Grupo Clarín S A : Estados contables – Diciembre 2021 (LSE)

GRUPO CLARÍN S.A.

Annual Report and Consolidated Financial Statements For the year ended December 31, 2021, presented on a comparative basis

INTEGRATED ANNUAL REPORT 2021

INDEX

• 1. MESSAGE FROM THE CHAIR ....................................................................................................... 3

• 2. ABOUT THIS REPORT ................................................................................................................... 4

• 3. ABOUT THE CONTEXT .................................................................................................................. 4

  • 3.1. MACROECONOMIC ENVIRONMENT IN 2021 ...................................................................... 4

  • 3.2. PERSPECTIVES FOR THE UPCOMING YEAR .................................................................... 5

  • 3.3. THE YEAR 2021 AND THE MEDIA SECTOR IN ARGENTINA AND THE WORLD .............. 6

  • 3.4. REGULATORY FRAMEWORK 2021 ..................................................................................... 8

• 4. THE COMPANY. ORIGIN, EVOLUTION AND PROFILE .............................................................. 10

  • 4.1. COMPANY PROFILE ............................................................................................................ 10

  • 4.2. GRUPO CLARÍN AND ITS BUSINESS SEGMENTS IN 2021 ............................................. 12

    • 4.2.1. PRINT AND DIGITAL PUBLICATIONS ........................................................................ 12

    • 4.2.2. BROADCASTING AND PROGRAMMING .................................................................... 19

    • 4.2.3. OTHER .......................................................................................................................... 23

  • 4.3. AWARDS AND RECOGNITIONS ......................................................................................... 23

• 5. FINANCIAL POSITION AND RESULTS OF ITS OPERATIONS .................................................. 24

• 6. CORPORATE GOVERNANCE, ORGANIZATION, AND INTERNAL CONTROL SYSTEM ......... 25

• 7. SUSTAINABILITY .......................................................................................................................... 28

  • 7.1. SUSTAINABILITY STRATEGY ............................................................................................. 28

  • 7.2. VALUE CREATION MODEL AND FRAMEWORK OF THE INTEGRATED REPORT ......... 28

  • 7.3. INDEPENDENCE, TRANSPARENCY, AND INTERNATIONAL GUIDELINES ................... 30

  • 7.4. DIALOG AND ALLIANCES ................................................................................................... 31

• 8. RESPONSIBLE CREATION AND DISTRIBUTION OF CONTENTS ............................................ 31

  • 8.1. ETHICS AND EDITORIAL GUIDELINES ............................................................................. 31

  • 8.2. DIGITAL PLATFORMS AND TECHNOLOGY ...................................................................... 32

  • 8.3. OUTSTANDING INVESTIGATIONS AND CONTENTS ....................................................... 33

  • 8.4. INTERACTION WITH AUDIENCES AND READERS .......................................................... 34

  • 8.5. SOCIAL COVERAGE ............................................................................................................ 36

  • 8.6. PROMOTION OF DIVERSITY .............................................................................................. 36

  • 8.7. CIVIC INVOLVEMENT AND PUBLIC DEBATE .................................................................... 38

  • 8.8. ACCESSIBILITY AND PROTECTION OF VULNERABLE AUDIENCES ............................. 39

9. CUSTOMERS AND SUPPLIERS .................................................................................................. 40

9.1. CUSTOMER SERVICE AND SATISFACTION ..................................................................... 40

9.2. VALUE CHAIN ...................................................................................................................... 41

10. OUR PEOPLE ........................................................................................................................... 41

10.1.	TEAM MANAGEMENT ......................................................................................................... 41
10.2.	INTEGRITY PROGRAM ....................................................................................................... 42
10.3.	COMMUNICATION AND DIALOG ........................................................................................ 43
10.4.	WORK-LIFE BALANCE AND BENEFITS ............................................................................. 44
10.5.	PROFESSIONAL DEVELOPMENT ...................................................................................... 44
10.6.	HEALTH AND SAFETY ........................................................................................................ 45
11.	SOCIAL DEVELOPMENT ......................................................................................................... 45
11.1.	PRIVATE SOCIAL INVESTMENT STRATEGY .................................................................... 45
11.2.	COMMUNITY ENGAGEMENT AND SOCIAL ADVERTISING ............................................. 45
11.3.	THE ROLE OF THE MEDIA IN EDUCATION ....................................................................... 46
11.4.	FOSTERING EDUCATION ................................................................................................... 47
11.5.	PROMOTION OF CULTURE AND SOCIAL DEVELOPMENT ............................................. 48
11.6.	ALLIANCES WITH CIVIL SOCIETY ORGANIZATIONS ...................................................... 48
12.	THE ENVIRONMENT ............................................................................................................... 49
12.1.	CONTENT THAT PROMOTES ENVIRONMENTAL AWARENESS .................................... 49
12.2.	ENVIRONMENTAL MANAGEMENT AND POLICY ............................................................. 49
12.3.	MATERIALS .......................................................................................................................... 50
12.4.	ENERGY AND EMISSIONS ................................................................................................. 50
12.5.	WASTE .................................................................................................................................. 51
12.6.	WATER AND EFFLUENTS ................................................................................................... 52
13.	RISK FACTORS ........................................................................................................................ 52
14.	BUSINESS PROJECTIONS AND PLANNING ......................................................................... 74
15.	PROPOSAL OF THE BOARD OF DIRECTORS ...................................................................... 74
16.	EXHIBIT I - REPORT ON THE CODE OF CORPORATE GOVERNANCE OF GRUPO CLARÍN
S.A.	75
17.	EXHIBIT II - GRI CONTENT INDEX AND COMMUNICATION ON PROGRESS 2021 .......... 86
18.	EXHIBIT III - NOTE ON COVID-19 ........................................................................................ 105
2

1. MESSAGE FROM THE CHAIR

Messrs. Shareholders,

I am pleased to present the Integrated Annual Report of Grupo Clarín S.A. which consolidates, in a single document, the reporting on the Group's economic-financial, social, environmental, and corporate governance performance. Developed in accordance with the International Integrated Reporting Council guidelines and GRI Standards, it follows the best practices of transparency at the global level. In addition, it shows the progress made in fulfilling the 10 principles of the United Nations Global Compact and the contribution to the Sustainable Development Goals.

2021 was marked by the second year of the health, social and economic crisis triggered by the COVID-19 pandemic. In the local context, the complex macroeconomic environment generated an inflationary acceleration, a decline in private consumption and in the GDP, which had a considerable impact on the performance of this industry. However, the economic recovery of 2021 due to the gradual easing of much of the health restrictions implemented in 2020, even in a context of high inflation and high uncertainty, had an impact on the advertising market and on Grupo Clarín's revenues, especially in the

Broadcasting and Programming segment.

The subsidiaries of the Group maintained their position and leadership in each of the business segments: Print media, radio, broadcast and cable television, audiovisual content production, and print industry. Amid a challenging scenario, we provided truthful and relevant information to our audiences focusing on verifying contents to prevent tampering and fake news.

The complex reconversion and convergence process in the media industry, coupled with the strong impact of COVID-19 and the lockdown, continued to force companies engaged in these activities to reformulate their business models to adapt to the digital era and to the changes in consumption derived from new technologies. Thus, we promoted a synergy between traditional media and technology platforms, expanding the reach of digital audiences and offering broad multiplatform coverage with novel formats.

Throughout the year, the Group reinforced its commitment to work responsibly to satisfy and respond to the citizens' right to information. We focused on further contributing to the development of the country through the creation of responsible content, sustainable management in all business units, transparent communication, and promotion of diversity.

In a year in which the impact of global warming continued to be evident, the Company also reinforced its commitment to environmental awareness with an extensive media coverage and dissemination of the United Nations Climate Change Conference (COP26). It covered forest fires, floods, and water emergencies in Argentina and around the world. The Group focused on the environmental management of each of its subsidiaries.

Looking forward, Grupo Clarín will seek to maintain and consolidate its presence in the local and regional market, focusing on the creation of quality contents in all multimedia and multiplatform formats.

All the Group's business units will strive to seize opportunities, seeking to reinforce, improve and expand

the range of products and services offered; increase market share; reach new audiences and promote permanent innovations in all its activities.

At the corporate level, it will continue to focus on the core processes to consolidate a sustainable, healthy and efficient growth.

Best regards,

Jorge C. Rendo Chair of Grupo Clarín

2. ABOUT THIS REPORT

We hereby submit for your consideration the Annual Report and Exhibit, the Consolidated Statement of Financial Position, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Changes in Shareholders' Equity and the Consolidated Statement of Cash Flows and

Notes of Grupo Clarín S.A. (hereinafter, "the Company" or "Grupo Clarín") for fiscal year No. 23 ended

December 31, 2021.

The main subsidiaries in which Grupo Clarín S.A. has a direct or indirect controlling interest are: Arte Gráfico Editorial Argentino S.A. (AGEA), Compañía Inversora en Medios de Comunicación CIMECO S.A. (CIMECO), Arte Radiotelevisivo Argentino S.A.(ARTEAR), GC Gestión Compartida S.A., Inversora de Eventos S.A.(IESA), and Radio Mitre S.A.

Grupo Clarín presents its first Integrated Report, a document that includes its Annual Report and its

Sustainability Report. It is a single document in which the Company reports on its economic, social, and environmental performance. This publication was prepared in accordance with the guidelines of "The

International Framework" developed by the International Integrated Reporting Council (IIRC).

3. ABOUT THE CONTEXT

3.1. MACROECONOMIC ENVIRONMENT IN 2021

Argentine economy closed the year 2021 with opposing results regarding the 2020-2021 global crisis, despite the external surplus collected. This raises questions about the short- and medium-term performance, especially because of the uncertainty posed by the course of the economic policy and because of the agreement that the Government has to reach with the IMF and its due compliance.

The most relevant indicators of fiscal year 2021 were the evolution of the value of exports (+42% or US$23.000 million from 2020, recovering from the 16% decline in 2020), the increase of the real GDP (close to pre-pandemic levels), and a fiscal deficit of approximately 3.0% at the national level reached in an election year.

Among the negative indicators, Argentina experienced an acceleration of inflation levels (+50.9% in the year, +15% than in 2020) with the consequent adverse effect on the purchasing power of wages and pensions, and the growing sovereign indebtedness (equivalent to almost +USD28.000 million in the year) and that of the Central Bank (monetary base and remunerated liabilities grew +100% and +68% point-to-point). Moreover, the large exchange-rate gaps (of more than 100%) are a cause of concern.