Grupo Clarín

First Quarter Results 2008May 12, 2008

Grupo Clarín

Disclaimer1

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Forward Looking Statements

Certain information included in this presentation may contain projections or other forward-looking statements regarding future events or the future financial performance of Grupo Clarín.You can identify forward-looking statements by terms such as “expect”, “believe”, “anticipate”,“estimate”, “intend”, “will”, “could”, “may” or “might” the negative of such terms or other similarexpressions. These statements are only predictions and actual events or results may differmaterially. Grupo Clarín does not undertake or intend to undertake any obligation to updatethese statements to reflect events and circumstances occurring after the date hereof or toreflect the occurrence of unanticipated events. Many factors could cause the actual results todiffer materially from those contained in Grupo Clarín’s projections or forward-lookingstatements, including, among others, general economic conditions, Grupo Clarín’s competitiveenvironment, risks associated with operating in Argentina, rapid technological and marketchange, and other factors specifically related to Grupo Clarín and its operations.

Grupo Clarín

Company Representatives1

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Alejandro UrricelquiChief Financial Officer

Alfredo MarínInvestor Relations Officer

Marcelo TrivarelliAccounting Manager

Grupo Clarín

Sales & EBITDA Growth

Printing & Publishing

Cable TV & Internet Access

Broadcasting & Programming

Digital Content & Others

Financial Debt

Highlights

Q & A Session

PROPOSED AGENDAProposed Agenda1

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Grupo Clarín 5

Highlights1

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Other Company News

Grupo Clarín becomes part of the MERVAL index

Dividends Payment – AR$ 48.0 MM

Acquisitions

• Date: April 2008• Price: US$ 64.25MM• EBITDA 2008E US$ 20.0MM, reflecting a multiple of 6.2 times, minus net debt (US$ 5.5MM cash)

CIMECO

AD 2000

• Date: November 2007• Price: US$ 1.5MM• EBITDA 2008E US$ 1.0MM, reflecting a multiple of 2.9 times

Carburando

• Date: January 2008• Price: US$ 9.5MM • EBITDA 2008E US$ 3.7MM, reflecting a multiple of 4.9 times, minus net debt (US$ 0.9MM cash)

Grupo Clarín

1 Since the IPO, our shareholders have bought approximately 1.9 MM shares2 Controlling Shareholders: Ernestina H. de Noble, Hector H. Magnetto, Jose Antonio Aranda and Lucio Rafael Pagliaro3 Goldman Sachs: GS Unidos, LLC; GS Private Equity Partners II Direct Investment Fund, LP; GS Capital Partners III; and GS Private Equity Partners 1999 Direct Investment Fund, LP; Tinicum GC Investors, LLC; Farallon GC Investors, LLC4 As of May 9, 2008

Source: Company Information

Ownership Structure & Corporate Governance

ControllingShareholders

204,030,227

Goldman Sachs 26,198,157

Total 287,418,584

Free Float 57,190,200

• International 31,463,320 (55%)

• Local 25,726,880 (45%)ControllingShareholders2

71%

9%GS3

20%

Free Float

Exhibit 1: Equity Participation at IPO1

%

Exhibit 2: Shareholder StructureNumber of Shares4

Class A shares have five votes; Class B and Class C shares have one vote

Two independent Directors, plus two Directors from GS out of a Board of ten

Audit Committee with a majority of independent members

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Grupo Clarín

Sales & EBITDA Growth

Printing & Publishing

Cable TV & Internet Access

Broadcasting & Programming

Digital Content & Others

Financial Debt

Highlights

Q & A Session

Proposed Agenda1

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Grupo Clarín

2007 & 2008, qoq figures

244

332

168

-93-73

117

40

32

588

907

1Q07

749

1,196

1Q08

+32%

55

63 12

8

5

9

208

280

1Q07

273

353

1Q08

+26%

1Q

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1 We define Adjusted EBITDA as net sales minus costs of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization)

Source: Company Information

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Income Statement

30.9%

29.5%

Exhibit 3: Net Sales% qoq, AR$ MM

Exhibit 4: Adjusted EBITDA1

% qoq, AR$ MM

Cable TV & Internet Access Printing & Publishing Broadcasting & Programming

Digital Content & Others Eliminations EBTIDA Margin

Grupo Clarín

Sales & EBITDA Growth

Printing & Publishing

Cable TV & Internet Access

Broadcasting & Programming

Digital Content & Others

Financial Debt

Highlights

Q & A Session

Proposed Agenda1

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Grupo Clarín

208

588

246

134

Cost of Sales

Selling & Adm.

Expenses

EBITDANet Sales

Cable TV & Internet Access I

10

Revenues & Costs

Exhibit 5: 1Q07AR$ MM

Exhibit 6: 1Q08AR$ MM

Source: Company Information

273

749

Cost of Sales

156

Selling & Adm.

Expenses

Net Sales

320

EBITDA

27%

30%

16%

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EBTIDA Margin

35.3% 36.5%

32%

Grupo Clarín

Exhibit 7: Cable Subs‘000s

2,867

1Q07

3,043

1Q08

+6%

252

0

1Q07 1Q08

1Q08

Cablemodem

+24%771

477

622

1Q07

692

+45%

68.7

1Q07

82.3

1Q08

+20%

Cable TV & Internet Access II

Source: Company Information

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Key Ratios

Exhibit 8: Internet Subs‘000s

Exhibit 10: Total ARPUAR$

Exhibit 9: Digital Subs‘000s

Grupo Clarín

Sales & EBITDA Growth

Printing & Publishing

Cable TV & Internet Access

Broadcasting & Programming

Digital Content & Others

Financial Debt

Highlights

Q & A Session

Proposed Agenda1

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63

332

93

Net Sales Selling & Adm.

Expenses

176

Cost of Sales

EBITDA

55

244

67

Cost of Sales

EBITDA

122

Net Sales Selling & Adm.

Expenses

EBTIDA Margin

Revenues & Costs

13

Printing & Publishing I

Exhibit 11: 1Q07AR$ MM

Exhibit 12: 1Q08AR$ MM

36%

44%

38%

15%

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Source: Company Information

22.6%19.1%

Grupo Clarín

Printing & Publishing II

Exhibit 13: Key Ratios

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441455

1Q07 1Q08

-3%

49.8%

1Q07

47.7%

1Q08

-4%

61.8%

1Q07

61.3%

1Q08

-1%

(1) Average number of copies according to IVC (including Diario Clarín and Olé), thousands per day(2) Share in Buenos Aires and greater Buenos Aires Area (AMBA) Diario Clarín, company estimates

Source: Company Information

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Circulation1 (‘000s)

Circulation Share2

Advertising Share2

Key Ratios

Grupo Clarín

Sales & EBITDA Growth

Printing & Publishing

Cable TV & Internet Access

Broadcasting & Programming

Digital Content & Others

Financial Debt

Highlights

Q & A Session

Proposed Agenda1

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Grupo Clarín

12

168

Net Sales

112

Cost of Sales

44

Selling & Adm.

Expenses

EBITDA

8

117

Net Sales

79

Cost of Sales

30

Selling & Adm.

Expenses

EBITDA

EBTIDA Margin

Revenues & Costs

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Source: Company Information

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Broadcasting & Programming I

Exhibit 14: 1Q07AR$ MM

Exhibit 15: 1Q08AR$ MM

44%

42%

48%6.7% 6.9%

48%

Grupo Clarín

36.4%

1Q07

44.4%

1Q08

+22%

30.3%

1Q07

35.4%

1Q08

+17%

41.2%

1Q08

+1%

40.9%

1Q07

Broadcasting & Programming II

Exhibit 16: Key Ratios

17

(1) Share of broadcast TV audience according to IBOPE for AMBA. Prime time is defined as Monday through Friday from 8pm to 12am.

Total time is defined as Monday through Sunday from 12 pm to 12 am(2) Company estimate, over adspend in Ps. in broadcast TV for AMBA region excluding non-traditional advertising

Source: Company Information

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Prime Time1

Total Time1

Advertising Share2

Key Ratios

Grupo Clarín

Sales & EBITDA Growth

Printing & Publishing

Cable TV & Internet Access

Broadcasting & Programming

Digital Content & Others

Financial Debt

Highlights

Q & A Session

Proposed Agenda1

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Grupo Clarín

5

40

Net Sales

14

Cost of Sales

22

Selling & Adm.

Expenses

EBITDA

9

32

Net Sales

10

Cost of Sales

13

Selling & Adm.

Expenses

EBITDA

EBTIDA Margin

Revenues & Costs

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Source: Company Information

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Digital Content & Others I

Exhibit 17: 1Q07AR$ MM

Exhibit 18: 1Q08AR$ MM

26%

40%

71%

-51%

28.9%

11.3%

Grupo Clarín

Sales & EBITDA Growth

Printing & Publishing

Cable TV & Internet Access

Broadcasting & Programming

Digital Content & Others

Financial Debt

Highlights

Q & A Session

Proposed Agenda1

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Financial DebtExhibit 19: Key Financial Ratios

AR$ MM

Exhibit 20: Debt ProfileUS$ MM, Balance Sheet

222

74 71 64 79 81109132222

55

55109

2008

280

2009 2010 2011 2012 2013 2014 2015 2016 2017

722

999

Total Debt

Seller Notes

CIMECO Payment

1Q08 1Q07 % Change 1Q08 % Change4Q07

Total Gross Debt 3,242.2 3,453.7 -6.1% 3,242.2 7.4%3,018.4

Total Net Debt 2,613.2 3,049.3 -14.3% 2,613.2 6.5%2,452.9

Net Debt/ Adjusted EBITDA 1.9 3.5 -47.0% 1.9 3.1%1.8

% US$ Debt 81.8% 79.3% 3.1% 81.8% 1.7%80.4%

Note: CIMECO debt was cancelled on April 3

Source: Company Information

Grupo Clarín

Sales & EBITDA Growth

Printing & Publishing

Cable TV & Internet Access

Broadcasting & Programming

Digital Content & Others

Financial Debt

Highlights

Q & A Session

Proposed Agenda1

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