debt 11.7% 24.8% (52.9%) 11.7% 0.2% Total Financial Debt (1) and Net Debt, increased from Ps. 5,284.4 million to Ps. 7,755.3 million and from Ps. 2,289.0 million to Ps. 3,449.6 million respectively. This represents an increase of 46.8% in the Total Debt and an increase of 50.7% in the Net Debt. Debt coverage ratio (1) as of March 31th, 2016 was 0.3x in the case of Net Debt and of 0.68x in terms of Total Financial Debt. (1) Debt Coverage Ratio is defined as Total Financial Debt divided by Adjusted EBITDA (Last Quarter Annualized). Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest. STOCK AND MARKET INFORMATION Grupo Clarín trades its stock in the Buenos Aires Stock Exchange (BCBA) and in the London Stock Exchange (LSE), in the form of shares and GDS s, respectively. GCLA (BCBA) Price GCLA (LSE) Price per 19.5 Total Shares 287,418,584 Total GDSs 143,709,292 Market Value (USD 2,802.3 Closing Price May 11th,

10 CONFERENCE CALL AND WEBCAST INFORMATION Grupo Clarín will host a conference call and webcast to discuss its First Quarter Results for 2016, on Thursday, May 12 th, Time: 12:00pm Buenos Aires Time/4:00pm London Time/11:00am New York Time. Those interested in connecting via conference call are invited to please dial toll free from the U.S., from Argentina, or 1 (334) from elsewhere 5-10 minutes prior to the start time. The Conference ID is To access the simultaneous webcast presentation, please direct your browser to:. There will be a two weeks replay available starting one hour after the conclusion of the conference call. To access the replay, please dial toll free from the U.S., or from anywhere outside the U.S. The replay passcode is: The PDF version of the webcast presentation will be available at prior to the call, on May 12th, and archived in our Website after its conclusion. ABOUT THE COMPANY Grupo Clarín is the largest media company in Argentina and a leading company in the cable television and Internet access, printing and publishing, and broadcasting and programming markets. Its cable television network is one of the largest in Latin America in term of subscribers, and is a leading broadband provider in Argentina. Its flagship newspaper Diario Clarín is one of the highest circulation newspapers in Latin America. Grupo Clarín is the largest producer of media content in Argentina, including news, sports and entertainment and reaches substantially all segments of the Argentine population in terms of wealth, geography and age. Disclaimer Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Grupo Clarín. You can identify forwardlooking statements by terms such as expect, believe, anticipate, estimate, intend, will, could, may or might the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. Grupo Clarín does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in Grupo Clarín s projections or forward-looking statements, including, among others, general economic conditions, Grupo Clarín s competitive environment, risks associated with operating in Argentina a, rapid technological and market change, and other factors specifically related to Grupo Clarín and its operations. 10

11 GRUPO CLARÍN S.A. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2016 AND 2015 IN ARGENTINE PESOS (PS.) March 31, 2016 March 31, 2015 Revenues 8,985,621,111 5,969,526,819 Cost of Sales (1) (4,383,156,867) (2,965,132,160) Subtotal - Gross Profit 4,602,464,244 3,004,394,659 Selling Expenses (1) (1,313,025,637) (755,895,094) Administrative Expenses (1) (1,039,772,774) (711,929,834) Other Income and Expense, net 7,999, ,757 Financial Costs (1,172,650,465) (289,207,141) Other Financial Results, net 400,523,374 (91,145,935) Financial Results (772,127,091) (380,353,076) Income from Acquisition of Companies 114,093,096 - Equity in Earnings from Affiliates and Subsidiaries 56,148,704 36,857,094 Income before Income Tax and Tax on Assets 1,655,780,526 1,193,453,506 Income Tax and Tax on Assets (542,610,230) (393,137,540) Income for the period 1,113,170, ,315,966 Other Comprehensive Income Items which may be reclassified to net income Variation in Translation Differences of Foreign Operations 49,327,381 (199,088,752) Other Comprehensive Income for the period 49,327,381 (199,088,752) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 1,162,497, ,227,214 Profit Attributable to: Shareholders of the Parent Company 632,709, ,239,698 Non-Controlling Interests 480,460, ,076,268 Total Comprehensive Income Attributable to: Shareholders of the Parent Company 674,463, ,440,738 Non-Controlling Interests 488,034, ,786,476 Basic and Diluted Earnings per Share from Continuing Operations Basic and Diluted Earnings per Share - Total (1) Includes amortization of intangible assets and film library, and depreciation of property, plant and equipment in the amount of Ps. 595,059,228 and Ps. 399,529,540 for the three-month periods ended March 31, 2016 and 2015, respectively. The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of March 31 th, 2016, available at. 11

12 GRUPO CLARÍN S.A. CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2016 AND DECEMBER 31, 2015 IN ARGENTINE PESOS (PS.) March 31, 2016 December 31, 2015 ASSETS NON-CURRENT ASSETS Property, Plant and Equipment 10,792,558,700 9,026,866,357 Intangible Assets 263,424, ,146,566 Goodwill 2,890,631,195 2,907,928,844 Deferred Tax Assets 630,432, ,890,670 Investments in unconsolidated affiliates 565,932,093 1,721,354,821 Other Investments 529,127, ,789,781 Inventories 22,731,133 23,626,229 Other Assets 3,084,993 2,627,301 Other Receivables 329,723,928 1,389,317,682 Trade Receivables 89,335,767 82,905,052 Total Non-Current Assets 16,116,981,362 16,246,453,303 CURRENT ASSETS Inventories 861,527, ,692,852 Other Assets 10,076,301 11,456,124 Other Receivables 1,428,153, ,442,104 Trade Receivables 4,564,280,974 3,790,626,735 Other Investments 1,885,973,535 1,186,552,013 Cash and Banks 3,393,235,508 2,025,780,934 Total Current Assets 12,143,247,094 8,454,550,762 Total Assets 28,260,228,456 24,701,004,065 EQUITY (as per the corresponding statement) Attributable to Shareholders of the Parent Company Shareholders Contributions 2,010,638,503 2,010,638,503 Other items 633,996, ,243,638 Retained Earnings 5,262,778,360 4,630,068,532 Total Attributable to Shareholders of the Parent Company 7,907,413,677 7,232,950,673 Attributable to Non-Controlling Interests 3,663,323,670 3,175,288,997 Total Shareholders Equity 11,570,737,347 10,408,239,670 LIABILITIES NON-CURRENT LIABILITIES Provisions and Other 836,398, ,475,314 Debt 3,260,664,323 4,033,351,896 Taxes Payable 95,201,115 90,524,218 Other Liabilities 186,066, ,185,237 Trade Payables and Other 23,813,559 19,557,018 Total Non-Current Liabilities 4,402,144,762 4,718,093,683 CURRENT LIABILITIES Debt 4,486,852,009 2,901,737,366 Seller Financings 2,087,044 1,874,191 Taxes Payable 1,558,524,198 1,152,994,701 Other Liabilities 650,931, ,161,856 Trade Payables and Other 5,588,951,460 5,052,902,598 Total Current Liabilities 12,287,346,347 9,574,670,712 Total Liabilities 16,689,491,109 14,292,764,395 Total Equity and Liabilities 28,260,228,456 24,701,004,065 12

13 GRUPO CLARÍN S.A. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2016 AND 2015 IN ARGENTINE PESOS (PS.) Equity attributable to Shareholders of the Parent Company Capital Stock Shareholders Contributions Other items Retained Earnings Inflation Adjustment on Capital Stock Additional Paidin Capital Subtotal Translation of Foreign Operations Other Reserves Legal Reserve Optional reserves (1) Accumulated Results Total Equity of Controlling Interests Equity Attributable to Non-Controlling Interests Total Equity Balances as of January 1 st, ,418, ,885,253 1,413,334,666 2,010,638, ,897,405 (3,653,767) 119,460,767 2,625,678,396 1,884,929,369 7,232,950,673 3,175,288,997 10,408,239,670 Income for the period ,709, ,709, ,460,468 1,113,170,296 Other Comprehensive Income: Variation in Translation Differences of Foreign Operations ,753, ,753,176 7,574,205 49,327,381 Balances as of March 31, ,418, ,885,253 1,413,334,666 2,010,638, ,650,581 (3,653,767) 119,460,767 2,625,678,396 2,517,639,197 7,907,413,677 3,663,323,670 11,570,737,347 Balances as of January 1 st, ,418, ,885,253 1,413,334,666 2,010,638, ,454,394 (209,686) 119,460,767 2,071,576, ,101,687 5,483,022,374 2,282,464,286 7,765,486,660 Dividends and Other Movements of Non- Controlling Interest (510,881) (510,881) Income for the period ,239, ,239, ,076, ,315,966 Other Comprehensive Income: Variation in Translation Differences of Foreign Operations (90,798,960) (90,798,960) (108,289,792) (199,088,752) Balances as of March 31, ,418, ,885,253 1,413,334,666 2,010,638, ,655,434 (209,686) 119,460,767 2,071,576,709 1,273,341,385 5,861,463,112 2,504,739,881 8,366,202,993 (1) Broken down as follows: (i) Optional reserve for future dividends of Ps. 300,000,000; (ii) Judicial reserve for future dividend distribution of Ps. 387,028,756, (iii) Optional reserve for illiquidity of results of Ps. 694,371,899 and (iv) Optional reserve to provide financial aid to subsidiaries and in connection with the Audiovisual Communication Services Law of Ps. 1,244,277,

14 GRUPO CLARÍN S.A. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2016 AND 2015 IN ARGENTINE PESOS (PS.) March 31, 2016 March 31, 2015 CASH PROVIDED BY OPERATING ACTIVITIES Income for the period 1,113,170, ,315,966 Income Tax and Tax on Assets 542,610, ,137,540 Accrued Interest, net 89,251, ,216,777 Adjustments to reconcile net income for the period to cash provided by operating activities: Depreciation of Property, Plant and Equipment 541,599, ,366,049 Amortization of Intangible Assets and Film Library 53,459,931 43,163,491 Net of allowances 121,779,974 73,865,911 Financial Income, except interest 446,884,124 62,023,199 Income from Acquisition of Companies (114,093,096) - Equity in Earnings from Affiliates and Subsidiaries (56,148,704) (36,857,094) Other Income and Expense (3,819,814) 25,465 Changes in Assets and Liabilities: Trade Receivables (461,032,356) 62,888,904 Other Receivables (436,955,047) (539,799,309) Inventories (149,508,593) (30,588,632) Other Assets 922, ,635 Trade Payables and Other 43,286, ,432,793 Taxes Payable (178,972,301) (7,513,621) Other Liabilities 77,362,667 42,522,113 Provisions (19,103,465) (9,799,467) Income Tax and Tax on Assets Payments (221,908,130) (75,199,536) Net Cash Flows Provided by Operating Activities 1,388,784,548 1,382,801,184 CASH PROVIDED BY INVESTMENT ACTIVITIES Acquisition of Property, Plant and Equipment, net (1,684,748,187) (635,069,637) Acquisition of Intangible Assets (14,048,016) (10,990,583) Acquisition of Subsidiaries, Net of Cash Acquired (964,250) (31,250) Proceeds from Sale of Property, Plant and Equipment and other 3,658,315 10,527 Dividends collected - 974,325 Transactions with Securities, Bonds and Other Financial Instruments, Net (439,513,640) 27,700,871 Collections of Interest 14,621, ,200 Collection of Certificates of Deposit 5,515,462 31,610,541 Net Cash Flows used in Investment Activities (2,115,479,006) (585,519,006) CASH PROVIDED BY FINANCING ACTIVITIES Loans 449,948, ,203,242 Repayment of Loans and Issue Expenses (330,931,935) (275,134,551) Payment of Interest (359,892,675) (218,719,632) Collections (Settlement) on Derivatives 39,808,050 (5,120,500) Payments to Non-Controlling Interests, net (560,001) (493,143) Net Cash Flows (used in) / provided by Financing Activities (201,627,575) 366,735,416 FINANCING RESULTS GENERATED BY CASH AND CASH EQUIVALENTS 488,145, ,524,580 (Decrease) / Increase in cash flow, net (440,176,610) 1,270,542,174 Cash and Cash Equivalents at the Beginning of the Year 2,705,563,078 1,744,978,426 Cash and Cash Equivalents from Acquisition of Companies 2,040,277,249 - Cash and Cash Equivalents at the End of the Period 4,305,663,717 3,015,520,600 14