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

(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.

(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.

(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.

(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.

Please complete all relevant boxes should in block capital letters.

1. Name of the issuer

GRUPO CLARÍN 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

ALEJANDRO URRICELQUI (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

3 ABOVE

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

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

ALEJANDRO URRICELQUI     Number of shares: (direct and indirect) 258,100 COMMON SHARES

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8. State the nature of the transaction

DISPOSAL OF CLASS B COMMON SHARES IN THE FORM OF GLOBAL DEPOSITARY SHARES

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

N/A

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

N/A

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

ALEJANDRO URRICELQUI                         Number of shares: 93,000 GDSs, 

representing 2 Class B Common Shares each

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

ALEJANDRO URRICELQUI                           Percentage: 0.10% of CLASS B COMMON SHARES

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13. Price per share or value of transaction

ALEJANDRO URRICELQUI:                            33,000 GDS at US$ 4.3 PER GDS

    60,000 GDS at US$ 4.2 PER GDS

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14. Date and place of transaction

ALEJANDRO URRICELQUI:                            33,000 GDSs on 17 DECEMBER 2009,              
                                                                            LONDON  
                                                                           60,000 GDSs on 15 DECEMBER
                                                                           2009,LONDON                    

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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)

ALEJANDRO URRICELQUI:                             72,100 COMMON SHARES (0.0250% 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

N/A

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24. Name of contact and telephone number for queries

IN BUENOS AIRES:

ALFREDO MARÍN/M. JULIA DÍAZ ARDAYA

GRUPO CLARÍN

EMAIL: INVESTORS@GRUPOCLARIN.COM

IN LONDON:

ALEX MONEY/TOM ALLISON

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

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

ALFREDO MARÍN, Responsible for Market Relations, Grupo Clarín S.A.

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Date of notification

18 JANUARY 2010

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