GRUPO CLARIN SA Board of Directors Receives Note

GRUPO CLARIN S.A.
Board of Directors Receives Note from Shareholder
On 9 June 2014, Grupo Clarín S.A. (the “Company”) informed the Argentine
Securities Commission and the Buenos Aires Stock Exchange that the Board of
Directors of the Company had held a meeting on 6 June 2014, in which the
Board of Directors had considered a note received from the shareholders ELHN
Grupo Clarín New York Trust, HHM Grupo Clarín New York Trust, LRP Grupo
Clarín New York Trust, José Antonio Aranda and Aranlú S.A. in connection with
the implementation of the Plan to Conform the Company to the Audiovisual
Communication Services Law.
Attached hereto are free translations of the minutes of the meeting of the Board
of Directors and of the note referred above.
Enquiries:
In Buenos Aires:
Alfredo Marín/Agustín Medina Manson
Grupo Clarín
Tel: +5411 4309 7215
Email: [email protected]
In London:
Alex Money
Jasford IR
Tel: +44 20 3289 5300
Email: [email protected]
In New York:
Melanie Carpenter
I-advize Corporate Communications
Tel: +1 212 406 3692
Email: [email protected]
FREE TRANSLATION
Minutes of the Meeting of the Board of Directors No. 274: In the City of
Buenos Aires, on the 6th day of the month of June 2014, at 13.00 hours, the
Board of Directors of Grupo Clarín S.A. meets at the Company’s headquarters
on calle Piedras 1743, Federal Capital, with the presence of Messrs. Directors
Alejandro Alberto Urricelqui, Pablo César Casey, Héctor Mario Aranda,
Saturnino Lorenzo Herrero Mitjans, Ignacio Rolando Driollet, Lorenzo Calcagno,
Alberto Menzani, Luis Maria Blaquier and of the undersigned members of the
Supervisory Committee. The Vice Chairman, Mr. Alejandro Urricelqui opens the
meeting and submits the following point of the agenda to the consideration of
those present: Consideration of the Note received from shareholders of
the Company in connection with the Plan to Conform the Company to the
Audiovisual Communication Services Law. Mr. Urricelqui states, pursuant to
the decision made by the Board on 27 May 2014, the Company sent a note to
all the shareholders who had executed the letters of 25 April 2014 and 15 may
2014 requesting that they provide the Company with the information necessary
for it to respond to the comments made by Dr. Luis Felipe Marrollo
(Undermanager of Fixed Rent Issuance Authorisations of the CNV) within the
framework of the proceedings that were initiated in connection with the
Company’s request for administrative approval of its spinoff—should the
shareholders approve that alternative for the implementation of the Plan to
Conform the Company to the Audiovisual Communication Services Law. Mr.
Urricelqui goes on to say that on that day, the Company received a note from
the ELHN Grupo Clarín New York Trust, HHM Grupo Clarín New York Trust,
LRP Grupo Clarín New York Trust, José Antonio Aranda and Aranlú S.A., which
is copied below in full text, whereby they communicate to the Company that in
the event that the spinoff option is the one selected by the shareholders of the
Company to implement the Plan to Conform the Company to the Audiovisual
Communication Services Law, with respect to Units 1 and 2: A) The direct and
indirect shareholder composition of Unit 1 will be: a) GC Dominio S.A., owned
by: i) José Antonio Aranda (50%) and, ii) LRP Grupo Clarín New York Trust
(50%), whose trustees will be: Lucio Rafael Pagliaro, Lucio Andrés Pagliaro,
Francisco Pagliaro, María Florencia Pagliaro, José María Sáenz Valiente (h),
Santiago José María Sáenz Valiente and David Carl Camerini. The
beneficiaries will be: Lucio Andrés Pagliaro, Francisco Pagliaro and María
Florencia Pagliaro. b) Grupo Clarín S.A. owned by: (i) GC Dominio S.A.
(26.44%), (ii) Aranlú S.A. (1.19%) whose shareholders, in turn, will be: José
Antonio Aranda (90%), Alma Rocio Aranda (5%) and Antonio Román Aranda
(5%), (iii) José Antonio Aranda (21.42%) and (iv) LRP Grupo Clarín New York
Trust (21.94%) – whose trustees and beneficiaries were stated above. B) The
direct and indirect shareholder composition of Unit 2 will be: a) CV Dominio S.A.
(company spun off GC Dominio S.A.) owned by: i) HHM Grupo Clarín New York
Trust (49%) whose trustees will be: Héctor Horacio Magnetto, Pablo César
Casey, Ignacio José María Sáenz Valiente, Rafael A. Ginebra and Ezequiel
Amaranto Camerini and whose beneficieries will be: Principal: Héctor Horacio
Magnetto (100%), Secondary: Marcia Ludmila Magnetto (50%) and Horacio
Ezequiel Magnetto (50%); ii) Pablo César Casey (2%); iii) ELHN Grupo Clarín
New York Trust (49%). Its trustees will be: Héctor Horacio Magnetto, Ignacio
José María Sáenz Valiente, Rafael A. Ginebra and Ezequiel Amaranto
Camerini. The beneficiaries will be: Principal: Ernestina Laura Herrera de Noble
(100%), Secondary: Marcela Noble Herrera (50%) and Felipe Noble Herrera
(50%). b) Cablevisión Holding S.A. (company spun off Grupo Clarín S.A.)
owned by: i) CV Dominio S.A. (26.44%), ii) HHM Grupo Clarín New York Trust
(13.86%) – whose trustees and beneficiaries were stated above–,iii) ELHN
Grupo Clarín New York Trust (30.69%) – whose trustees and beneficiaries were
stated above–. Given the importance of the letter received by the Company, Mr.
Urricelqui motions that the Board take due note of its content and that it be sent
to the Argentine Securities Commission, and that its information be added to
the Spin off Prospectus filed with the Commission on 14 May 2014. The motion
is submitted to a vote and approved unanimously. With no further items to
discuss, the meeting is adjourned at 14.00 hours.
SIGNATORIES:
Directors: Alejandro Alberto Urricelqui, Pablo César Casey, Héctor Mario
Aranda, Saturnino Lorenzo Herrero Mitjans, Ignacio Rolando Driollet, Lorenzo
Calcagno, Alberto Menzani, Luis Maria Blaquier.
Supervisory Committee: Carlos Alberto Pedro Di Candia, Raúl Antonio
Morán, and Pablo San Martín.
5 June 2014
Grupo Clarín S.A.
Mr. Jorge Rendo
Chairman
Within the framework of the implementation of the Plan to Conform Grupo
Clarín S.A. to the Audiovisual Communication Services Law and as stated on
our letter of 15 May 2014, in the event that the shareholders of the Grupo Clarín
S.A. shall select the spinoff option in order to implement the Plan to Conform
the Company to the Audiovisual Communication Services Law with respect to
Units 1 and 2, we hereby inform that:
a) The direct and indirect shareholder composition of Unit 1 will be:
a. Shareholders of GC Dominio S.A.:
i. José Antonio Aranda (50%)
ii. LRP Grupo Clarín New York Trust (50%)

Trustees: Lucio Rafael Pagliaro, Lucio Andrés
Pagliaro, Francisco Pagliaro, María Florencia
Pagliaro, José María Sáenz Valiente (h), Santiago
José María Sáenz Valiente and David Carl
Camerini.

Beneficiaries: Lucio Andrés Pagliaro (33.33%),
Francisco Pagliaro (33.33%) and María Florencia
Pagliaro (33.33%).
b. Shareholders of Grupo Clarín S.A.
i. GC Dominio S.A. (26.44%)
ii. Aranlú S.A. (1.19%)

Shareholders: José Antonio Aranda (90%), Alma
Rocio Aranda (5%) and Antonio Román Aranda
(5%),
iii. José Antonio Aranda (21.42%)
iv. LRP Grupo Clarín New York Trust (21.94%)

Trustees: Lucio Rafael Pagliaro, Lucio Andrés
Pagliaro, Francisco Pagliaro, María Florencia
Pagliaro, José María Sáenz Valiente (h), Santiago
José María Sáenz Valiente and David Carl
Camerini.

Beneficiaries: Lucio Andrés Pagliaro (33.33%),
Francisco Pagliaro (33.33%) and María Florencia
Pagliaro (33.33%).
b) The direct and indirect shareholder composition of Unit 2 will be:
a. Shareholders of CV Dominio S.A.
i. HHM Grupo Clarín New York Trust (49%)

Trustees: Héctor Horacio Magnetto, Pablo César
Casey, Ignacio José María Sáenz Valiente, Rafael
A. Ginebra and Ezequiel Amaranto Camerini.

Beneficiaries: Principal: Héctor Horacio Magnetto
(100.00%), Secondary: Marcia Ludmila Magnetto
(50%) and Horacio Ezequiel Magnetto (50.00%)
ii. Pablo César Casey (2%)
iii. ELHN Grupo Clarín New York Trust (49%)

Trustees: Héctor Horacio Magnetto, Ignacio José
María Sáenz Valiente, Rafael A. Ginebra and
Ezequiel Amaranto Camerini.

Beneficiaries: Principal: Ernestina Laura Herrera
de Noble (100.00%), Secondary: Marcela Noble
Herrera (50.00%) and Felipe Noble Herrera
(50.00%).
b. Shareholders of Cablevisión Holding S.A.
i. CV Dominio S.A. (26.44%)
ii. HHM Grupo Clarín New York Trust (13.86%)

Trustees: Héctor Horacio Magnetto, Pablo César
Casey, Ignacio José María Sáenz Valiente, Rafael
A. Ginebra and Ezequiel Amaranto Camerini.

Beneficiaries: Principal: Héctor Horacio Magnetto
(100.00%), Secondary: Marcia Ludmila Magnetto
(50.00%) and Horacio Ezequiel Magnetto (50.00%)
iii. ELHN Grupo Clarín New York Trust (30.69%)

Trustees: Héctor Horacio Magnetto, Ignacio
José María Sáenz Valiente, Rafael A. Ginebra
and Ezequiel Amaranto Camerini.
iv. Beneficiaries: Principal: Ernestina Laura Herrera de
Noble (100.00%), Secondary: Marcela Noble Herrera
(50.00%) and Felipe Noble Herrera (50.00%). [Translator’
Note: the original note mistakenly lists this point as iv, when
it should be a second bullet under point iii.]
We also hereby state that the transactions that will result in this final
shareholders composition reflected under points a) and b) above, complies and
will fully comply with the Audiovisual Communication Services Law, especially
considering that the shareholders that will maintain the ownership of the
companies that will participate in that corporate reorganisation have already
been approved by the various Oversight Agencies.
Sincerely,
[Translator’s Note: There is a stamp that reads 11 [hours] Grupo Clarín S.A. 06
Jun 2014 To be Controlled]
[Illegible signatures follow by:]
ELHN – Grupo Clarín New York Trust [two trustees]
HHM – Grupo Clarín New York Trust [two trustees]
LRP – Grupo Clarín New York Trust [two trustees]
Alanlú S.A. [Chairman]
/s/ José Antonio Aranda
[Signature certification language intentionally omitted]