GRUPO CLARÍN S.A. Annual Report and Consolidated Financial Statements For the year ended December 31, 2024, presented on a comparative basis Free translation into English of the Financial Statements and Reports originally issued in Spanish. 1 INTEGRATED ANNUAL REPORT 2024 2 INDEX 1. MESSAGE FROM THE CHAIR .......................................................................................... 4 2. ABOUT THIS ANNUAL REPORT ...................................................................................... 6 3. ABOUT THE CONTEXT ................................................................................................... 6 3.1. MACROECONOMIC ENVIRONMENT IN 2024......................................................... 6 3.2. OUTLOOK FOR THE COMING YEAR ........................................................................ 7 3.3. THE YEAR 2024 AND THE MEDIA SECTOR IN ARGENTINA AND THE WORLD ... 8 3.4. REGULATORY FRAMEWORK IN 2024 ...................................................................... 9 4. THE COMPANY. ORIGIN, EVOLUTION, AND PROFILE ............................................... 12 4.1. GRUPO CLARÍN AND ITS BUSINESS SEGMENTS IN 2024 .................................... 13 4.1.1. PRINT AND DIGITAL PUBLICATIONS .................................................................. 14 4.1.2. BROADCASTING AND PROGRAMMING ............................................................. 22 4.1.3. OTHER ................................................................................................................... 26 4.3. AWARDS AND RECOGNITIONS .................................................................................... 27 5. FINANCIAL POSITION AND RESULTS OF ITS OPERATIONS ...................................... 28 6. CORPORATE GOVERNANCE, ORGANIZATION, AND INTERNAL CONTROL SYSTEM 29 7. SUSTAINABILITY ............................................................................................................ 32 7.1. SUSTAINABILITY STRATEGY .......................................................................................... 32 7.2. VALUE CREATION MODEL AND FRAMEWORK OF THE INTEGRATED REPORT ...... 32 7.3. INDEPENDENCE, TRANSPARENCY, AND INTERNATIONAL GUIDELINES ................ 34 7.4. DIALOG AND PARTNERSHIPS ....................................................................................... 35 8. RESPONSIBLE CREATION AND DISTRIBUTION OF CONTENT .................................. 35 8.1. ETHICS AND EDITORIAL GUIDELINES .................................................................... 35 8.2. EDITORIAL INNOVATION AND DIGITAL TRANSFORMATION ............................. 36 8.3. OUTSTANDING INVESTIGATIONS AND CONTENT .............................................. 39 8.4. AUDIENCE AND READER ENGAGEMENT .............................................................. 40 8.5. SOCIAL COVERAGE ................................................................................................. 41 8.6. PROMOTION OF DIVERSITY ................................................................................... 42 8.7. CIVIC INVOLVEMENT AND PUBLIC DEBATE ......................................................... 43 8.8. ACCESSIBILITY AND PROTECTION OF VULNERABLE AUDIENCES ..................... 44 9. CUSTOMERS AND SUPPLIERS ...................................................................................... 45 9.1. CUSTOMER SERVICE AND SATISFACTION ............................................................ 45 9.2. VALUE CHAIN ........................................................................................................... 46 10. OUR PEOPLE.................................................................................................................. 47 10.1. TEAM MANAGEMENT.............................................................................................. 48 10.2. DIVERSITY PROGRAM .............................................................................................. 48 10.3. COMMUNICATION AND DIALOG .......................................................................... 49 3 10.4. WORK-LIFE BALANCE AND BENEFITS ................................................................... 50 10.5. PROFESSIONAL DEVELOPMENT ............................................................................ 50 10.6. HEALTH AND SAFETY .............................................................................................. 51 11. SOCIAL DEVELOPMENT ............................................................................................... 52 11.1. PRIVATE SOCIAL INVESTMENT STRATEGY............................................................ 52 11.2. COMMUNITY ENGAGEMENT AND PUBLIC SERVICE ANNOUNCEMENTS ......... 52 11.3. THE ROLE OF THE MEDIA IN EDUCATION ............................................................ 52 11.4. PROMOTION OF EDUCATION ................................................................................ 53 11.5. PROMOTION OF CULTURE AND SOCIAL DEVELOPMENT .................................. 54 11.6. PARTNERSHIPS WITH CIVIL SOCIETY ORGANIZATIONS ..................................... 56 12. THE ENVIRONMENT ...................................................................................................... 56 12.1. CONTENT THAT PROMOTES ENVIRONMENTAL AWARENESS ........................... 56 12.2. ENVIRONMENTAL MANAGEMENT AND POLICY ................................................. 57 12.3. MATERIALS ............................................................................................................... 58 12.4. ENERGY AND EMISSIONS ....................................................................................... 59 12.5. WASTE ....................................................................................................................... 60 12.6. WATER AND EFFLUENTS ......................................................................................... 61 13. BUSINESS PROJECTIONS AND PLANNING ................................................................. 61 14. PROPOSAL OF THE BOARD OF DIRECTORS .............................................................. 62 15. EXHIBIT I - REPORT ON THE CODE OF CORPORATE GOVERNANCE OF GRUPO CLARÍN S.A. ................................................................................................................................ 63 16. EXHIBIT II – INTERNATIONAL GUIDELINES AND GRI CONTENT INDEX .................... 76 4 1. MESSAGE FROM THE CHAIR Messrs. Shareholders, I am proud to present the Integrated Annual Report of Grupo Clarín S.A., which outlines our commitments and performance across economic, financial, social, environmental, and governance dimensions for the past fiscal year. Adhering to the highest standards of transparency and accountability, this Integrated Annual Report was prepared in accordance with the Integrated Reporting Framework and GRI Standards. It also reflects our progress in adhering to the 10 Principles of the United Nations Global Compact and contributing to the Sustainable Development Goals. In 2024, the Argentine economy progressed in the restructuring of its macroeconomic variables through a series of structural measures implemented by the new administration. Aiming to restore fiscal balance, a controlled shock program was introduced, marked by a significant reduction in public spending, which resulted in public account surpluses. Concurrently, the National Government established monetary and exchange rate anchors to stabilize the value of the US dollar and narrow exchange rate gaps, initiating a disinflation process, though these measures led to an economic contraction and reduced purchasing power in the early months of the year. The recovery in exports contributed to a normalization of foreign exchange supply and led to a reversal in the trade balance, shifting from a deficit in 2023 to a surplus in 2024. In a complex and evolving environment, Grupo Clarín managed to maintain its position as the most important and diversified media group in Argentina and as a major player in the Spanish- speaking world. In line with global trends, the Group continued to expand its digital content offerings, which are recognized for their journalistic quality and have demonstrated high credibility and engagement levels. As a media company, the Group reaffirmed its commitment to contributing to the country’s sustainable development and to ensuring public access to information. To such end, it provided a comprehensive range of journalistic and entertainment content based on quality, freedom of expression, and audience engagement. In each of its business units, the Group fostered responsible content creation, sustainable management of operations, and transparent communication. With a strategic vision for the future, Grupo Clarín aims to strengthen and solidify its presence in local and regional markets, focusing on creating high-quality content across all multimedia and multiplatform formats. All business units will strive to capitalize on opportunities, enhancing and expanding their products and services. At the corporate level, we will continue to prioritize core processes that foster sustained, healthy, and efficient development from various perspectives: quality products and services, human capital, business strategy, innovation, financial structure, management control, and corporate social responsibility. 5 In closing, I would like to thank our audience, customers, suppliers, employees, and all those who played a key role in the success of the Company’s performance this year, contributing to the creation of economic, social, and environmental value for the Group and all its stakeholders. Best regards, Jorge C. Rendo Chair of Grupo Clarín 6 2. ABOUT THIS ANNUAL REPORT We hereby submit for your consideration the Annual Report and Exhibit, the Separate Statement of Financial Position, the Separate Statement of Comprehensive Income, the Separate Statement of Changes in Shareholders' Equity and the Separate Statement of Cash Flows and Notes of Grupo Clarín S.A. (hereinafter, “the Company” or “Grupo Clarín”) for fiscal year No. 26 ended December 31, 2024 and the Consolidated Financial Statements with those of its controlled companies as of December 31, 2024. 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 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 fourth Integrated Annual Report, a document that includes its Annual Report and its Sustainability Report. In this way, the Company consolidates in a single document the information on its economic, social, environmental, and governance performance. This Integrated Annual Report was prepared in accordance with the guidelines of "The InternationalFramework" of the IFRS Foundation. 3. ABOUT THE CONTEXT 3.1. MACROECONOMIC ENVIRONMENT IN 2024 The Argentine economy concluded 2024 with positive outcomes stemming from the process implemented to bring order to macroeconomic variables throughout the year. At the beginning of December 2023, the Argentine economy was facing significant economic imbalances that had intensified during 2023. The new administration had to confront longstanding issues: An economy that had stagnated for over a decade (with an average GDP growth of only 0.2% over the last twelve years), persistent twin deficits (in public accounts and in the balance of payments) since 2012, a Central Bank with negative net reserves, regulated markets with prices below equilibrium levels (including exchange rates and public utility tariffs), and an escalating inflationary scenario that threatened to evolve into hyperinflation. Social conditions were equally alarming, with more than 40% of the Argentine population living below the poverty line—nearly 60% when considering children alone. Amid this scenario, the new government implemented a controlled shock program aimed at achieving sustained fiscal balance over time. Based on the diagnosis that recurring fiscal imbalances are the root of the periodic crises experienced by the economy, the new administration set out to balance tax revenues with public spending from the outset of its tenure. Fiscal balance was primarily achieved through a reduction in spending. In January, the government managed to reduce the country's primary public spending by approximately 40% in real terms, achieving an initial surplus. This adjustment, which was sustained throughout the year as evidenced by the surpluses in public accounts (+1.8% and +0.3% of GDP at the primary and financial levels, respectively), represented a significant and rapid shift in the country's historical perspective. This outcome starkly contrasts with the primary and financial deficits of 2.9% of GDP and 4.6% of GDP recorded in 2023. 7 The restoration of fiscal balance was supported by two main pillars: The monetary and exchange rate anchors. The monetary anchor halted the issuance of currency by the Central Bank of Argentina (BCRA) aimed at financing the national treasury. The exchange rate anchor established a 2% monthly adjustment path for the official exchange rate, aimed at stabilizing the value of the dollar. To control the exchange rate gap, a foreign currency settlement scheme for exporters was implemented, designed to increase the supply of dollars in alternative exchange markets. Through the established anchors and the continuation of exchange restrictions on individuals and businesses, the administration successfully narrowed the exchange rate gaps and outlined a process of disinflation. Following the 25.5% inflation rate recorded in December 2023, precipitated by a sharp increase in the exchange rate and the removal of price controls, inflation fell almost continuously. The latest figures for December 2024 showed a monthly inflation rate of 2.7% and a year-on-year rate of 118%. The macroeconomic restructuring came with significant costs. As a direct consequence of the fiscal adjustment and the ensuing inflationary acceleration, economic activity, and the purchasing power of the population's income experienced setbacks in the early months of the year. Real GDP, which had already registered a decline of 1.9% in the last quarter of 2023 compared to the previous quarter, plummeted by 2.1% in the first quarter of the year (5.1% on a year-on-year basis) following the significant exchange rate correction and fiscal adjustment. In April, the economy stabilized and began to recover, largely due to contributions from the agriculture and energy sectors. Private consumption exhibited even more complex behavior, stemming from a decline in total wages. The need for the Central Bank of Argentina (BCRA) to accumulate foreign currency reserves became a priority due to the initially fragile situation of having more than US$ 11,000 million in net negative reserves. Throughout 2024, the BCRA managed to secure foreign currency purchases of nearly US$ 19,000 million. However, the stock of gross reserves of the Central Bank only grew by US$ 6,500 million above the end-2023 level (from US$ 23,100 million to US$ 29,600 million), primarily due to the payment of sovereign debt maturities. Although the net reserves position improved, it remains negative. It is worth noting that the inflow of foreign currency resulting from the asset regularization regime (the so-called blanqueo, literally “whitening”), which increased private sector deposits by more than US$ 15,000 million over two months, contributed to this improvement in the latter months of the year. Finally, the external sector—like the fiscal sector—recorded a considerable improvement. After a historic decline of just over 25% (USD 21,700 million) in 2023 due to a severe drought, the value of exports significantly recovered in 2024. Over the year, exports grew by nearly 20%, largely due to the strong performance of the agriculture sector and the energy potential of Vaca Muerta, helping to stabilize the foreign currency supply. The factors previously mentioned, coupled with a 17% plunge in imports due to the currency exchange rate adjustment and decreased economic activity, led to a significant reversal in the trade balance. It shifted from a deficit of nearly USD 7,000 million in 2023 to a surplus approaching USD 19,000 million in 2024. 3.2. OUTLOOK FOR THE COMING YEAR According to statements from government officials, in 2025 the authorities will seek to maintain the economic course. In light of the upcoming midterm legislative elections, the government has reiterated its commitment to fiscal balance and the disinflation process, which it views as essential to effective public governance. 8 The macroeconomic outlook for the coming year begins with projections derived from the policies implemented during 2024. Following the setback recorded during the previous year, 2025 is expected to be a year of genuine GDP growth, with high year-over-year variation rates in the early months due to the contraction of the economy in the same period of the previous year. The reduction of the crawling peg to 1% from the 2% set at the beginning of the administration in February 2025 led to a downward revision of inflation projections. The point- to-point inflation projected for the year as of the date of this Annual Report stands at a broad range of 18-30% (versus 118% in 2024.) Despite the progress in the macroeconomic situation, its sustainability over time remains to be proven. The restructuring focused on fiscal balance has generated signs of economic stabilization. The emphasis on fiscal discipline and free market policies has spurred recovery in sectors such as energy and mining, boosted by the Regime of Incentives for Large Investments (RIGI, for its Spanish acronym.) Among the challenges to be addressed are the degree of adaptation to the new exchange rate parity across different economic sectors, the dynamics of the external front, particularly the necessary accumulation of Central Bank reserves, the rollover of sovereign debt denominated in pesos, and the definitive exchange rate-monetary regime to be adopted should the still current restrictions be lifted. Consolidating fiscal balance in an election year, while assuming some tax reductions (such as the recent decrease in export duties) in order to continue advancing in the disinflation process and laying the foundations for sustained growth, will be the main challenge for the second year of the current administration. 3.3. THE YEAR 2024 AND THE MEDIA SECTOR IN ARGENTINA AND THE WORLD During 2024, the media industry was faced with challenges due to the reconversion processes, adaptation of businesses to the digital era, and changes in consumption patterns resulting from new technologies. Furthermore, the sustained migration of advertising to the digital environment continued to be concentrated in large global platforms, especially Facebook, Google, Amazon, and, to a lesser extent, in Asian companies such as Alibaba, ByteDance (owner of TikTok), and Tencent. The media and entertainment industries are operating in a complex and dynamic context, with a growing focus on mobility and seeking to reach younger audiences who prioritize the consumption of video content, streaming, and games. Against the backdrop of sustainability tensions and certain collateral effects resulting from the functioning of platforms (such as the chaotic dissemination of news - true and fake - or the worrying news biases created by algorithms that reinforce their users' beliefs), media outlets around the world continue to focus on gaining strength. To achieve this, they emphasize differential assets such as the credibility of their brands, invest in incorporating new technologies in their newsrooms (in terms of content, commercial strategy, marketing, big data, and machine learning), seek to attract and retain new digital talents, and highlight the institutional role they have historically played in democratic societies. The consumption of content is simultaneous, overlapped and through multiple windows. In 2024, this trend deepened. The consumption of video through OTT platforms (such as Netflix, Flow, Amazon Prime Video, HBO, Disney+, among others) has increased, a trend that will continue in the coming years, albeit with greater competition among players in the so-called "streaming wars". It is evident that more and more users are selecting the content they consume prioritizing preferences, quality, convenience, and truthful information. Therefore, the companies in this 9 industry want to have direct contact with the user to build loyalty through the added value of their brands and the personalization of content and services that they may develop in the future. While audiences continue to migrate to the digital world, users increasingly prefer mobile devices to search for the content that best suits their preferences. This phenomenon poses big challenges for an industry forced to constantly change and adapt the content and the ads to mobile screens. During 2024, the number of users willing to register and pay for the content and services they consume more intensively continued to grow. This was particularly true for platforms or media they were already using, but were doing so anonymously. Thus, the consolidation process of subscriptions deepened during 2024, largely driven by the consumption of video streaming (especially in OTTs), digital music, podcasts, video games, and various digital newspapers that launched and strengthened their paywall models. In fact, Deloitte and PWC already estimate that there are more people who have at least one subscription to a video streaming service than those who have a subscription to a traditional TV service. The long-term outlook for the industry is challenging but positive, demonstrating the flexibility and adaptability of the ecosystem. Professional reports argue that the consumption of digital content will be the main global growth factor for the industry in the coming years. Successful media will be those that best adapt their strategies to engage consumers with the most convenient products, services, and experiences. In the local context, macroeconomic stabilization efforts began to take shape, leading to a gradual decline in inflation. Advertising revenue started to normalize, particularly during the second half of the year. In recent years, the subscription model for leading media outlets has started to gain traction, although advertising revenue remains a significant source of income. This highlights the need for traditional media to continue to invest in innovation, creating new and better digital products and services that allow them to make their business models sustainable in an increasingly competitive environment. To such end, they will need to deepen and optimize the path that enables them to efficiently monetize digital advertising and subscriptions, while leveraging mobile consumption without being invasive to the user. Consumers’ habits go in the same direction as the rest of the world. Thus, the challenges faced by the local industry do not differ from those seen in companies around the world, except for the changing macroeconomic environment. The media companies that achieve the most successful innovations and maintain brands that add value will have a head start in the race to reach the user with the possibility of building loyalty. 3.4. REGULATORY FRAMEWORK IN 2024 The latest substantial changes in legislation were introduced in December 2015 under Decree No. 267/2015, which amended Laws Nos. 26,522 and 27,078 (“Audiovisual Communication Services Law” and “Digital Argentina Law” respectively). Some subsidiaries of the Company hold licenses and registrations and exploit Audiovisual Communication Services (Television, Radio, Cable Television Signals, Producers and Advertising Agencies), and operate under the scope of the Audiovisual Communication Services Law. 10 The Enforcement Authority for Audiovisual Communication Services The Enforcement Authority is the National Communications Agency (ENACOM, for its Spanish acronym). Pursuant to Decree No. 111/2024, which ordered the restructuring of the National Public Administration's organizational composition, the ENACOM is currently under the purview of the Chief of the Cabinet of Ministers. Through Decree No. 89/2024, published in the Official Gazette on January 29, 2024, the National Government ordered the intervention of the ENACOM for a period of 180 days. Pursuant to said Decree, the powers established for the Enforcement Authority under Laws Nos. 26,522 and 27,078 are jointly assigned to the Intervenor and the Deputy Intervenors. Through Decree No. 675/2024, the term for the intervention of the Enforcement Authority was extended until July 7, 2025. Multiple License Regime for Audiovisual Communication Services The multiple license regime established under Law No. 22,285 allowed licensees to hold at the national level up to twenty-four (24) sound or television broadcasting licenses. At the local level, one individual or legal entity could have up to one sound broadcasting license, one television license and one subscription television license. In this last case, FM broadcasting services were not included in this limit if they were broadcast from the same station and location as the AM broadcasting services. The LSCA introduced comprehensive amendments on the multiple license regime, against which the Company and some of its Subsidiaries filed an unconstitutionality claim. Eventually, that claim was dismissed. Emergency Decree No. 267/2015 repealed Article 161, whereby licensees had to conform to the multiple license regime and changed the limits established therein. Through Decree No. 70/2023 published in the Official Gazette on December 21, 2023, the National Government once again amended the multiple license regime, eliminating the limit of audiovisual communication services set at the national level (15 broadcast television and radio services). Terms of Audiovisual Communication Services Licenses All the subsidiaries of the Company, owners of licenses for the exploitation of Audiovisual Communication Services, have obtained an extension of the terms of their licenses, for the exploitation of broadcast television and AM and FM sound broadcasting services. All the licensees were deemed to have opted to request an extension under Article 20 of Decree No. 267/15, and were granted a new term for the first period of TEN (10) years, with the right to an automatic extension for a term of FIVE (5) more years, in every case. Digital Television. In connection with digital television, all the subsidiaries that hold broadcast television licenses were awarded a digital channel to render terrestrial digital television services. ARTEAR filed an unconstitutionality claim requesting the revision of the legal regime applicable to the transition to digital television. Although Decree No. 173/2019 postponed the analog switch-off until August 2021, it prevented the execution of the necessary actions for the transition process, leading to various regulations postponing the analog switch-off. All subsidiaries holding broadcast television licenses were granted extensions, resulting in the postponement of the 11 new switch-off dates to be complied with during 2024, in accordance with the schedule established for each region. Significant changes in the legal framework of ICT Services Decree No. 690/20 – Amendments to the LAD On August 22, 2020, the National Executive Branch amended the Digital Argentina Act through Decree No. 690/2020, which was subsequently ratified by the Congress under the terms of Law No. 26,122. Among the amendments that were introduced by Decree No. 690/2020, ICT Services – fixed and mobile telephony, subscription television and Internet – and the access to telecommunications networks for and between licensees are now deemed “essential and strategic public Services subject to competition”, and ENACOM shall guarantee their actual availability. The prices of essential and strategic public ICT Services subject to competition, the prices of the services provided under the Universal Service, and of those determined by ENACOM based on reasons of public interest, shall be regulated by said agency. This could have a negative impact on the subsidiaries that produce and sell television content, such as ARTEAR. However, Subscription Television Service operators brought various legal actions against the above-mentioned resolutions, grounded on the unconstitutionality of the regulations. They were granted different injunctions that suspended the application of those regulations. Said injunctions ratified and extended on several occasions and, in some cases, courts of first instance have issued rulings declaring them unconstitutional. In fact, through Decree No. 89/2024, which orders the intervention of the ENACOM, the National Government commissioned the preparation of a report to analyze the consequences brought about by the issuance of Emergency Decree No. 690/20, as well as a proposal for the resolution of the issue. The National Government issued Decree No. 302/2024 on April 9, 2024, whereby it amended Article 48 of Law No. 27,078, establishing that ICT service licensees shall set their prices, which must be fair and reasonable, cover operating costs, and seek to maximize the efficiency of the delivery of these services with a reasonable operating margin, and also repealed Decree No. 690/2020. New General Rules Governing Physical and/or Radio Electric Link Subscription Broadcasting Services ENACOM Resolution No. 1,491/2020 issued on December 24, 2020 approved the General Rules Governing Physical Radio-Electric and/or Satellite Link Subscription Broadcasting Services. Even though the General Rules maintained the onerosity of all the broadcast television services and signals that fall within the scope of the “must carry” regime (signals and services subject to mandatory retransmission) by the providers of subscription television services, they introduced the concept of “fair, equitable and reasonable price” and implemented a dispute resolution procedure in case of disagreement between signal holders and distributors (by physical, radio- electric or satellite link) to be brought before the ENACOM, whereby the parties are deemed to have voluntarily accepted to be subject to this procedure. 12 In addition, the General Rules provided that in the event that signal holders and physical, radio- electric and/or satellite link subscription television licensees did not settle their dispute, distributors had to include the signal in the programming grid at the price set by ENACOM’s Board based on the information gathered during the proceeding. In addition, the General Rules also provided that the commercialization of one signal might not be conditional on the acquisition of other signals and, in the case of sales of signal packages, the price must include a breakdown of the price of each of the signals included in the package. Pursuant to ENACOM Resolution No. 1,094, published in the Official Gazette on October 23, 2024, that agency repealed the Rules that had been approved under ENACOM Resolution No. 1491/2020 and all of its subsequent amendments, including all provisions aimed at imposing a mandatory requirement for all subscription broadcasting service providers to retransmit various signals. The recitals of the Resolution refer to the need to repeal the requirements relating to the lineup and the order of the signals that made up the programming grid of broadcasting service providers, which had been imposed pursuant to the requirements of Article 65 of Law No. 26,522 and extended to apply to all subscription broadcasting service licensees in order to grant equal conditions in the broadcast of content signals and to apply the same obligations to all subscription broadcasting service providers. The repeal of the Rules also eliminated the settlement procedures between parties and the power of ENACOM to intervene and set prices. 4. THE COMPANY. ORIGIN, EVOLUTION, AND PROFILE Grupo Clarín is Argentina's most prominent and diversified media group and one of the most important in the Spanish-speaking world. The Company is organized and operates in Argentina and its controlling shareholders and management are Argentine. Grupo Clarín is present in the Argentine print media, radio, broadcast television, audiovisual production, and in the printing industry. Substantially all of Grupo Clarín's assets, operations and audiences are located in Argentina, where it generates most of its revenues. The Company also conducts operations at a regional level. Grupo Clarín's history dates back to 1945, the year in which Roberto Noble founded the newspaper Clarín of Buenos Aires (“Diario Clarín”), with the goal of becoming a mass distribution and quality newspaper, privileging information, and committing to the comprehensive development of the country. Between 1969 and 2017, Diario Clarín was led by his wife, Ernestina Herrera de Noble. It became the flagship national newspaper and has consolidated its position throughout the years thanks to the work of its journalists and the loyalty of its readers. Diario Clarín is now one of the Spanish-language newspapers with the highest circulation in the world. In 2016, Diario Clarín became the most widely-read Spanish- language digital newspaper in the world and received a record high of 22 million unique users during December 2019, which was later surpassed in 2020 during the COVID-19 pandemic. Over the years, Grupo Clarín has been one of the main actors in the changes undergone by the media worldwide. It incorporated new and varied printing activities and decided to embrace technological developments, investing to reach its audiences through new platforms and channels and through new audiovisual and digital languages. In this way, Grupo Clarín entered the radio and television sectors. Today, it is the owner of one of the two leading broadcast television channels in Argentina (ARTEAR/ eltrece) and of AM/FM broadcast radio stations. Along with the newspaper, these media are recognized as the most credible and considered leaders of Argentine journalism in one of the most diverse media markets in the region. 13 Grupo Clarín also publishes Olé, the first and only sports newspaper in Argentina, and the magazines Ñ, Genios, Jardín de Genios, Pymes and Elle. Through CIMECO, the Company holds an equity interest in the newspaper La Voz del Interior. In the audiovisual front, it also produces 5 cable signals. A news signal, (Todo Noticias), and the signals Volver, Magazine, Quiero Música en mi Idioma and Canal (á). It also produces sports channels and events (TyC Sports), television content, and motion pictures (Pol-Ka and Patagonik Film Group). In line with the global trend, Grupo Clarín places a special focus on expanding its digital content. The Group's digital media are benchmarks of journalistic quality and have high credibility rates. Its social media accounts have the largest number of followers and generate significant engagement. Over the last years, the Group’s media and journalists have received many awards for their ventures in different digital platforms. In 1999 Grupo Clarín was incorporated as an Argentine sociedad anónima, a corporation with limited liability. It gradually opened its capital to other participants and, since October 2007, it has been listed on the Buenos Aires Stock Exchange. It takes pride in having grown in Argentina, in being a source of influence on a local level in an increasingly transnational market with a size that enables it to compete without losing strength among large international players. Grupo Clarín's investments in Argentina in the last 20 years have been very significant, always with the same central focus: Journalism, the media, production and distribution of content and communications. Its activities have contributed to the creation of an important Argentine cultural industry and generate qualified and genuine employment. Its vision and business model focus on investing, producing, informing, and entertaining, preserving Argentine values and identity, and preserving business independence in order to ensure journalistic independence. In addition, since its foundation, Grupo Clarín has undertaken intense community activities. Grupo Clarín, together with Fundación Noble, which was established in 1966, organizes and sponsors several programs and activities, particularly focused on education, culture, and civic involvement. Furthermore, as an expression of its corporate social responsibility, Grupo Clarín focuses on the ongoing improvement of its processes, develops initiatives that arise from the dialog with different stakeholders, and works towards sustainability, diversity, and common good. 4.1. GRUPO CLARÍN AND ITS BUSINESS SEGMENTS IN 2024 For Grupo Clarín, as well as for many companies in Argentina, 2024 was a highly challenging year. The economic restructuring program implemented by the government delivered results— particularly in terms of fiscal balance and inflation—but was not without its costs. Economic activity and the purchasing power of the population's income experienced setbacks in the early months of the year. Although GDP hit a trough in April and recovery followed, the improvement was largely attributable to the performance of the agriculture and energy sectors. Private consumption exhibited even more complex behavior, stemming from a decline in total wages. In this context, the advertising market, which is the main source of revenue for Grupo Clarín, experienced a significant decline, particularly in the first half of the year. Despite the challenging environment and a drop in industry-wide sales in real terms, Grupo Clarín managed to maintain its market position. 14 In this context, the Group's net consolidated sales decreased during the year by 24.9%, from $ 471,390 to $ 353.850 million in constant currency as of December 31, 2024. It is worth noting that the change was primarily due to a decline in advertising revenues, especially during the first half of the year as a result of decreased activity, with signs of recovery mainly in the last quarter. Revenue from circulation and printing in the Print and Digital Publications Segment also experienced a decline, primarily because no textbook procurement processes were conducted, unlike in 2023. By the end of 2024, Grupo Clarín's consolidated gross financial indebtedness (including accrued interest and fair value adjustments) stood at approximately $ 17.487 million, and the cash position at year-end stood at $ 41.021 million. The following is a description of the most noteworthy events related to the situation and management of each of Grupo Clarín's business segments during 2024. 4.1.1. PRINT AND DIGITAL PUBLICATIONS Grupo Clarín, through AGEA, is the main publisher of newspapers and news portals in Argentina and one of the most prominent editorial content producers in Latin America. Arte Gráfico Editorial Argentino Arte Gráfico Editorial Argentino S.A. (AGEA) publishes two national newspapers and their respective digital portals. In the first place, AGEA publishes Clarín, the flagship Argentine newspaper and one of the most important in the Spanish-speaking world both in terms of audience and editorial relevance. It also publishes Olé, founded in 1996, the first and only sports newspaper of its kind in the Argentine market. In addition, it publishes regional newspapers; Genios, a very popular magazine among schoolchildren; Jardín de Genios, aimed at children aged 2-5 that comes with a supplement for parents; Ñ, a cultural magazine; Pymes, aimed at small- and medium-sized businesses; and ARQ, aimed at the construction world, architects, and designers. AGEA also publishes the Argentine version of Elle, a magazine aimed at women. AGEA has a strong presence in the digital content segment through its websites clarin.com and ole.com.ar, which are among the most visited and relevant websites in Latin America. Clarín With a long-standing editorial and commercial leadership consolidated throughout its 79-year track record, Clarín is the most prominent Argentine medium in journalistic terms and one of the most widely read. With innovation at the core, Clarín has a multi-platform newsroom that works simultaneously for its different editions - digital, mobile, and print. In this around-the-clock news production process, all the journalists work for all the platforms in order to maintain the Company’s leadership in the print and digital market. Clarín is the leading Argentine newspaper in terms of digital subscribers and registered users (the two most relevant indicators in the world's leading newspapers, with readers that are highly loyal to the brand and its journalistic quality). Additionally, it ranks among the top portals in terms of unique users. Clarín seeks to continue expanding this base with readers of all ages and different reading frequencies and, at the same time, it seeks to offer original content for 15 the most frequent readers that, given their periodicity, choose to become digital subscribers. The quality, flexibility, immediacy, and close bond with the readers are the key pillars to face these new challenges. Clarín has a strong share in every large digital platform and all its products follow an innovative communication strategy. It is distinguished by its quality and variety, with a video offering that ranks among the leaders in Argentina. Clarín has positioned itself as a leader in social media and among online news portals. Clarín.com addresses the significant changes in the way news and information are consumed. The site is constantly updated through the efforts of an integrated newsroom that operates 24 hours a day, 365 days a year, and features a wide variety of formats. During 2024, Clarín Audiovisual made significant strides. It achieved the YouTube Gold Button by reaching one million subscribers and also won the WAN-IFRA Americas award for Best Use of Video. Additionally, it was nominated for Best Video at the global WAN-IFRA awards. In 2024, Clarín also received the ADEPA award for Best Use of Photography. In the second half of the year, the first audiovisual series of six episodes produced by Clarín was launched, featuring top experts in Artificial Intelligence to provide exclusive content for subscribers. Another special event held by Clarín was a talk for subscribers by Alejandro Borensztein, a columnist for the newspaper, who discussed various topics with special guests. The video team not only sustained but also enhanced its performance in terms of web content production and viewership, averaging more than 10 million monthly views. In 2024, the fourth edition of El mundo que viene was also held—a series of 10 high-level debates aimed at understanding the key issues shaping the country’s future, hosted by Clarín journalists. The series addressed topics relevant to various companies and industries within the country. All sessions were broadcast in simulcast via Clarín.com's streaming service and the YouTube channel. Furthermore, various contents were published to expand their reach on the website, social media, the print edition, and newsletters. Between April and July, the seventh edition of the 2024 PYME [Small-and-medium sized companies] Awards, was held in partnership with Banco Galicia. This edition recognized winners in four categories: PYME Innovadora (innovation), PYME Expansión Comercial (commercial expansion), PYME Exportadora (exporter), and PYME Industrial (industrial). The award featured a dedicated registration page for candidates and a distinguished jury that selected the finalists and winners. The awards also achieved strong amplification across multiple platforms, including Clarín.com, the print edition of the economic supplement, social media, print advertising, and newsletters. In July, Clarín hosted the 16th edition of the ARQ Professional Excellence Award, in which the design and construction community selects the leading architecture studios, emerging talents, interior designers, real estate developers, construction companies, and suppliers of materials and services for the sector. In November, the 27th edition of the Premio Clarín Novela was held, with young writer from Córdoba, Roberto Chuit Roganovich, winning the award for his novel Si sintieras bajo los pies las estructuras mayores. Additionally, the Lifetime Achievement in Culture Award was presented to producers and directors Mariano Cohn and Gastón Duprat. Among Clarín's highlights in 2024, several special coverages stand out, including the elections in Venezuela, the visit and expedition to Aconcagua, among others. 16 In 2017, Clarín became the first Argentine newspaper to launch a digital subscription system. In December 2024, Clarín surpassed 740,000 digital subscriptions - a leader in the Spanish- speaking world - with more than 5,000,000 registered users. During the WAN-IFRA World Congress held in Taiwan in 2023, Clarín received the award for the "Best Digital Subscription Strategy," becoming the first Latin American media to receive this international recognition. In 2023, it also received the distinction as the news site with the Best Digital Subscription Strategy in Latin America at the "Digital Media America 2023" by WAN-IFRA. In 2024, it received the Best Use of Video Award from the World Association of Newspapers and News Publishers (WAN-IFRA). In its print edition, Clarín's sales in 2024 accounted for 24% of the market, with weekend editions nearing 90,000 copies. This places Clarín among the major Sunday newspapers of the world. Viva, the magazine which has come for free with the Sunday newspaper for 30 years, is noted for a strong representation of Argentine people, through its articles and content that reflect the social phenomena and the current issues. The Zepita facility -where the newspaper Clarín and its sections, as well as the newspaper Olé and those of other competitors are printed- is located in the City of Buenos Aires and has a surface area of 35,000 m2 and capacity to store 12,000 tons of newsprint. It has five Goss Metrocolor rotary offset printing presses that enable it to print 300,000 copies of 80 full-color pages per hour. AGL's printing facility, located in the province of Santa Fe, has a surface area of 3,900 m2 and has a Goss Uniliner rotary offset printing press which enables it to print 75,000 copies per hour. The entire production process is developed in accordance with leading industrial criteria and environment preservation standards, such as, ISO 14001. Throughout 2024, AGL continued printing the newspapers El Litoral (evening and morning editions), Mirador Provincial Santa Fe, Mirador Provincial Entre Ríos, and maintained the printing of the weekly publications Norte y Sur 24, Arroyo al Día, Notifé, and El Tiempo (Pergamino). Clarín 365 is a readers club created in 2010 to build loyalty among readers and to reinforce its close bond with them, as well as to strengthen circulation. It was created exclusively for Clarín's publications, but, eventually, it was adopted by other newspapers and magazines in the country. Currently, there are over 30 editorial products that offer access to the 365 or 365 Plus cards. The system offers more than 870 brands and 5,000 affiliated stores throughout the country. Clarín 365 remained the leading benefits club during 2024. During 2023, 365 continued to focus on corporate agreements and we signed agreements with companies and agencies that contributed new subscribers. Since 2019, Clarín has had a Gender Editor to ensure a gender perspective in all areas of the newspaper. This decision, which aligns with the growing demand from audiences seeking information and stories adapted to modern times, reflects a trend being adopted by several leading newspapers worldwide. Clarín was a pioneer among Argentine media in implementing these measures. Products The core offering of the newspaper comprises the main sections (politics, economy, society) together with the Spot, Sports, and Classified ads sections. Weekly supplements (such as, Economic, Rural, Cars, Traveling, Real Estate and The New York Times) make Diario Clarín one of the most comprehensive newspapers in the market. 17 The regional supplements extend the specific territorial coverage to the surrounding area of the City of Buenos Aires in digital and paper formats, through three publications: North, South, and West. Spot provides the reader with information on entertainment, trends, and culture, all in one place. It is a supplement that offers interviews with prominent cultural figures and news about show business, film and theater premieres, fashion, and gastronomy. Diario Clarín’s Economic Section offers its readers a thorough analysis of the economy, the secrets of leading companies, personal finances, marketing, and labor market with valuable information, easy-to-read texts, and the opinion of national and international prestigious columnists. In 2024, the sports section regained prominence through its coverage of the Copa América 2024, in which Argentina won the championship. It carried out the special coverage of the most relevant international events of the year, such as the 2024 Copa Libertadores. The Rural section is a management tool for the productive sector. It contributes to the dissemination of all the solutions and updating on new technologies for agricultural businesses. It is a source of reference for the diverse topics that are relevant to the agricultural industry in Argentina. Magazines Since 2003, the magazine Ñ - both in the print and digital formats - has featured the main expressions of literature, thought and cultural phenomena of Argentina and the world. The magazine Ñ seeks to enrich debates, generate discussions, and propose innovative approaches to understand and appreciate the manifestations of society in all fields. In addition, it features the most prominent editorial offerings and the main cultural activities in Buenos Aires and in Argentina. In 2024, the magazine underwent a redesign and revamped its format, transitioning from a weekly to a monthly publication starting in November. The new Ñ features 64 pages in each edition with improved paper and print quality. The new format of the magazine makes it more appealing as a collectible item. Through Premio Clarín Novela, Magazine Ñ promotes the production and publishing of literary fiction in Spanish language. In 2024, the magazine held the 27th edition of the award. It is a symbol of support for culture that is renewed every year, discovering leading authors and connecting them with readers. This award has become one of the most popular literary contests in Spanish and is a meeting place for young writers, acclaimed authors, and readers. In 2024, the novel “Si sintieras bajo los pies las estructuras mayores” by Roberto Chuit Roganovich was awarded the prize. Since 2002, the Magazine ARQ Clarín, published on Tuesdays, has been accompanying professionals and students as a reference editorial product in this field. Additionally, it periodically publishes the special editions of "MÁS ARQ", which contains a selection of works from around the world and addresses different topics under the names MAS Casas de Verano, MAS Casas Serranas, MAS Casa FOA, MAS Espacios de Trabajo, and "DNI" which is a publication specifically related to National and International Design in all its forms. 18 This year, a new edition of the ARQ–FADEA National Award was launched, with UNICER supporting the initiative as a sponsor. Regional awards were distributed, and in March of next year, the national winners from each category will receive their prizes. The ARQ Excellence Ranking was once again conducted, with the award ceremony held in September at the Santander auditorium. Additionally, a new edition of the National ARQ Clarín & SCA Award was held, a competition organized by ARQ magazine since 2001 together with Sociedad Central de Arquitectos (SCA). The aim is for architecture students from all universities across the country to engage in the experience of competing for the best project, establishing it as an aspirational foundation and a professional launch platform for future architects, with sponsorship from brands related to the sector. Revista ELLE is a high-end magazine for women, focused on fashion and beauty. It was incorporated into AGEA's product portfolio in 1994. During 2024, ELLE offered the products ELLE Decoración and ELLE Cocina, which were published twice during the year, with a website: elle.com.ar, which allowed, together with its social media (Instagram/Facebook), to reach the audience 24/7. Genios is a weekly children's magazine that seeks to educate and entertain, with a clear and current language for children. The monthly edition of Jardín de Genios, a magazine targeted at little children, maintained its leadership in the category children's magazine. Pymes is a monthly publication with national reach, published since 2004, aimed at contributing to the development and consolidation of small businesses, with special emphasis on the entrepreneurial world and the so-called “startup” or “high impact” entrepreneurs. Olé Olé is the first and only sports newspaper in Argentina, both on the web and in print format. Since its launch in 1996, it has been an Argentine benchmark in sports information. Its editorial offering provides the most comprehensive and complete coverage of soccer and other sports like tennis, basketball, rugby, and motor racing. 2024 was a great year for Olé. It provided on-site coverage through special correspondents of the Argentine national soccer team’s victory at the Copa América in the United States, Franco Colapinto’s entry into Formula 1, and Racing Club’s win of an international title after 36 years in Asunción, Paraguay, among many other events. It made exclusive interviews with elite sportsmen such as Colapinto and Diego Simeone. Clarín also consolidated and renewed its presence on Twitch, launching “Pelota Dividida,” a program featuring soccer, current affairs, and music, as part of a strategic partnership with Blender, the popular streaming channel. It enhanced its visibility on social media by creating a channel on WhatsApp, through which it shares fun and valuable content daily with its 600,000 followers. The company reaffirmed its regionalization strategy by launching Ole USA and Mexico, a digital project aimed at Spanish- speaking users in the USA and Mexico, featuring specific content but with the passion characteristic of Olé. This included special coverage of major soccer competitions such as the Major League Soccer (MLS) —particularly Inter Miami with Lionel Messi—, Liga MX, the Concacaf Champions Cup, and the FIFA World Cup Qualifiers, along with a journalistic approach that also covered the NBA, Formula 1, the NFL, MLB, UFC, and boxing. Olé hosted the third edition of the Olé Sports Summit, a series of talks featuring national and international figures (including Gianni Infantino, President of FIFA; Claudio Tapia, President of the AFA; and Javier Tebas, President of LaLiga), which covered topics such as big data, artificial 19 intelligence, management, fan engagement, and digital transformation. The event, held over two days at the Usina del Arte, marked a milestone in the sports industry year, achieving success with more than 100 speakers, the support of dozens of sponsors, and over 5,000 attendees. With a broad and robust value proposition, it surpassed 35,000 exclusive digital subscribers, breaking the notion that people will not pay for sports content and turning this business into a significant and thriving revenue source for the product. It was recognized at the Digital Media Awards Americas (organized by the World Association of News Publishers, WAN-IFRA), winning in the Best Advertising Campaign category for “Títulos”, a brand campaign that invited Argentine fans to download the World Cup “Tricampeón” title in a simple, fast, and fun way—celebrating Argentina’s third FIFA World Cup victory. It also launched a variety of optional print editorial products that were commercially successful, including standout editions such as “Argentina Campeón de América” and “Racing Campeón Copa Sudamericana.” Olé continued as the leader in sports news in Argentina, reaching daily to all the country's newsstands, as well as through its digital version. The newspaper's digital version achieved the following highlights: with monthly peaks of 8 million users, 95 million page views, and 150 million minutes of browsing, according to ComScore. Other Internet Businesses With its sites “Argenprop” and “Empleos Clarín”, the Company has a strong presence in the on-line classified ads for real estate and jobs. El Gran DT is the most popular game in Argentina and has engaged over 6 million people in its more than 30 editions. With a friendly product, a powerful brand and a business model based on digital subscriptions (with more than 45,000 customers), Gran DT continues its mission to be a soccer-linked entertainment space. No doubt it is a success story due to its track-record and popularity. School Editorial Content Tinta Fresca publishes textbooks, educational content, and children's and youth literature for all stages of the Argentine educational system, in print and digital format. It also offers a portfolio of world-leading, high-impact digital education solutions, including learning systems, books, and digital content. The Digital Solutions portfolio of Tinta Fresca offers tools for hybrid learning with resources and functionalities that facilitate both face-to-face and virtual teaching. During 2024, significant progress was made in the production of books, the expansion of digital solutions, and the integration of new educational platforms, all aligned with the goals of enriching the teaching and learning experience. Tinta Fresca maintains its investment in Ríos de Tinta, a Mexican publishing house founded in 2007 engaged in the production of books and materials for the educational system of Mexico. Impripost Impripost Tecnologías S.A. is a company mainly engaged in production and variable printing, including invoices, advertising brochures, forms, labels, and cards. It also provides envelope- stuffing services. Today, it is one of the main companies in the market of variable data printing and finishing in large volumes. The Company has a strategic partnership with Ricoh. 20 During 2024, the Company experienced a 29.9% decrease in print volume, which was slightly above the trend of previous years. This decline was primarily due to the shift towards e-billing, especially by the Telecom group. Cúspide Cúspide is one of the main Argentine companies engaged in the distribution and sale of books. Today, it has three business areas: The first one is a retail business, with 30 branches located throughout the country, and a digital channel, cúspide.com. The second one is engaged in wholesale distribution with over 500 customers. And the third one manages the revenues generated by the franchises. Today, the company has 23 franchised locations. Cúspide owns a 2,500-square meter warehouse to store and supply its own branches and its wholesale customers. The company participates in the Book Fair and in the Children's Book Fair. At the former, record sales were achieved. Compañía Inversora en Medios de Comunicación (CIMECO) S.A. CIMECO was organized in 1997 with the aim of acquiring equity interests in Argentine and foreign newspapers, seeking to preserve the regional journalism industry, blending experience, synergy, and economies of scale, preserving its editorial principles. Historically, CIMECO has held a majority interest in two of the three major regional newspapers in Argentina: La Voz del Interior in Córdoba and Los Andes in Mendoza. In June 2024, Grupo Clarín accepted a purchase offer for Los Andes. La Voz del Interior S.A. (LVI) leads the print and digital market in the central region of the country. Its newspaper, La Voz del Interior, has a significant market share in the province of Córdoba. In 2024, LVI focused its editorial policy on consolidating a multiplatform strategy by adjusting the print and digital products to new trends in the consumption of news. The cross-functional work of various areas had a significant impact on new subscriber acquisitions and customer loyalty, allowing the company to close the year with 117,430 digital subscriptions. La Voz del Interior (LVI) continued with its strategy of developing premium content, as well as managing exclusive courses, podcasts, and newsletters for various segments. All this was accompanied by the renewed benefits in Club La Voz and the sustained effort to generate corporate agreements. The Brand Studio team at La Voz innovated with 360° coverage, offering a wide range of digital formats across multiple platforms. This included event videos for Instagram Reels and Stories, carousel posts on the same platform, web articles, and print media presence. The 80th Annual Meeting of the Inter-American Press Association (IAPA) was organized for the first time in Córdoba, marking a significant success. The audiovisual strategy focused on the uninterrupted broadcast of “Voz y Voto” every Saturday on El Doce—with strong audience levels throughout the province, always produced by an internal team and with technical assistance from the HD production company—and on exploring new formats aimed at capturing diverse segments. Among these, “Héroes y heroínas” (which highlights the efforts of generally unknown citizens working for their community), Business Interviews, “Datazo” (short videos with curious facts for social media), “Historias urbanas” (tales and characters from Córdoba and its people), and “Vida cotidiana” (tips on solving everyday problems at home and work). In some cases, we included influencers and other representatives from the creator economy. In addition, the audiovisual series “Voces 21 que suman” was consolidated and broadcast on La Voz’s platform, achieving strong participation from national brands and resulting in two in-person events (focused on work and sustainability) held at our auditorium. Comercializadora de Medios del Interior (CMI) CMI is engaged in publishing and in the commercial representation of media outlets located in the provinces. It manages the news site Vía País. It publishes and sells the magazine Rumbos, distributed by many own- and third-party publications in the Interior of Argentina. During 2024, CMI continued to consolidate itself as the most important network in the provinces. During the year, the company intensified the adaptation of its traditional businesses to new technologies, preserving its business model. In this way, it continued to focus its businesses on the digital area. This included a significant restructuring of the workforce, with a focus on purely digital profiles. The revenue generated from CMI's digital activities accounted for 94% of the advertising, with the traditional print business becoming increasingly less relevant each year. Among the milestones in digital development, a key highlight was the consolidation of the foundations of the Vía País website, whose main objective is to build the largest news network covering Argentina’s major cities. In 2024, the site reached an average audience of 4.3 million users, according to Google Analytics, while its revenue accounted for 51% of the Company’s own income. The social media community on Facebook exceeds 3.1 million followers with more than 836.2 million views, 154.4 million reach, 12 million content interactions, 31.1 million link clicks, 3.1 million views, and over 157.4 thousand new followers. On Instagram, it surpassed 281,000 followers, with a 73% increase in profile activity and a reach of over 10 million. This year, the production of Reels on the same platform increased, surpassing 500,000 views, and a direct link was added to the profile bio for access to shared articles. Throughout the year, news coverage was particularly focused on trending topics, economics, and national politics. Additionally, noteworthy efforts were made at various events, such as the debut of Big Brother, the Copa Libertadores final, Un Sol para los Chicos, and Buenos Aires Fashion Week. Vía País was also present at major concerts, including performances by Duki, Aventura, Wos, and Karol G. Furthermore, the BAMV Fest Awards and the red carpets of the Martín Fierro Awards in its various editions: Fashion, Television, and Digital, were covered. Papel Prensa Papel Prensa S.A.I.C.F. y de M. is the first producer of newsprint that is wholly owned by Argentine capital. Currently, it also works on the production of paper used for printing, writing, and packaging. It is currently the largest Argentine producer of newsprint, with an annual production capacity of approximately 112,000 tons. Oportunidades Oportunidades (OSA), incorporated on May 26, 2003, is engaged in several activities including, among others, the exploitation of advertising companies; editing, publishing, distribution, import and export of magazines, and books. In December 2017, Oportunidades acquired a rotary printing press and a digital one, used for Heatset and Coldset printing, which involve two types of treatments for commercial brochures 22 and books, magazine and catalog publications. During 2024, its activities were focused on printing. In November 2024, OSA achieved recertification of the FSC SGS-COC 830003 standard, valid until October 2028, which certifies that its products, processes, and services comply with national standards and regulations as well as standards defined by its customers. Throughout the year, OSA was one of the companies awarded the contract for printing the educational tests “Pruebas Aprender,” aimed at primary and secondary levels, by the National Ministry of Education. 4.1.2. BROADCASTING AND PROGRAMMING Grupo Clarín is a major player in the Argentine audiovisual broadcasting and programming segment. Through ARTEAR, it exploits the license LS85 TV Canal 13 Buenos Aires, one of the two largest broadcast television channels in Argentina, in terms of advertising and audience share. It also has a presence in broadcast television stations in Córdoba (Telecor). Grupo Clarín also produces cable television signals. Its role in the production of audiovisual content includes agreements and equity interests in benchmark TV and film producers, such as Pol-Ka Producciones and Patagonik Film Group. Grupo Clarín also owns prominent radio stations, such as Mitre AM 790, La 100 (FM 99.9), both in Buenos Aires, and Mitre AM 810 in the province of Córdoba. Grupo Clarín also has a strong stake in sports commercialization and broadcasting rights, directly and through joint ventures. ARTEAR Arte Radiotelevisivo Argentino S.A. (ARTEAR) owns eltrece, one of the main broadcast channels in Buenos Aires. Eltrece combines fiction, news, and entertainment, with a varied offering. It also owns TN, a leading 24/7 news signal, and cable tv signals. During 2024, ARTEAR ratified its audience performance in its broadcast and cable signals and in its digital platform. As always, eltrece reaffirmed its commitment to information, with its four daily newscasts. Among the contents featured, the highlights of eltrece were Telenoche, Socios del Espectáculos, Ahora Caigo, and The Floor. The website underwent a year of transformation and consolidation. A series of technological enhancements and user experience improvements were integrated, including formats such as liveblog and longform, as well as significant overall site performance enhancements. Additionally, artificial intelligence was leveraged to enhance the newsroom operations. It provided assistance with headlines, subheadings, and body text, allowing journalists to access alternative versions to improve their writing. In 2024, the YouTube team expanded its scope to include news articles, photo galleries, video landing pages, video features, special editions, implementation of voting mechanics for the website, and daily monitoring of live broadcasts and streams that impacted the homepage. Artear's content across all its channels continued to perform strongly and maintained a leading position, reaching over 27 million subscribers across platforms. eltrece alone has 13.7 million subscribers, making it the largest broadcast television channel in Argentina on this platform. In March 2024, eltrece launched “eltrece prende”, airing Monday to Friday from 6:00 pm to 8:00 pm, featuring shows such as “Viernes Trece,” “Esto es cualquiera,” and “El after de Cuestión de peso”, and from September to mid-November, “Ultra vip” as a second screen for 23 the tv show for “Por amor o por dinero.” These streaming programs generated strong user and community engagement, as they were led by young talent who introduced new forms of expression and broadened audience reach. The resulting productions were sustainable and achieved successful branded content integrations. In August, eltrece’s digital platforms served as the exclusive screen for the Martín Fierro Digital – Redes e Influencers awards, reaching a peak of 71,556 unique live viewers on eltrece’s YouTube channel, with an average viewing time of 31 minutes. On Instagram and TikTok, vertical content succeeded in reaching new audiences in other markets, increasing viewership among younger users from other countries. In the cable TV segment, ARTEAR offers informative and entertainment signals. The Spanish language music signal “Quiero Música en mi Idioma” was quick to lead audience ratings in the music genre. “Volver” offers the best of classic and vintage Argentine films and television shows. In addition, Canal (á), a signal that offers arts, cultural and show business programs, mainly in Buenos Aires, is operated by ARTEAR. ARTEAR owns TN (Todo Noticias), the most prestigious 24/7 cable news signal in Argentina. TN focuses on current affairs, with programming centered around continuous newscasts and a diverse lineup of general-interest content, including society, politics, economy, international news, crime, investigative reporting, sports, entertainment, technology, and agriculture. In 2024, TN led audience ratings and positioned itself, once again, as the most viewed cable signal of the year, outperforming its local and international competitors. According to Kantar Ibope Media, the cumulative average rating during the year - from Monday to Sunday from 7am to 12 am - was 2.52 points, slightly higher than the previous year's measurement. The channel stood out once again for its coverage. In 2024, TN strengthened its nighttime prime time with the addition of Jonatan Viale and the show 'La Ves?', which led the highly competitive 9 PM slot. In the digital arena, TN focused on automated content and AI integrations. Automatic liveblogs about the US dollar and sports, video transcriptions with Genoa, and automated video notes were developed. Tools such as the ARC AI Editor and a Chrome extension for integrating AI with Arc were also incorporated. Additionally, text-to-speech was implemented in the website's articles. TN consolidated another year of sustained growth and managed to secure a position in the top tier of the most visited sites in the last quarter of 2024, according to Comscore's multi- platform user data, which now includes social metrics. These metrics show TN as a leader, which is also reflected on social media, where it remained the largest Spanish-language news community in Latin America, reaching 6.8 million followers on Instagram, 6.5 million on TikTok, 6.2 million on X, and 10.9 million on Facebook. On YouTube, the live streaming average reached the highest figures among all the country's streaming sites (whether in news or entertainment). In a year marked by a wide range of journalistic topics and a huge volume of political opinion, Todo Noticias expanded its leadership without modifying the DNA that identifies the signal: Professionalism, a huge display of production, coverage, ongoing live broadcast, audience engagement, and analysis. Ciudad Magazine, also owned by ARTEAR, is another cable signal that arose from the merger of two leading media in show business, Magazine and Ciudad.com. This merger leveraged the best of each and their potential, to provide the audience with broader news coverage, more entertainment, and better connection. 24 Quiero, the Spanish language music signal, is also owned by ARTEAR. A leader in its category, it offers varied programming comprising national and Latin-American rock, hip hop, reggaeton, alternative music, pop and melodic music, among others. During 2024, Quiero ventured into streaming with the product “Te Lo Juro,” which was broadcast live on YouTube and subsequently on cable television. ARTEAR also produces Canal (á), a 24/7 signal focused on culture. A channel that gathers all genres linked to art and culture under the premise of a plural approach. A signal with an avant- garde look and feel that sets a trend among its peers. The signal Volver preserves Argentine television history and owns the largest national film library. The programs broadcast by Volver are recognized by the public as genuine manifestations of “the best of our culture”. Cucinare is the local signal for gastronomy lovers. A place where cooking enthusiasts can find easy recipes and sophisticated dishes, with the premise of rigor when it comes to their preparation. A 100% digital brand in its origin which grew until achieving a 360° format with presence on television and off-line. América Sports is the sports signal that offers 24 hours of passion covering all sports. With a special focus on motor racing, turf, hunting, fishing, kitesurf, and extreme and non- conventional sports in general. Artear has evolved from being solely a television broadcaster to becoming a content producer for multiple distribution platforms. This transformation required the company to strengthen its commitment to investing in more and better technology. Among the most important technical investments were robotic cameras for TN, the incorporation of virtual sets, and augmented reality. ARTEAR is the controlling company of Canal 12 of Córdoba, which invests heavily in journalistic and entertainment content, with solid audience shares and a good outlook. ARTEAR also holds an equity interest in Pol-Ka, which during 2024 continued with the operational restructuring planned in previous years. IESA Inversora de Eventos S.A. continued to exploit the sports audiovisual content generation business through its subsidiaries Tele Red Imagen S.A. (TRISA, owner of 50% of the signal TyC Sports), and Carburando S.A.U. The latter is engaged in the motor racing business in Argentina, producing multi-platform audiovisual content. In addition, Inversora de Eventos (IESA) owns 25% of the shares of Canal Rural, a local cable signal that produces audiovisual content related to the agricultural sector. During 2024, TRISA continued broadcasting sports events, such as the South American qualifiers, and National B soccer matches, among others. Carburando maintained the coverage and broadcast of the country's main automotive categories, including TC2000, TC 2000 series, and Top Race, among others. Mitre Radio Mitre S.A. provides sound broadcasting services through Mitre AM 790 (amplitude modulation), La 100 (99.9) (frequency modulation) in the city of Buenos Aires, and Mitre AM 810 and FM 102.9 in the province of Córdoba. 25 Mitre AM 790 focuses its programming on strong journalistic productions supported by the high credibility and professionalism of its team. The morning slot begins with "Alguien tiene que decirlo", hosted by Eduardo Feinmann, María Isabel Sánchez, Rollo Villar, Leandro Buonsante, and Alberto Cormillot, among others. The program led audience ratings throughout the year, ending December with 35 percentage points of share. In the late morning slot, from 10 AM to 2 PM, “Lanata sin filtro” aired, hosted by Jorge Lanata along with a broad journalistic team. Throughout the year, the program topped the ratings, closing the year with a 27 percent share. Starting in June, due to health issues, Lanata was absent from his program, leaving his team to continue the broadcast. In December 2024, Jorge Lanata passed away. In addition, “Encendidos en la tarde”, hosted from 2 pm to 4 pm by María Isabel Sánchez and Rolo Villar, is a fun afternoon show that combines information, humor, and interviews. The show also leads its time slot. From 4 pm to 7 pm, Diego Leuco and his team host “Diego a la tarde”, a magazine that combines information, humor, interviews, and even concerts. The program remained a leader in its time slot throughout the year, with around 27 audience rating points. From 7 to 9 PM, Eleonora Cole and Tato Young hosted "Volviendo a Casa," providing all the necessary information to return home well-informed. From 9 PM to 11 PM, Gonzalo Sánchez, Marcelo Birmajer, and Mariana Martí hosted “Viaje al centro de la noche,” closing the year with 17 audience points. From 11 PM to 1 AM, Gabriel Anello and his team presented “Super Mitre Deportivo.” During weekends, Mitre has different proposals. On Saturdays from 7 to 10 am Marcelo Bonelli hosts “Sábado Tempranísimo”, with more than 30 years on the air, with audience levels of more than 45 points. From 10 AM to 1 PM, Jorge Fernández Díaz hosts "Pensándolo bien" alongside Miguel and Nicolás Wiñazky, a weekly program that encourages reflection and analysis of the week's most relevant events. At noon, also exceeding 40 audience rating points, ”Polino Auténtico” proposes a fun approach to the most important show business news. On Sundays from 10 a.m. to 1 p.m., Alfredo Leuco hosts “Le doy mi palabra”, a show that includes his widely recognized editorials. The program closed the year with 39 audience rating points. ”Mitre Informa Primero” continued to be the most awarded radio news service of Argentina. La 100 closed the year 2024 leading audience shares, surpassing 21 points. Its programming combines famous artists and a mix of music and innovative content. During the year, Santiago del Moro led morning audience ratings, from 5.30 AM to 10 AM, with ”El Club del Moro”, a program co-hosted by Maju Lozano. The program reached an unprecedented audience rating of nearly 30 points, tripling its competition. Guido Kaczka and Claudia Fontán host ”No está todo dicho”, from 10 AM to 2 PM. The program consolidated its position in its time slot and closed the year with 23 points, doubling its closest competitor. Since 2020, Mariano Peluffo and Julieta Prandi have been hosting “Sarasa” from 2 PM to 5 PM on La 100, an informal radio magazine. The show maintained a yearly average above 19 points, leading its segment. Sergio Lapegüe and Maru Fernández hosted “Atardecer de un día agitado.” On Saturday mornings, Guillermo López hosts "Todo queda en casa", with Alejandra Salas and Santiago Calzaroto. The program has a good dose of humor, entertainment, and general news, combined with music, contests, and interviews with show business celebrities. Mariano Peluffo hosts ”Abierto los domingos” from 10 am to 2 pm. In 2024, Mitre 810 in the province of Córdoba remained the second most listened to radio station in Córdoba. With a permanent staff in the city and its own news service, also called "Mitre informa primero", it provides comprehensive coverage of local, national, and 26 international news. The radio station's programming includes renowned hosts such as Jorge “Petete” Martínez (Monday to Friday from 6 AM to 11 AM), Laura Gonzalez with her “Mediodía” show every day from 11 AM to 1 PM, and Omar Pereyra (from 1 PM to 5 PM) with “Siesta Animal.” From Monday to Friday from 8 pm to midnight Juan Alberto Mateyko hosts ”La movida de la noche”, a classic in Córdoba. Cienradios maintains its position with the most important radio and online content menu in Latin America, with a great diversity of radios, videos, special reports, shows, contests, and premium sound quality. Cienradios is the largest music portal and recommender of the region and the first one in Argentina, with almost 17.7 million unique browsers by the end of 2024. 4.1.3. OTHER Services Gestión Compartida is a company engaged in providing comprehensive solutions to meet the management and operational needs of companies, which allows its customers to focus their efforts on the activities that represent their core business. Each area has professional and technological resources and operates in Argentina and several countries of South America, with a working team of more than 350 professionals. Today, GC Gestión Compartida serves over 200 companies from different industries, size, and origin. Also, during the year, business partnerships were executed with important companies and consulting firms that will allow to accelerate regional expansion and offer high quality solutions. During 2024, GC Gestión Compartida focused on achieving a set of goals centered on commercial growth, organizational management, and improving its economic and financial performance. During the year, it recorded a positive and sustainable operating result. In addition, strategic partnerships were established, including the launch of Napsis LATAM (QUANIX), a new company jointly owned by Gestión Compartida (50%) and Sancor Seguros (50%), focused on HR technology. The company also presented Hiberus de Argentina, a technology consulting firm specialized in software development, digital transformation, and cloud services for LATAM, in which Gestión Compartida holds a 20% equity interest. Fairs and Exhibitions Exponenciar S.A. has among its main activities the organization of Expoagro. The fair has been held once a year in the City of San Nicolás at a fixed location for 15 years. In 2024, the EXPOAGRO 2023 YPF Agro edition was held from March 5 to 8. More than 180,000 visitors attended the fair, with business transactions exceeding USD 2,000 million. There was representation from 46 countries, and 60 political figures ranging from the President of Argentina to ministers, state secretaries, governors, legislators, mayors, and councilors participated. Additionally, Exponenciar organized two livestock events in 2024. The first was the National Exhibitions of the Braford, Brahman, Brangus, and Hampshire Down breeds from May 27 to 31, held at the Rural Society of Corrientes in Riachuelo. Later, in collaboration with the Argentine Angus Association from September 16 to 21, Exponenciar hosted the Spring Angus Week with the support of Expoagro. The event had a special significance as it was the first to 27 take place at the new Angus Exhibition and Auction Center, located next to the Cañuelas Agricultural and Livestock Market (MAG). From August 7 to 9, Exponenciar, in partnership with the Argentine No-Till Farmers Association (Aapresid), organized the Association’s 32nd Annual Congress, held at La Rural with the support of Expoagro. This congress is one of the most important gatherings in Argentina’s agricultural sector, with notable international relevance. The 2024 edition brought together over 12,000 attendees and featured 160 talks delivered by 450 speakers. Additionally, over 150 companies from the sector participated. Traditionally held in Rosario, the event was hosted for the first time in the city of Buenos Aires. The congress featured Amarok as its naming sponsor. In addition, the 16th edition of Caminos y Sabores was held at La Rural from July 6 to 9, with a record participation of 19 provinces, and more than 100,000 visitors, who enjoyed offerings from 450 producers and live cooking demonstrations by 60 chefs, who presented the step-by- step preparation of over 120 dishes. 4.3. AWARDS AND RECOGNITIONS During 2024, Grupo Clarín and its media outlets were honored with numerous awards across various categories. The notable recognitions include: Clarín • Eikon Award to Cultural Sponsoring for supporting the Book Fair. • Best Use of Video Award from the World Association of Newspapers and News Publishers (WAN-IFRA). • Seven ADEPA awards in the categories of Investigative Journalism, Photography, General Information, Judicial Journalism, Education, Sports, Culture, and History. • FOPEA Award in the Investigative Report category. Olé • Eikon Award for Sports Sponsoring for the Olé Sports Summit. • WAN-IFRA Award in the Best Campaign category. Magazine Ñ • Declared of cultural interest by the Argentine Chamber of Deputies in recognition of its contribution to the dissemination of art and culture in the country. La Voz del Interior • Four ADEPA awards, including: First prize in General Information for the multimedia special "Las mamás del Neonatal"; First prize in Argentine Advocacy for columnist Juan Mocoroa; Special mention in Digital Content Innovation; Special mention in Caricatures and Illustrations. • WAN-IFRA Award in the Best Digital Subscription Project category for its exclusive course offerings for subscribers. • CAPA-Spraytec Award for Agricultural Journalism for the supplement La Voz Agro. • Special mention at the ESET Awards for Journalism in Information Security for the article "Online gaming is increasingly popular among teenagers. 28 eltrece • ADEPA Award in Investigative Journalism for journalist Josefina López Mac Kenzie. • FOPEA Award in the category of Investigative Work for Audiovisual Media, Social Networks, or New Platforms to Josefina López Mac Kenzie and Faustino Jaime (TN and eltrece) for the series "El caso Chocolate." Todo Noticias (TN) • FOPEA Award for Investigative Journalism for "El caso Chocolate." • Two Iris América 2024 awards, granted by the Latin American News Alliance (AIL) and the Academy of Television and Sciences of Spain. • Two Communicator Awards 2024 for the use of artificial intelligence in electoral coverage and for the implementation of a new digital storytelling format. • WAN-IFRA Award for “CandidateaMe” in the Best Use of AI in Revenue Strategy category. • Eikon Award for Best Communicator of the Year to Carolina Amoroso (TN). eldoce • Distinctions from the Legislature of Córdoba, the Municipality of the City of Córdoba, and the Government of the Province of Córdoba in recognition of the 20th anniversary on air of "Arriba Córdoba." • "Change the Story" Scholarship awarded by Deutsche Welle through DW Akademie to journalist Mariano Cardarelli for his report "The Power of Grandparents: To Hate Speech, Messages with Love." TyC Sports • "Best of Show" Award at the New York Festivals for the commercial "Hotel La Argentina." 5. FINANCIAL POSITION AND RESULTS OF ITS OPERATIONS During this year, the main changes in the Company's financial position and results of its operations were the following: Working capital (current assets minus current liabilities) at year-end decreased by $ 8,800 million compared to the previous year, from $ 8,118 million to a negative $ 682 million. This decrease is primarily evidenced by the decrease in Other current receivables by $ 4,700 million, a decrease in the Company's cash (Cash and banks and certain current investments) by $ 3,762 million, and the increase of trade and other payables by $ 287 million and Other liabilities by $ 42 million. The most significant changes in non-current assets and liabilities were: (i) Investments in unconsolidated affiliates decreased by $6,026 million, due to the equity in earnings from associates totaling $3,782 million, as detailed in Note 4.4 of the separate financial statements, the main associates that reported profits were Arte Gráfico Editorial Argentino S.A., Radio Mitre S.A., GC Gestión Compartida S.A., and Compañía Inversora en Medios de Comunicación (CIMECO) S.A. and the main associates that reported losses were Inversora de Eventos S.A. and Arte Radiotelevisivo Argentino S.A., and due to the decrease arising from the cumulative 29 translation adjustment amounting to $10,089 million. Contributions were also made to Arte Gráfico Editorial Argentino S.A. for $417 million and to Radio Mitre S.A. for $35 million, and the equity interest in Diario Los Andes Hermanos Calle S.A. was sold; (ii) Investment Properties increased primarily due to the acquisition of the properties mentioned in Note 18 to the separate financial statements, net of the effect of depreciation for the year; and (iii) the decrease in Other non-current investments, Other non-current receivables with related parties, and Other non-current liabilities is mainly due to the fact that the increase in the exchange rate was lower than the increase in the inflation rate. The Statement of Income as of December 31, 2024 showed a net loss of $ 4,666 million. This net loss is mainly accounted for by the $ 3,782 million profit generated by the investments in controlled companies, the $ 3,085 million gain generated by financial results, and the $ 5,866 million loss generated by administrative expenses net of management fees, and by other income and expense amounting to a gain of $504 million. Grupo Clarín S.A. is still controlled by GC Dominio S.A., which owns 64.2% of its voting rights. Balances and transactions with related parties are detailed in Note 8 to the Separate Financial Statements. 6. CORPORATE GOVERNANCE, ORGANIZATION, AND INTERNAL CONTROL SYSTEM Grupo Clarín's Board of Directors is responsible for the Company's management and approves its policies and overall strategies. Pursuant to the By-laws, the Board of Directors is composed of ten permanent directors and ten alternate directors who are elected at the Ordinary and Special Shareholders' Meeting of Class A, A and B (acting as a single class) and C on an annual basis. Four of them (two permanent and two alternate members) are required to be independent directors, appointed in accordance with the requirements provided under the CNV rules. Members of the Board of Directors Grupo Clarín's Board of Directors is comprised by the following members, appointed at the Annual Ordinary and Extraordinary Shareholders' Meeting and Special Meeting for Class A, B, and C shares, held on April 24, 2024: Rendo, Jorge Carlos Chair Aranda, Héctor Mario Vice Chair Aranda, Alma Rocío Permanent Director Noble Herrera, Felipe Permanent Director Magnetto, Horacio Ezequiel Permanent Director Pagliaro, Francisco Permanent Director Etchevers, Martín Gonzalo Permanent Director Menzani, Alberto César José1 Permanent Director Riportella, Andrés Gabriel1 Permanent Director Quiros, Horacio Eduardo Permanent Director Colugio, Patricia Miriam Alternate Director Acevedo, Francisco Iván Alternate Director Beratz, Verónica Alejandra Alternate Director 30 Sosa Mendoza, Eugenio Eduardo Alternate Director Boncagni, Marcelo Fernando Alternate Director Rebay, Carlos1 Alternate Director Fernández, Luis Germán1 Alternate Director Puente Solari, Lucas Alternate Director Kahrs, Alfredo Enrique Alternate Director Marina, Alberto Pedro Alternate Director 1Independent Director Grupo Clarín also has a Supervisory Committee composed of 3 permanent members and 3 alternate members, who are also appointed on an annual basis at the Ordinary Shareholders’ Meeting and at the Special Shareholders’ Meeting of Class A, Class A and B Shares (acting as a single class), and Class C shares. The Board of Directors, through an Audit Committee, is in charge of the ongoing oversight of all matters related to control information systems and risk management, and issues an annual report on these topics. The members of the Company's Audit Committee may be nominated by any member of the Board of Directors and a majority of its members must meet the independence requirement provided under CNV rules. Supervisory Committee The Company's Supervisory Committee is composed of the following members, appointed at the Annual Ordinary and Extraordinary Shareholders' Meeting and Special Meeting per Class of Shares, held on April 24, 2024: Rota, Alicia Emilia Permanent Member of the Supervisory Committee Di Candia, Carlos Alberto Pedro Permanent Member of the Supervisory Committee López, Hugo Ernesto Permanent Member of the Supervisory Committee Tedín, Silvia Andrea Alternate Member of the Supervisory Committee Mazzei, Miguel Angel Alternate Member of the Supervisory Committee De la María Martinez de Hoz, Jorge Jaime José Alternate Member of the Supervisory Committee Audit Committee Menzani, Alberto César José Chair Riportella, Andrés Gabriel Vice Chair Aranda, Héctor Mario Permanent Member Acevedo, Francisco Iván Alternate Member Rebay, Carlos Alternate Member Fernández, Luis Germán Alternate Member The overall criteria used to appoint managers are based on the background and experience in the position and the industry, companies they have worked for, age, professional and moral competence, among other factors. In order to identify opportunities and streamline structures and systems with the aim of improving processes and making informed decisions, Grupo Clarín sets forth several procedures and policies for controlling the Company's operations. The areas responsible for 31 the Company's internal controls, both at the Company level and at the level of its subsidiaries and affiliates, contribute to the safeguarding of shareholders' equity, the reliability of financial information and the compliance with laws and regulations. Compensation of the Members of the Board of Directors and Senior Management The compensation of the members of the Board of Directors is set at the Shareholders' Meeting after the closing of each fiscal year, considering the cap established by Article 261 of Law No. 19,550 and related regulations of the CNV. All of Grupo Clarín's subsidiaries have compensation arrangements with all of their officers in executive and managerial positions, which contemplate a fixed and variable compensation scheme. Fixed compensation is tied to the level of responsibility attached to each position, prevailing market salaries and performance. The annual variable component is tied to performance during the fiscal year based on the objectives set at the beginning of the year. Grupo Clarín does not have any stock option plans in place for its personnel. As mentioned in Note 18 to the Consolidated Financial Statements, on January 1, 2008 Grupo Clarín began to implement a long-term savings plan for certain executives of Grupo Clarín and its subsidiaries. Executives who adhere to such plan regularly contribute a limited portion of their salary to a fund that will allow them to increase their income at the retirement age. Furthermore, each company matches the sum contributed by such executives. This matching contribution is added to the fund raised by the employees. Under certain conditions, employees can access such fund upon retirement or upon termination of their employment relationship with Grupo Clarín. This long-term benefit has a strong withholding component and is considered as an integral part of the employee's total compensation for comparative purposes with prevailing market salaries. During 2013, certain changes were made to the savings system, although its operation mechanism and the main characteristics with regard to the obligations undertaken by the company were essentially maintained. The parameters used in fixing compensations are in line with customary market practices followed by companies of the scale of Grupo Clarín. To this end, the Company assesses the relative weight of the different positions within the company, as well as the performance of the employee that holds the position. In order to assess positions and compare salaries in different markets, the Company uses the services and reports of prestigious HR companies at national and international level. Annual Shareholders' Meeting Grupo Clarín held its Annual Ordinary and Extraordinary Shareholders' Meeting on April 24, 2024. On this occasion, the shareholders reviewed and approved the accounting records for fiscal year No. 25 ended on December 31, 2023 and the performance and compensation of the members of the Board of Directors and the Supervisory Committee. Among other matters, the Special Meetings of Class A, B, and C shareholders elected the permanent and alternate members of the Board of Directors, and the Special Meetings for Class A, Class A and B (acting as a single class), and Class C shareholders elected the permanent and alternate members of the Supervisory Committee for the 2024 fiscal year. Dividend Policy Grupo Clarín does not have a formal dividend policy governing the amount and payment of dividends or other distributions. According to its By-laws and the Argentine Corporate Law, 32 Grupo Clarín may lawfully pay and make declarations of dividends only out of the retained earnings stated in the Company's annual Financial Statements prepared in accordance with Argentine GAAP and CNV regulations and approved at the Shareholders' Meeting. In such case, dividends must be paid on a pro rata basis to all holders of shares of common stock as of the relevant record date. Set-up of Reserves Pursuant to the Argentine Corporate Law and CNV resolutions, Grupo Clarín is required to set up a legal reserve of no less than 5% of each year's retained earnings until such reserve reaches 20% of its outstanding capital stock plus the corresponding adjustment. The legal reserve is not available for distribution to shareholders. Code of Corporate Governance In addition to the aforementioned, and in conformity with Resolution No. 707/2019 issued by the Argentine Securities Commission, the Company prepared the Report on the Code of Corporate Governance in accordance with Exhibit III, Title IV of Chapter I, Section I of the Rules, which is attached as an exhibit to this Annual Report. 7. SUSTAINABILITY 7.1. SUSTAINABILITY STRATEGY Grupo Clarín, committed to the right to information for citizens, offers a comprehensive journalistic and entertainment proposition, grounded in rigor, freedom of expression, and audience engagement. Since its inception, it has acted responsibly to contribute to the sustainable development of the country and to create value in its role as a media outlet. Its strategy incorporates sustainability into the daily management of all its business units, focusing on four key pillars: the creation of responsible content, sustainable management, transparent communication, and the promotion of diversity. 7.2. VALUE CREATION MODEL AND FRAMEWORK OF THE INTEGRATED REPORT The following infographic illustrates the value creation model of Grupo Clarín, developed in accordance with the International Framework of the IFRS Foundation. This approach identifies six types of capital through which an organization can generate value in the short, medium, and long term: Financial, Manufactured, Intellectual, Human, Social and Relationship, and Natural. Additionally, it reflects the relationship with the United Nations Sustainable Development Goals (SDGs) and how, through its assets, inputs, activities, and management of relevant issues, the Group creates, preserves, or transforms value for its various stakeholders. 33 MODEL FOR THE CREATION, PRESERVATION, OR EROSION OF VALUE OVER THE LONG TERM Value Creation Process Capitals of the Integrated Reporting Framework Financial Manufactured Intellectual Human Social and Relationship Natural Inputs Assets and inputs of the organization Equity capital. Investments. Net Income from Prior Years. Printing plants: Zepita in Capital Federal (35,000 m2) and AGL in Santa Fe (3,000 m2). Presence in 13 provinces of the country. Television studios. Multiplatform Content Center. Cúspide’s warehouse (3,200 m2). Brand credibility. Editorial Independence Content quality. Ethical Standards and Editorial Guidelines. Freedom of Expression. Innovation, convergence and technology. Role of the gender editor. Professionals, journalists and correspondents . Employer brand. Self- management platform. Committees: Diversity; Wages and contributions. Benefits; Hygiene and Safety; Social Observatory. Sustainability Strategy. Fundación Noble. Private social investment strategy. Suppliers. Partnerships with civil society organizations. Readers and audience. Customer benefit programs. Clarín’s Environmental Management System. Production Inputs and office supplies. Water. Fuels and electrical energy. Activities Management of the most relevant topics to the business and to stakeholders Reference: Material Topics under the Materiality Assessment Revenues. Costs. Investments in new businesses. Ethics and transparency. Journalistic Independence and Freedom of Expression. Printing at plants. Production and distribution of books. Transmission of broadcast television channels and radio. Boost to digital subscriptions. Opening of new branches, offices and franchises. Logistics services. Creation and dissemination of responsible content (journalism, fiction, and entertainment). Editorial Innovation and Digital Transformation. Protection of Intellectual Property. Protection of Data. Accessibility of Content and Protection of the Audience. Journalistic Investigation. Diverse and Inclusive Content. Generation of Employment. Employee Safety and Welfare. Diversity, Inclusion, and Non- Discrimination. Training and Career Development. Respect for Human Rights. Creativity and Talent Engagement. Benefit Program. Internal Opinion Survey Management of employee health and safety. Responsible Advertising. Audience Engagement. Contribution to the Community. Promotion of Public Debate and Civic Involvement. Responsible Value Chain. Accountability. Media Literacy. Dissemination of public service ads campaigns. Contribution to Education and Culture. Actions in partnership with CSOs. Customer and audience loyalty initiatives. Energy Efficiency. Reduction of Emissions. Efficient Use of Materials and Resources and Waste Management. Promotion of Environmental Care. Paper recovery and recycling process. Creation of Value 2024 Results and performance $353,849.8 million in net revenues. $ 33,361.0 million in adjusted EBITDA. $ 17,486.9 million in total financial debt. +740,000 digital subscriptions to Clarín and + 117,000 to the newspaper La Voz del Interior. 31,261 hours of entertainment. 2,450 hours of fiction. 14,277 hours of news. Content created together with our audiences. Promotion of freedom of expression. Contribution to public debate. Training programs. Recognitions include ADEPA, FOPEA, Eikon, WAN-IFRA, ESET, Iris América, Communicator Awards, and New York Festivals. 4,142 employees. 25,613 hours of training. 45% of the Corporate Areas employees are women Awareness Campaigns. Members of the Latin American Information Alliance (ILA). 577,343 teachers trained with the program “Los Medios de Comunicación en la Educación” delivered by Fundación Noble since the launch of the program. 2,700 active suppliers. 100% suppliers committed to sustainability. Emissions of 13,416.66 tons of CO2 equivalent (scope 1 and 2). 1.99 megaliters of discharges. 34 Contribution Leadership in the Argentine media industry. Contribution to the Sustainable Development Goals – 2030 UN Agenda: 7.3. INDEPENDENCE, TRANSPARENCY, AND INTERNATIONAL GUIDELINES Grupo Clarín is committed to upholding and guaranteeing rights, promoting journalistic independence as a cornerstone to strengthen Argentine democracy, defend freedom of expression, and ensure the organization's sustainability. To ensure journalism is free from constraints, the Group implements crucial measures such as diversifying revenue and separating administrative and editorial functions, thus avoiding conflicts of interest in content generation. Additionally, it establishes a clear differentiation between editorial information and advertising content across all its media. Clarín features a Brand Studio section, while TN has a Brand News Team. On social media, commercial posts include labels identifying the sponsors, and on platforms like Twitter, TikTok, and YouTube, the hashtag #BrandNews is used, allowing the audience to easily recognize sponsored content. Grupo Clarín has been listed on the Buenos Aires Stock Exchange for 15 years, which has driven the implementation of processes that ensure transparency in economic, social, environmental, corporate, and governance matters. Annually, it presents its Annual Report and Financial Statements, including the Code of Corporate Governance required by the Argentine Securities Commission (CNV, for its Spanish acronym). Additionally, since 2015, it has published an annual Sustainability Report. With the aim of strengthening best practices in global accountability, since 2021 the annual report and the sustainability report have been presented in a single document called the Integrated Annual Report. The international guidelines that allow the Group to systematize its economic, social, environmental, and governance performance, and to transparently and accurately show its contribution to sustainable development include: • The International Framework of the IFRS Foundation for the preparation of its Integrated Annual Report. • The Standards of the Global Reporting Initiative (GRI). • Contribution to the fulfillment of the United Nations Sustainable Development Goals (SDGs). • Commitment to the United Nations Global Compact: It reports progress in meeting the 10 principles on human rights, labor rights, environment, and anti-corruption. • Adoption of the principles and guidelines of the ISO 26000:2010 Standard on Social Responsibility. In 2022, Grupo Clarín reviewed its Materiality Assessment, incorporating market best practices and international guidelines. Through an internal analysis, it evaluated its main impacts on the economy, the environment, and people, the results of which were crucial in strengthening the sustainable management of the business and directing accountability towards the most relevant issues. All the information is available on the websites of Grupo Clarín and the Argentine Securities Commission (CNV). Exhibit I to this Integrated Annual Report includes the Report on 35 Compliance with the Code of Corporate Governance of Grupo Clarín S.A., and Exhibit II includes the GRI Content Index with a detail of the Materiality Assessment performed and the relationship with the contribution to the Sustainable Development Goals (SDGs). The Company makes available various channels of communication and dialogue with stakeholders. 7.4. DIALOG AND PARTNERSHIPS To promote sustainable development and corporate transparency, Grupo Clarín participates in dialog spaces and national and international initiatives. Highlights include: the Institute for Business Development of Argentina (IDEA), Global Compact Argentina, Argentine Institute of Corporate Social Responsibility (IARSE), Network of Companies for Diversity of Universidad Di Tella, Group of Foundations and Companies (GDFE), and the Argentine Advertising Council (CPA). 8. RESPONSIBLE CREATION AND DISTRIBUTION OF CONTENT 8.1. ETHICS AND EDITORIAL GUIDELINES Accuracy in seeking the truth, responsibility, fairness, and respect and independence are the values that guide all the teams at Grupo Clarín. These values are reflected in various publications, including: the journalistic style guides of Clarín, La Voz del Interior, and Radio Mitre; Clarín's web content practices manual; and the guide for journalistic work on social media at Clarín and La Voz del Interior. Particularly, Radio Mitre continued to work on its style guide in 2024, focusing on content aligned with the inclusion of minorities and also addressing sensitive and delicate topics such as femicides, illnesses, or news involving minors, always ensuring the protection of their identity. In this sense, all the business units of the Group follow specific guidelines to address content related to freedom of expression; the pursuit of pluralism; information verification; preservation of the identity of journalistic sources; protection of children and adolescents in the news context; safeguarding of witnesses and whistleblowers; prohibition of explicit images of situations of violence and bullying; prioritization of institutional order in social upheavals; and collaboration with the search for missing persons and visibility of aid services, in compliance with the legislation. Across all screens and platforms, Grupo Clarín seeks to uphold freedom of expression and provides the public with a wide range of perspectives and approaches, enabling them to form their own hypotheses and conclusions. As a media company, it continues to explore and develop new, engaging formats that make complex or hard-to-grasp content more accessible— without diluting its substance—even through the use of humor. It should be noted that we respect the privacy and conditions of journalistic sources. Various technical resources are used if an interviewee requires protection such as blurring of image, voice distortion, defocusing during live interviews, or with the interviewees’ back turned to the camera. The newspapers Clarín and La Voz del Interior, as well as the website TN.com.ar, adhere to the Decalogue of the Argentine Press developed by the Association of Argentine Journalistic Entities (ADEPA), and the Letter of Aspirations of the Inter-American Press Association (IAPA). 36 Grupo Clarín participates in the following entities: Association of Argentine Journalistic Entities (ADEPA, for its Spanish acronym), Inter-American Press Association (IAPA), The World Association of Newspapers and News Publishers (WAN-INFRA), Argentine Association of Television and Radio Broadcasters (ATA, for its Spanish acronym), Association of Editors of Newspapers of the City of Buenos Aires (AEDBA, for its Spanish acronym), Association of Newspapers of the Interior of the Argentine Republic (ADIRA, for its Spanish acronym), Argentine Business Association (AEA, for its Spanish acronym), Association for International Broadcasting (AIB), Chamber of Programmers and Producers of Audiovisual Signals (CAPPSA, for its Spanish acronym), Institute for Business Development of Argentina (IDEA, for its Spanish acronym), International News Media Association (INMA), Freedom House, Poder Ciudadano, Círculo de Dircoms. 8.2. EDITORIAL INNOVATION AND DIGITAL TRANSFORMATION In 2024, the business units of Grupo Clarín once again expanded the reach of their digital audiences and trained their teams in the use of new tools. AI-based automatic editing tools continued to be used. The reading assistant Ualter has already summarized over 90,000 Clarín articles, generating the same number of bullet-point summaries, extracted quotes, data tables, Q&As, and glossaries featuring thousands of categorized and explained terms. Clarín launched UalterSound, an Artificial Intelligence (AI) platform that converts spoken speeches into text, analyzes them, and publishes an interactive version. In addition to the usual analysis and interpretation provided by journalistic coverage, this platform offers a different kind of experience by creating three modules that facilitate information extraction: ● Index: It presents a thematic index that divides the content of a speech into chapters. Within each chapter, users can access direct quotes, which can not only be read but also replayed. ● Data Module: If the speaker mentions data and figures during the speech, these numbers are identified to create an organized table for individual analysis. Additionally, users can access the audio segment where the speaker mentions these numbers. ● Name Index: All individuals mentioned are displayed in an interactive, alphabetically ordered list. Clicking on a name shows the paragraphs where that person was quoted. In addition, UalterSound produces videos that convert audio into animated text, making it easy for users to share them on social media. The newsroom’s first experience with this product was on July 9, during President Javier Milei’s national address. In addition, to optimize performance on social media, Clarín redesigned its distribution and content strategy across platforms, including a shift in posting times to compete in the early morning hours. Additionally, it implemented the use of Copy Social, an internally developed tool that generates 'copies' for Instagram, and used Echobox Social's AI for the automatic generation of images, with and without design. In 2024, Clarín focused on growing its audience and brand presence on TIK TOK, the platform most used by young people and the new digital audience. Its positioning strategy centered on becoming a friendly and accessible news brand. Throughout the year, it reached 1.3 million followers and 45.9 million likes. In the Meta Ecosystem, Clarín achieved on Facebook: 6.8 million likes and 9.3 million followers, on Instagram 1.8 million followers, and on WhatsApp Channel: 432,000. The Editorial Management team led a series of initiatives focused on innovation and digital transformation, which can be grouped into three main areas: 37 1: Integration of AI tools into the newsroom workflow. Aimed at optimizing and automating internal work processes, the AI/SEO (Search Engine Optimization) Assistant was developed. This module is integrated into Lilax and offers various functionalities; and AI for SEO content, a Google extension that facilitates the creation and optimization of articles for search engines. 2: Training focused on developing digital skills. Throughout the year, Clarín’s editors and reporters took part in general upskilling sessions and intensive workshops led by specialists from The New York Times, focusing on high-priority work areas. 3: New digital formats. A dedicated digital storytelling team was added to produce interactive visual pieces that accompany articles on Clarín.com. Frequently used widgets—such as polls— were optimized, and a multimedia module was developed to enrich thematic coverage on the Clarín.com homepage with curated videos and photos. Additionally, the Clarín app introduced the Playlist feature, which delivers an audio selection of the top 10 early-morning news stories to users. Grupo Clarín and AI Clarín’s original documentary series offers an optimistic reflection on the future. It features exclusive interviews with scientists and entrepreneurs from Silicon Valley, along with the participation of renowned public figures. The series includes visits to hospitals that perform surgeries with robots and startups working with cutting-edge technologies. It also presents interviews with experts in education, the world of work, communication, technology, and research. The series merges two worlds that coexist: the world we know, which already exists, and the one being built before us. In terms of digital and editorial innovation, La Voz del Interior undertook a redesign of the LaVoz.com.ar website/mobile platform; implemented a new design for social networks that improved the performance of publications and created a new channel for Subscription news that added buttons for Courses, Benefits, and Giveaways. To prioritize immediacy, it established channels for special reports and real-time coverage. Additionally, the new LiveBlog Posting format was introduced. It also created a new channel for online puzzles and games. In its articles, it continued using the Viafoura system, which allows for reading audience comments, replying to them, and moderating them when necessary. During 2024, the #DATAZO project was launched — short video productions for social media — aimed at explaining complex topics in an accessible and relatable manner. To carry out all these actions, members of various digital areas of the newspaper received training on Fast Check and Artificial Intelligence. The UX Table also continued its work reviewing and refining products. TN consolidated its position as the leading news outlet in Argentina across all platforms. The Digital News Report 2024 by the Reuters Institute recognized Todo Noticias as the most chosen and most trusted news outlet among Argentinians. First among traditional media (TV, radio, and print) and second in digital media. TN strengthened its leadership on television and experienced growth both on its website and across its digital ecosystem. Additionally, as part of its efforts to strengthen its positioning, it entered into an agreement with Storyful, a news agency focused on providing reliable, multi-platform content and context in an increasingly fast-paced and challenging information environment. It made progress in the development of TN Plus, a platform that uses generative artificial intelligence to create real-time summaries of 38 the news broadcast live on TN. Generative AI tools also began to be integrated into TN’s content management system through Editor IA. With over 1.6 million followers, TN became the leading WhatsApp news channel in the country and ranked among the top five in the region. It also held the third position for four consecutive months in the Comscore ranking for multi-platform unique users. eltrece continued with a process of distribution and content generation using AI tools that optimize performance and the quantity of publications (subtitles, voice-over, editing processes, creation of graphic pieces, among others). On Instagram (6.6 million followers) and TikTok (6.2 million), the focus was on discovering new audiences in other markets. In March, eltrece was the exclusive broadcaster of the Martín Fierro Digital awards, attracting 71,556 unique users on YouTube. Regarding streaming, eltrece presented a solid proposal with “eltrece prende,” which includes a 6-hour programming schedule featuring young talents that facilitated the introduction of various languages and audience engagement. eltrecetv.com sends 5 weekly newsletters to 296,000 users to promote all its journalistic and exclusive content offerings. The ARC1 content management system allowed us to streamline processes and methodologies, innovate (design), rethink content publication, and enhance user experience. Among the new formats, the following stand out: Long format (visual + journalistic), Live Blog for instant news updates, video landing pages to showcase a broad range of content, Shorts to prioritize mobile viewing, and both vertical and horizontal photo galleries. Throughout 2024, we focused on content automation, with automated video being the first milestone achieved by the team. For measurement, we use Marfeel, a tool that allows for an in-depth analysis of metrics to optimize the performance of all content, responding to market demands and recommendations. Additionally, artificial intelligence was leveraged to enhance the newsroom operations. This provided assistance with headlines, subheadings, and text, allowing journalists to access variations for improving texts based on their distribution channels. In 2024, eldoce also implemented ARC, introduced new AI tools, launched Live Blogs for live coverage, and Long Forms for special reports on the site elDoce.tv. Additionally, it conducted streaming program tests on the YouTube channel “Cuarteteando.” TyC Sports underwent a redesign focused on optimizing Core Web Vitals metrics, which improved user experience by reducing site navigation times and also included AI to produce article excerpts, convert text from notes into audio, and create and edit multi-platform promotional campaigns. The WhatsApp broadcast group has 1.1 million followers, and in 2024, the Instagram account @tycsports_stream was activated. Additionally, four hours of streaming programming were produced featuring a magazine show with two segments dedicated to Boca Juniors and River Plate. Radio Mitre implemented a new aesthetic design for its YouTube channel, broadcasting more live hours (20 hours) than any other radio station on this network. It used AI for various segments, including the ability to clone journalists' voices in different languages for humorous interventions. 1 This refers to Arc Publishing, a content management system (CMS) developed by The Washington Post, used by media outlets to create, manage, and efficiently distribute digital content. 39 Radio La 100 continued its digital transformation process in 2024. In terms of AI, it used various advanced tools for sound editing and creation. “La 100 Livev“ revamped its visual identity and created exclusive content on YouTube, Twitch, and TikTok. A new program was launched entirely in streaming format: “Las tardecitas del Señor Lopez, “ a series of 10 episodes hosted by Guillermo. 8.3. OUTSTANDING INVESTIGATIONS AND CONTENT In 2024, we launched the "Encuentros en Clarín" series, aimed at bringing subscribers closer to the newsroom and creating spaces to enrich perspectives on today’s most relevant debates. In this context, Alejandro Borensztein initiated the dialogue with an intimate talk on “Political Humor in Argentina 1983-2024. “ Additionally, Clarín and TN held an exclusive meeting with Marty Baron: The legendary American newsroom editor, who shared his insights on the role of journalism in an era shaped by AI, social media, polarization, old and new tensions with power, and shifts in the business model. In addition, just days before the U.S. elections, he shared his perspective on a process shaped by all those dynamics, marked by new developments and lingering questions. Martin Baron was interviewed by Ricardo Kirschbaum and Carolina Amoroso at the Malba auditorium. In the field of investigative journalism, Ricardo Roa, Clarín’s Deputy Editor-in-Chief, received the ADEPA and FOPEA awards for his work “Destapan otra caja negra de la política en la ANSES” (“Uncovering Another Political Black Box at ANSES”). This investigation uncovered a scheme involving the contracting of state insurance policies through Nación Seguros, in which intermediaries and private companies took part. The scheme enabled the collection of substantial commissions as a result of a measure enacted in 2021 by then-President Alberto Fernández, ultimately triggering a corruption scandal within ANSES (the National Social Security Administration). Furthermore, as part of the investigation, Clarín exclusively obtained the court testimony of the former president’s secretary, who provided details about an exchange of messages with Fabiola Yáñez in the context of gender-based violence. The evidence included photographs and records of text and audio in which Yáñez referred to alleged assaults. With a strong commitment to the responsible practice of journalism, Clarín approached the issue with the necessary rigor and caution, refraining from publishing any images or conversations that could further victimize the complainant. TN and Clarín were present during Venezuela’s presidential election, reaffirming their commitment to in-depth journalism across the region. On Thursday, July 25, a team consisting of Carolina Amoroso, Matías Rebella, and Bruno Mazzitelli arrived in Venezuela, and throughout the day, the channel provided continuous updates with their reports during different segments of the programming. TN was the only Argentine news outlet that went beyond reporting the election results, taking to the streets and covering neighborhoods where protests against the government had erupted. This was key in allowing Venezuelan citizens— facing a total information blackout—to see what was happening in their own country through TN’s YouTube channel and social media platforms. As a result, TN trended in Venezuela and reached a record number of views. TN was also the only Argentine channel in Brazil covering the floods: Assisted by the Artear meteorological center, a team composed of journalists Martín González, David Santistebe, and Diego García flew to Florianópolis, then drove to the affected areas, and continued by boat to document the impact of the storm. 40 TN was also present in Rosario, delivering a coverage that raised serious concerns. Journalist Sebastián Domenech received a threat on his mobile phone while Nelson Castro and a TN team were broadcasting live from the city, in an effort to prevent the channel from continuing to broadcast the narco-violence in Rosario nationwide, which claimed the lives of four people in just one week. Nonetheless, coverage intensified the following day. After the police identified and arrested the individual responsible, Nelson Castro and the TN team visited the neighborhood where the man who issued the threat lived. TN and the Clarín Group’s media outlets remain committed to maintaining coverage and visibility of these harsh realities, to ensure that organized crime remains a matter of concern and accountability for those in power and for Argentine society as a whole. TN, a channel synonymous with federal coverage, travels across Argentina each year to shed light on the diverse realities experienced throughout the country. This year, it chose Argentine Antarctica as its first destination. A TN team consisting of Paula Bernini, Juan Pablo Chávez, and Federico Gandolfi traveled there along with 64 scientists and military personnel working at the thirteen Argentine bases on the continent. It is worth noting that TN received the FOPEA Award for Investigative Journalism for “El caso Chocolate”, the report that exposed corruption within the Buenos Aires Provincial Legislature. TN also received an award to the best investigation for “Mar Argentino: Peligro de depredación, “ which revealed how foreign companies fishing for squid beyond mile 201 also exploit resources within the Argentine Sea. eldoce carried out on-the-ground coverage of the 2024 Copa América in the United States, with correspondents sent to cover the event. Radio Mitre conducted a special investigation on the 30th anniversary of the AMIA bombing, an in-depth coverage led by journalist Eduardo Feinmann, who accompanied victims’ families during their visit to the Malvinas cemetery. Additional highlights included coverage and broadcast of the 2024 Copa América, the reopening of Notre Dame Cathedral, and the U.S. elections. 8.4. AUDIENCE AND READER ENGAGEMENT Grupo Clarín promotes freedom of expression, respect for diversity, and pluralism by encouraging audience engagement, with a steadfast commitment to producing local content. All of the Group’s business units strive to maintain ongoing engagement with the public through social media, on-air surveys, emails, letters to the editor, or telephone calls. To prevent the dissemination of fake news, sources—whether primary or secondary—undergo a thorough verification process. Grupo Clarín maintains a nationwide presence through broadcast television channels, radio stations, local verticals, and regional websites. Through its local supplements, Clarín effectively captures the municipal realities. The Group owns one of the most important regional newspapers in the country: La Voz del Interior in the province of Córdoba and broadcast channels in Buenos Aires, Bahía Blanca, and Córdoba. eldoce continued to strengthen the news program “Todo Córdoba” with local content from the interior of the province. It is also present with Radio Mitre stations throughout the country: Mitre Córdoba, Mitre Mendoza, Mitre Santa Fe, Mitre Rosario, Mitre Mar del Plata, and hundreds of repeaters in Argentina. Throughout 2024, Clarín strengthened its portfolio of bylined newsletters as part of its engagement strategy, refreshing the editorial team behind “7 Minutos”, and adding prominent 41 contributors along with new thematic segments. In addition, pop-up newsletters were launched around key events such as the Olympic Games and the Copa América, complementing the coverage provided on Clarín.com. To amplify this offering, Clarín implemented email marketing campaigns, internal banners, and social media content, while also incorporating newsletters into the onboarding experience for new subscribers. As a result, average open rates increased by 20 percentage points over the past year. The “Cartas al país” section was created in 2004 to give readers a space to voice their concerns, questions, and demands. To celebrate its 20th anniversary, the section featured letters that marked key moments over the past two decades: Stories from Madres del Dolor, the Once train tragedy, the Cromañón nightclub fire, the COVID-19 pandemic, corruption within the political establishment, the struggles of retirees, and stories of resilience. La Voz del Interior currently publishes 18 editorial newsletters. This year, a new politics-focused edition was added, in which the section’s editors share columns, special features, and reflections to maintain a direct relationship with readers and encourage engagement. To sustain engagement with the audience, the team actively responds to comments on social media platforms: Instagram, Facebook, TikTok, Twitter. In 2024, a WhatsApp chat feature was launched, with a focus on real-time coverage and the production of street interviews and public testimony videos. Additionally, TN continuously monitors its social media platforms to stay attuned to audience needs. Whenever possible, it seeks to highlight cases that deserve attention and, above all, inspire solidarity among its viewers. eltrece promotes audience participation through eltrecetv.com, where viewers can register to take part in the channel’s TV programs. eltrece also provides a live voting system, enabling viewers to participate through voting, responding to surveys, entering sweepstakes, and sharing video reactions, among other formats. In March 2024, eltrece launched “eltrece prende”, airing Monday to Friday from 6:00 pm to 8:00 pm, featuring shows such as “Viernes Trece,” “Esto es cualquiera,” and “El after de Cuestión de peso.” From September through mid-November, “Ultra vip”, serving as a second- screen experience for the program “Por amor o por dinero,” generated extensive engagement among users and dedicated communities. Driven by the prominent role of young talent, the teams developed sustainable content products that achieved successful branded content integrations. In the case of Radio Mitre, listeners primarily engage via WhatsApp, where they not only share comments and opinions about the programming but also submit reports and complaints. They also interact via the chat on Mitre’s YouTube channel. Similarly, Radio La 100 listeners communicate via the station’s YouTube channel. In 2024, La 100 expanded its digital presence by launching channels on Twitch and WhatsApp, through which followers receive daily news updates covering various topics of journalistic relevance, as well as cultural subjects. 8.5. SOCIAL COVERAGE In a year marked by political, social, and economic changes in Argentina and the region, Grupo Clarín continued providing news coverage aligned with the concerns of Argentine citizens. In 2024, Clarín maintained several sections designed to connect emotionally with its audience. Such is the case of “Mundos Íntimos,” a section inviting audiences on a weekly basis to engage emotionally with everyday stories—both large and small—narrated in the first person by their 42 protagonists. And the weekly section "Contámelo otra vez" tells the audience about the present situation of the protagonists of great stories and their anonymous heroes who still, over time, continue to move us. Clarín has a section “Pasiones Argentinas,” which portrays central aspects of Argentine culture. It continues publishing its quarterly CSR supplement, addressing social, environmental, economic inclusion, and development topics, alongside diverse social coverage. La Voz del Interior continues to print La Luciérnaga, a monthly magazine produced by the foundation of the same name and sold by homeless young people, who benefit directly from the proceeds. The ”Héroes y heroínas” interview series also remains active, and a new channel— ”El Purgatorio de los Perpetuos”—was launched, featuring a series of stories covering the lives of the 246 inmates serving life sentences in Córdoba. In addition, a special channel was created to mark the 120th anniversary of La Voz, and particular attention was given to the issue of online gambling among teenagers. TN traveled throughout Argentina with its section “Te sigo hasta el último rincón del país,” hosted by Paula Bernini. Among the highlighted stories of 2024 were Insecurity and inflation, topics of high relevance to audiences; the investigation about "Chocolate" Rigau, which revealed bribery in the Buenos Aires provincial legislature and was recognized by FOPEA; extensive multiplatform coverage of elections in Venezuela and the U.S.; the trip to Israel marking one year since the Hamas attack; and comprehensive coverage of the Loan case in Corrientes. Additionally, TN secured the first television interview with Máximo Thomsen, convicted of the murder of Fernando Báez Sosa, aired on Telenoche. Telenoche launched “Vive en Telenoche,” a new approach to addressing current news and societal issues, covering subjects such as parenting, technology, social media, addiction, sex, habits, and family life. Through the program “Jugando es Mejor,” TyC Sports provided coverage of issues including disability, gender, diversity, and social problems that sports help address within vulnerable communities. Radio Mitre continues to provide support to individuals affected by crisis and emergency situations. Radio Mitre not only reports on events but also disseminates information on donation centers, aid initiatives, and prevention measures, and establishes partnerships with social organizations actively involved in these contexts. Programs addressing these thematic coverages include: “Derecho en Zapatillas,” “Encendidos en la Tarde,” “La Buena Noticia,” and “Le Doy Mi Palabra.” Radio la 100 offers various segments dedicated to social coverage, notably “Atardeceres Solidarios,” which promotes awareness of organizations needing collaboration and outreach; the podcast “Legalmente,” covering a variety of legal issues and offering practical guidance; and “No Está Todo Dicho,” in which economist Andy Freire shares entrepreneurial insights. Additionally, the station provides various podcasts delivering advice on achieving a healthier and more balanced lifestyle. In collaboration with Fundación Huésped, the #Intransmisible campaign was conducted in 2024 on World AIDS Day, raising awareness among more than one million people. 8.6. PROMOTION OF DIVERSITY To contribute to the eradication of inequalities between men and women, Grupo Clarín adheres to the Women’s Empowerment Principles and the “Media Compact: Step It Up for Gender Equality,” both promoted by UN Women. 43 Clarín newspaper was a pioneer in Latin America in 2019, when it appointed Mariana Iglesias as Gender Editor. In this regard, throughout 2024, Clarín maintained its weekly subscriber newsletter, “En nuestras palabras,” addressing gender issues, injustices, inequalities, and progress, in addition to regularly publishing related columns and news articles in the newspaper. Clarín’s Gender Editor is also a member of the Gender and Diversity Commission of the Inter- American Press Association (IAPA), which promotes these issues among all associated media. Furthermore, she actively participates in events organized by embassies and NGOs, as well as the cultural space Clarín Ñ at the Buenos Aires International Book Fair. La Voz del Interior publishes a newsletter focused on gender and diversity, produced by journalist Virginia Digón. It also continues strengthening its directory of female experts in various fields, aimed at achieving source parity in its news coverage. In 2024, the focus was placed on gender bias in AI and the issue of online harassment against women. TN promotes inclusion and diversity through its coverage, raising awareness about disabilities and gender inequality. It covered the opening of “Alamesa,” the first restaurant staffed by neurodiverse young people. Additionally, eldoce, through its news program Noticiero Doce, presented a series titled “Ellas en los Barrios,” aiming to support women’s empowerment by highlighting their stories of resilience, overcoming adversity, and demonstrating solidarity in times of crisis and poverty. It also launched the “Nuevas Longevidades” section. Throughout the year, the program “Arriba Córdoba” produced numerous reports covering diverse social topics such as sexual diversity, gender equality, and education. Notable reports included “El poder de los abuelos: a los discursos de odio, respuestas de amor” and “Ellas en los Barrios.” TyC Sports, through its program “Jugando es Mejor,” provided coverage—on-air, online, and via social media—of events across various provinces, with a focus on gender and diversity. In collaboration with Club Atlético Temperley, TyC Sports also held the first “Olimpiadas Inclusivas.” Furthermore, throughout the year, TyC Sports highlighted initiatives undertaken by clubs, federations, and companies related to sports with a focus on gender and diversity, such as the soccer championship for people with disabilities organized by Argentinos Juniors and Avon’s Breast Cancer Awareness Walk. During 2024, Radio la 100 produced audiovisual specials aimed at promoting diversity, inclusion, and pluralism, such as the podcast “Mujeres que inspiran,” hosted by Julieta Prandi, highlighting the lives of influential women who have made a significant impact and serve as cultural role models in Argentina. All of Grupo Clarín's business units provide visibility for available support services across their various platforms: 144 for victims of gender-based violence, 137 for cases of abuse and gender-based violence. 141 for addictions, 135 for suicide prevention, 149 for victims of road accidents, among others. 8.7. CIVIC INVOLVEMENT AND PUBLIC DEBATE With professional rigor, Grupo Clarín promotes serious public debate, incorporating the broadest possible range of voices on the various topics it addresses. The objective is to enable audiences to form their own analyses from a critical perspective. 44 A clear example from the newspaper Clarín was the series “El Mundo que Viene.” In 2024, the series focused on short- and medium-term challenges faced by businesses, featuring representatives from both the public and private sectors. The following topics were covered: “La oportunidad de la energía renovable,” “La mejor empresa para trabajar,” “Inteligencia Artificial,” “Oil & Gas: un camino a la exportación y la generación de divisas,” “La potencia del turismo,” and “Mujeres Líderes.” La Voz del Interior hosted the 80th General Assembly of the Inter American Press Association (IAPA), which brought together leading figures from international media outlets and voices from around the world. This annual gathering served as a barometer of the state of democratic freedoms throughout the Americas. Within the framework of the program “Voz y Voto”, topics of public interest are discussed, and interviews are conducted with officials from both the ruling party and the opposition, as well as with representatives from different areas of the city. TN also regularly features debates between opposing viewpoints on issues that matter to its audiences. Examples from 2024 include the university debate featured on “A dos voces,”, a debate on employment, welfare programs, and social assistance, and coverage of the US elections. 8.8. ACCESSIBILITY AND PROTECTION OF VULNERABLE AUDIENCES Grupo Clarín conducts rigorous controls to ensure that children and adolescents have access to age-appropriate content. Additionally, the Company provides various tools designed to ensure broad audience accessibility to its content offerings. The media outlets that are part of Grupo Clarín comply with the provisions of the law for the protection of minors and vulnerable audiences, which include: a content advisory at 10:00 p.m.; INCAA rating screens indicating the appropriate age for each program; notices when content is not suitable for children or adolescents; warnings about potentially inappropriate, offensive, sensitive, or harmful content; and clarifications distinguishing between fact and fiction when relevant. The audience is forewarned about the type of content to be aired with notices in the form of banners or videographs indicating that they contain ”sensitive content.” To ensure everyone has access to content, eltrece employs simultaneous subtitling (closed captioning) in live programs to allow individuals with deafness, hearing loss, or auditory difficulties to be part of the audience. Additionally, it offers audio description for blind or visually impaired individuals, and interpretation. Additionally, the Company provides sign language interpretation for children's programming and general-interest programs. Radio Mitre provides warnings to audiences regarding content that may be inappropriate, offensive, sensitive, or harmful, both on-air and across digital platforms. Additionally, it includes subtitles for various audiovisual materials available on its website and social media channels to enhance accessibility. Radio la 100 has implemented text-to-speech technology, allowing automated voice narration of news articles on its websites. La Voz del Interior uses Audima, a service enabling visually impaired individuals to access its digital content in audio format. Additionally, in 2024, it incorporated the Powerbeans module on its websites, allowing visually impaired users to listen to editorial content. 45 9. CUSTOMERS AND SUPPLIERS Throughout 2024, Grupo Clarín continued to gather, respond to, and manage feedback from its audiences, clients, and suppliers through various channels, thereby strengthening its relationship with each of them. Throughout this process, it maintained a strong focus on data security and protection, ensuring the confidentiality and integrity of the information handled. 9.1. CUSTOMER SERVICE AND SATISFACTION Grupo Clarín continuously works to enhance customer service through a variety of tools. Customer service channels are managed centrally through its support center and operated using a Customer Relationship Management (CRM) system—a platform that integrates business practices, strategies, and technologies to optimize customer relations. These communication channels include commercial contacts, email, WhatsApp messages, and telephone calls. Additionally, the website provides forms enabling customers to share their feedback. With the aim of continuing to deliver high-quality products and services, the Group, through its companies AGEA and Gestión Compartida, partnered with the Spanish technology firm Hiberus to establish Hiberus Argentina. This partnership leverages each partner’s experience and resources to promote innovation and growth within the Latin American technology market. In 2024, Hiberus Argentina collaborated with Gestión Compartida’s technology team on the reengineering and migration of their products Beyond and Sooner to Huawei’s cloud, achieving significant improvements in product stability and performance. Throughout 2024, Gestión Compartida’s ”Espacio Conexión” was consolidated as a key initiative to strengthen commercial relationships and promote networking among leading companies in the region. Through various webinar-format meetings, topics such as communication, leadership, teamwork, and feedback were addressed, creating a collaborative environment for professional and business development. Espacio Conexión Revista remained a leading platform covering trends in technology, management, human resources, and economics. Throughout the year, it provided key information on digitalization, business strategies, and sustainability, highlighting innovation in sustainable processes and the adoption of clean technologies. Its objective was to deliver valuable tools and ideas enabling professionals, business leaders, and entrepreneurs to stay updated and aligned with market best practices. Within the framework of its loyalty program, Clarín expanded benefits offered to members in 2024, introducing new discounts at leading brands across various categories, including fuel, supermarkets, entertainment, and restaurants. Additionally, through the 365 mobile app, the Company continued the "Alerta 365" initiatives, offering unique weekly discounts of up to 50%, supplemented by special promotions on significant dates throughout the year. Currently, the Program 365 includes more than 80 brands and 5,000 affiliated businesses, providing over 1,100 benefits nationwide. During 2024, Clarín’s Customer Service Call Center received 157,474 telephone calls, achieving an attention rate of 94% and a First Call Resolution (FCR) rate of 88.9%. NPS2 reached 57%, and customer satisfaction stood at 95.20%. Additionally, new flows were introduced into the BOT channel, and the VoiceBot channel was implemented, with automation accounting for 28% (62.507) of Customer Service transactions. A total of 13,445 complaint cases were closed, with 99% resolved within 10 business days. 2NPS stands for Net Promoter Score, an indicator that measures customer satisfaction. 46 In 2024, La Voz del Interior achieved a customer satisfaction rate of 85%, with a resolution rate of 74% and a 48% reduction in contact volume compared to 2023. Adoption of the self-service channel improved response times, and WhatsApp was consolidated as a key communication tool for audiences, achieving high levels of engagement and positive feedback. Club La Voz remains the leading loyalty program in Córdoba, with over 116,000 active memberships and discounts of up to 50% across more than 3,000 affiliated stores. In 2024, the Club La Voz website was relaunched, featuring enhanced design and functionalities to optimize member experience. Additionally, the monthly email informing users about their savings was redesigned to ensure clearer and more effective communication. Throughout 2024, Grupo Clarín’s companies implemented measures to strengthen information security, ensuring data confidentiality, integrity, and availability. Gestión Compartida obtained ISAE 3000 certification (personal data protection) and ISAE 3402 certification (financial data protection) for its Payroll service, extending these standards to all of its products. Moreover, security audits, penetration tests, and vulnerability assessments were conducted on critical tools. 9.2. VALUE CHAIN Grupo Clarín promotes sustainable management throughout its entire value chain. As part of this commitment, in 2024, 100% of active suppliers signed—through Gestión Compartida—the Sustainability Commitment Letter, incorporated into purchase orders. By adhering to this commitment, suppliers assume responsibility for managing their businesses with a sustainable approach, ensuring compliance with current regulations, respect for human rights, promotion of equal opportunities, and protection of the environment. Additionally, they affirm their rejection of corruption and any form of forced or child labor. Commitment to Sustainability 2023 2024 Number of Suppliers that Signed the Letter of Commitment to Sustainability 3,205 2,700 % of Active Suppliers that Signed the Letter of Commitment to Sustainability 100% 100% Total number of active suppliers 3,205 2,700 To strengthen relationships with its suppliers, the Group provides communication channels such as email and the portal Mi Gestión to address supplier inquiries and complaints. Until the discontinuation of telephone support in 2024, the Company managed an average of 167 monthly calls, achieving an average resolution rate of 93%. The decision to discontinue telephone support was driven by the migration of communications to CRM and email channels, significantly reducing the volume of telephone contacts. Supplier Support 2023 2024 Number of calls per month 220 167* Number of cases created 603 540 Average % of resolution rates 95% 93% (*) Until discontinuation of telephone support in 2024. 47 10. OUR PEOPLE Since 1945, Grupo Clarín has played a key role in the economic and social development of Argentina, through a team of 4,142 employees. Employees by Age 2023 2024 Up to 30 784 792 Between 31 and 50 2,393 2,139 Over 51 years old 1,239 1,211 Total 4,416 4,142 Business units surveyed: AGEA Tacuarí - Cúspide - Carburando - ARTEAR Canal 13 - Canal 12 - CMI - Gestión Compartida - LVI - Radio Mitre - TyC Sports - Grupo Clarín. Employees by Type of Employment 2023 2024 Women Men Total Women Men Total Part-time (1) 97 133 230 88 124 212 Full-time (2) 1,330 2,856 4,186 1,275 2,655 3,930 Total 1,428 2,989 4,416 1,363 2,779 4,142 Business units surveyed: AGEA Tacuarí - Cúspide - Carburando - ARTEAR Canal 13 - Canal 12 - CMI - Gestión Compartida - LVI - Radio Mitre - TyC Sports - Grupo Clarín. 1. A certain number of hours less than two thirds (2/3) of the regular working day. 2. An 8-hour working day or a maximum of 48 hours per week. Local Employment Generation 2023 2024 AMBA and the Prov of Bs As. 3,873 3,733 Córdoba 348 327 Santa Fe 31 28 Mendoza 137 19 San Juan 13 12 La Pampa 0 7 Tucumán 5 5 San Luis 3 3 Santiago del Estero 3 3 Salta 1 2 Jujuy 1 1 Chaco 0 1 Misiones 1 1 Business units surveyed: AGEA Tacuarí - Cúspide - Carburando - ARTEAR Canal 13 - Canal 12 - CMI - Gestión Compartida - LVI - Radio Mitre - TyC Sports - Grupo Clarín. ● 22.07% Turnover rate ● 16.63% New hire rate ● 23% of employees perform journalistic functions 48 10.1. TEAM MANAGEMENT To strengthen team management across all Group business units, the following initiatives were implemented during 2024: Success Factors Platform (SSFF) Grupo Clarín continues consolidating the use of the Success Factors Platform as its primary employee-management tool. Employees can autonomously access and comprehensively view their profiles, customizing them according to their individual interests. Employer Branding Although the onboarding process has unique aspects depending on each business unit, overall, joining the Group involves a welcome session, dissemination of key information for the new employee (culture, values, operational and functional matters), assignment of a mentor, a tour of the facilities, provision of a welcome kit, and a meeting with their supervisor. New employees may access relevant information through the GC Bot online platform, which includes content about Grupo Clarín, its companies and products, human resources, policies and procedures, and key contacts. In 2024, Clarín participated in seven job fairs as well as the event Nerdearla, aimed at attracting talent and positioning itself within the technology sector. More than 600 students expressed their interest by submitting their information through a registration form. eldoce developed and implemented an internally designed performance evaluation tool called C360º, becoming the first business unit to implement the Qualtrics tool for internal surveys. TyC Sports contributed to improvements in the internal work environment by conducting interdepartmental meetings among various management teams, while Radio Mitre developed an internal system for reporting news and updates. 10.2. DIVERSITY PROGRAM Grupo Clarín promotes diversity within its work teams and in the content it produces. As part of this commitment, the Company does not tolerate any form of discrimination related to gender, disability, age, ideology, culture, physical appearance, health, sexual orientation and gender identity, religion, socioeconomic vulnerability, family status, or marital status. Pay equity is a fundamental pillar within the Group. Corporate areas maintain equal salary bands for each position, without distinction of gender, sexual orientation, race, age, or religion. 45% of the Corporate Areas employees are women Employees by Gender 2023 2024 Women 1,427 1,363 Men 2,989 2,779 Total 4,416 4,142 Business units surveyed: AGEA Tacuarí - Cúspide - Carburando - ARTEAR Canal 13 - Canal 12 - CMI - Gestión Compartida - LVI- Radio Mitre - TyC Sports - Grupo Clarín. 49 It should be noted that Grupo Clarín adheres to the "Women's Empowerment Principles (WEPs)" of UN Women and is part of the Network of Companies for Diversity (R.E.D., for its Spanish acronym) of Universidad Torcuato Di Tella. Additionally, it is a member of the diversity commissions of the Argentine Advertising Council (CPA), IDEA, and IAB Argentina. The Group has additional policies that provide for leaves beyond legal requirements for all corporate area employees, including extended maternity leave, part-time or 4-hour workdays for up to 6 months after the baby's birth, and extended paternity leave for 15 consecutive days. Clarín has a lactation room specially recognized for its level of excellence by the Government of the City of Buenos Aires. During 2024, the Group continued with the internal dissemination of its Workplace Violence Protocol across all business units and conducted awareness training for employees. Additionally, all Human Resources teams were trained in four sessions that covered various topics such as workplace violence, gender violence, sexual diversity, and diversity and inclusion. Throughout the year, Clarín strengthened its commitment to inclusion by raising awareness among its leaders. The Company coordinated awareness activities in collaboration with Fundación Inmula and Fundación Pescar. Radio Mitre conducted training programs for leaders focused on the importance of diversity and inclusion, as well as unconscious biases. Gestión Compartida partnered with Fundación Asdra and Fundación Forge to promote the labor- market inclusion of individuals with disabilities and those facing economic vulnerability, respectively. 10.3. COMMUNICATION AND DIALOG Grupo Clarín’s business units promote communication and dialog among employees through various initiatives, including team meetings, leader sessions, and discussions on topics such as well-being, among others. Moreover, the Company maintains ongoing internal communication utilizing various channels, such as newsletters, mailing lists, digital notice boards, an internal Instagram profile, and Teams, the internal social network that continues to grow year after year. In 2024, significant enhancements were made to the Company’s chatbots. HR Gurú, a bot dedicated to employees, provides instant access to Human Resources information, addressing topics such as benefits, internal communications, development, and talent. Additionally, GC Bot—a chatbot for new hires—offers essential information about the Group to incoming employees. To foster a positive workplace environment, Grupo Clarín’s business units also carried out various initiatives, celebrating special occasions such as Easter, Friend’s Day, Journalist’s Day, Graphic Workers’ Day, Spring Day, Secretary’s Day, winter holidays, Children’s Day, Christmas, and New Year’s Eve. In certain instances, these celebrations were combined with volunteer activities. 50 10.4. WORK-LIFE BALANCE AND BENEFITS To foster and promote the well-being of employees and their families, the benefits provided in 2024 include: ● Flexibility: Flexible work arrangements, telecommuting, Flex Friday, birthday leave, additional vacation days beyond legal requirements, personal errand days, a day off during winter vacations with gifts for their children, and remote work for women before and up to one year after maternity leave. ● Family: Reimbursement of daycare fees, school kits, virtual events with employees' children, family benefits (including healthcare and fitness center access), lactation rooms in our offices, extended parental leave beyond legal requirements, gradual return-to-work programs after parental leave, adoption leave, special leave for parents of premature children, wedding policy, an additional half-hour for lactating mothers beyond the legally mandated period, and extra days of sick leave to care for sick dependents. ● Health and Care: medical check-up campaigns, flu vaccinations for staff and direct family members, annual medical check-ups, discounts at pharmacies, discounts in fitness centers or gym in the corporate building (Gestión Compartida), vouchers for cleaning and personal hygiene products, CPR talks, transportation service (shuttle vans), and various awareness and prevention activities. ● Other Value Propositions: The Clarín 365 card, English classes, preferential prices for internet, mobile phone, and cable TV services, lunch, snack vending machines, discounts on products and services, a policy for recognizing values, financial assistance, agreements with universities, long-term savings plans for executives, necessary equipment for remote work (including technological equipment, ergonomic chairs, and general advice), events for remote teams, and special bonuses for performance, tenure, or productivity. In 2024, 16 women and 27 men took the parental leave, of which 100% returned to work at the end of the leave, respectively. The retention rate was of 100% in women and 100% in men. 10.5. PROFESSIONAL DEVELOPMENT 6.18 hours of training on average per employee 25,613 hours of training At Grupo Clarín, both employee training and development are conducted through a Management by Objectives (MBO) system. Additionally, the Company promotes employee development by enabling them to apply for internal job openings across all business units. Grupo Clarín also establishes agreements and partnerships with various universities to enhance employee training. The Group’s Human Resources areas identify training needs and develop a corresponding annual plan. This year at Clarín, the newsroom employees received training on Google Analytics 4, as well as specialized topics taught by facilitators from The New York Times. 51 Additional external courses were offered, focusing on audience metrics, analysis, and the adoption of Google Analytics 4. La Voz del Interior initiated newsroom training centered on artificial intelligence (AI) for journalists, emphasizing digitalization and the upgrading and/or implementation of new systems to meet market demands and streamline internal processes. eldoce implemented its training program in collaboration with Colegio Universitario de Periodismo (CUP). Radio Mitre maintained its focus on digital tool proficiency, including video and audio editing, graphic design software, social media management platforms, and understanding of algorithms and SEO. Regarding internal job postings for Grupo Clarín and several of its business units, internal mobility, leadership, and the development of skills and competencies are promoted. Additionally, the Leadership Model remains in place. TyC Sports delivered Mentoring and Management Training programs and Radio Mitre gave coaching lessons to area heads to improve their leadership skills. Gestión Compartida continued offering its “Career Guidance Workshop”, designed for employees' relatives or close contacts aged between 15 and 20, providing guidance on preparing resumes and tips for individual and group interviews. Relatives of employees from all Group units are invited to participate. In 2024, in collaboration with Fundación Forge—a nonprofit organization dedicated to improving employment opportunities for economically vulnerable young people—six individuals joined the Group. 10.6. HEALTH AND SAFETY Grupo Clarín seeks to provide safe and healthy working environments across all its business units. In this regard, the Company continues to prioritize employee health and safety through various initiatives. Regarding employee well-being, the Group maintained its free annual medical check-ups and flu vaccination program. Additionally, CPR courses and various meetings addressing workplace accident prevention and emotional health continued to be held as usual. The Company maintained the benefit of an additional 20% reimbursement for medication expenses through the health insurance company OSDE. Monthly meetings continued in 2024 with representatives from business units participating in the internal Health and Safety Committee, providing a space to discuss relevant issues. This year, Clarín activated an internal medical emergency number and completed the modernization of its internal firefighting equipment. Radio Mitre successfully submitted and obtained approval for its Self-Protection System. The following health and safety initiatives implemented by various business units stand out: • Comprehensive annual medical check-up. • On-site medical services. • Nutritional counseling. • Light menu option in the cafeteria. • Box of fruits, meals, and healthy snacks. • Drawing for tickets to the Buenos Aires Marathon. • 100% free pass to fitness centers for employees and discounts for family members. • Provision of personal protective equipment. 52 • Defibrillators and first-aid kits. • Workplace assessments and provision of ergonomic chairs. • Soundproofing of administrative work areas. • Prevention and safety protocols. • Training in risk prevention, CPR, prevention, and emotional health. • Electrical risk control and optimization of circulation and escape routes. • Fire protection. • Evacuation drills according to Law 15,920 and training for the Fire Brigade. • Continuous maintenance of the renewed air filtering system. • Training on the use of fire extinguishers, fire-suppression systems, and evacuation procedures. • Bicycle racks. • Blood donation campaign. • 24-hour building security. • Shuttle bus services to subway stations during afternoon and night shifts. • Safety signage throughout company premises. 11. SOCIAL DEVELOPMENT 11.1. PRIVATE SOCIAL INVESTMENT STRATEGY Grupo Clarín implements a social investment strategy centered around the donation of advertising space, media literacy, education, culture, and local development. 11.2. COMMUNITY ENGAGEMENT AND PUBLIC SERVICE ANNOUNCEMENTS Each of the initiatives by the Group's business units related to public service announcements is aimed at providing resources, time, and advertising space to promote social, civic, and environmental projects led by various civil society organizations. Donation of Advertising Spaces (in Pesos) 2023 2024 Donation in television or radio (1) 1,082,117,644.5 1,146,990,734.74 Donation of Advertising in Print Media (2) 179,990,157 2,820,650,406 Donation of advertising in digital media (3) 5,802,033.42 170,374,162.1 Total Amount of Pesos Donated 1,267,909,834.92 4,138,015,302.82 (1) Business units surveyed: ARTEAR Canal 13; Canal 12; Radio Mitre, and TyC Sports. (2) Business units surveyed: AGEA Tacuarí; and La Voz del Interior. (3) Business units surveyed: AGEA Tacuarí; and La Voz del Interior; and TyC Sports. 11.3. THE ROLE OF THE MEDIA IN EDUCATION Awareness of health-related issues, cultural development, and the educational challenges facing Argentina constitute the core areas around which Fundación Noble organizes its projects. Additionally, it promotes critical and creative engagement with media content and supports teacher training related to the use of media and digital technologies. In 2024, through its program “Los medios de comunicación en la Educación”, more than 4,100 teachers and students enrolled in teacher education programs from all educational levels across the country registered for 24 asynchronous online courses, three webinars, and one synchronous workshop. Additionally, three new topics were introduced (digital identity, digital 53 school coexistence, and creation of open and accessible resources for the classroom) aimed at enhancing digital and media literacy skills. The free virtual courses, each lasting three weeks, offered ten themes available on Fundación Noble's virtual campus. Participants received practical tools for classroom application and participated in exchange forums. Continuous tutorial support was provided to enhance understanding and practical application of content through participation forums and synchronous meetings. Since its inception, a total of 577,343 teachers have participated in the program. This year, a new podcast titled “Experiencias en el aula. Docentes que cuentan sus proyectos” was launched. We spoke with the winners of the “Docentes que Inspiran” award, organized by Clarín in collaboration with Zurich. Five episodes featuring inspiring stories addressed topics such as new technologies and how to integrate them into the classroom, the challenges of implementing classroom projects, and the benefits and objectives achieved when such initiatives are brought into schools. Additionally, the tenth edition of the youth contest #sosVOSenlared2024 was held. This initiative, aimed at students aged 13 to 18 from both public and private schools across the country, seeks to promote critical thinking about how young people construct their identity on social media and engage with the cultural contexts in which they interact. There are two categories: photography and audiovisual. This initiative was promoted through social media, primarily on Instagram, and new educational content was included to broaden young people's understanding of the topic and to provide teachers with additional classroom resources. This year, more than 100 submissions were received, which are currently being evaluated by the jury. The awards ceremony will take place in 2025 with the resumption of the school year. 11.4. PROMOTION OF EDUCATION In 2024, Clarín, Zurich, and Fundación Noble held the fourth edition of the "Docentes que Inspiran" ("Teachers Who Inspire") Award. The pre-selection committee, composed of Fundación Varkey, evaluated over 2,100 applications received from across the country and selected 24 semifinalists. A jury of educational experts from Asociación Conciencia, Fundación Cimientos, Enseñá por Argentina, Proyecto Educar 2050, Argentinos por la Educación, and Fundación Noble chose the six finalist teachers and the winner, who received a prize of $10,000,000. Additionally, two special mentions were awarded, each worth $3,000,000. Their stories were showcased through short documentaries broadcast on Clarín.com, TN, and their respective social media platforms. Moreover, Fundación Noble continued to sponsor the following schools: School No. 11 "Dr. R. Noble" in Villa Ballester, CENS No. 457 "Dr. R. Noble" in Avellaneda, Technical School No. 5 "Dr. R. Noble" in La Matanza, and School No. 91 "Dr. R. Noble" in Senillosa, Neuquén. At the close of the school year, 200 novels by Fontanarrosa were distributed, and the production of five informational booklets for School No. 11 and CENS No. 457 was initiated. The Group continues working together with Educar 2050, and in September, the month dedicated to education, various articles were published addressing key challenges related to learning, transparency, professionalism, and literacy. Among the highlighted topics were: computers, the internet, connectivity, distance learning, distribution of devices to students, smartphones, artificial intelligence (AI), and Chat GPT. The Group continued offering guided visits to students from various educational institutions. Clarín welcomed 10,572 students from over 131 institutions, who had the opportunity to observe the newspaper’s production, circulation, and printing processes, as well as gain insight 54 into the operation of its online edition. eldoce welcomed 209 students from six institutions, who toured the broadcast transmission facility and visited various studios during live broadcasts (El Show de La Mañana, Noticiero Doce). Additionally, the "Puertas Abiertas" program was strengthened, allowing communication and journalism students to visit the newsrooms of Clarín and TN, participate in talks with journalists, editors, and executives, and receive a free subscription to Clarín and the "365" benefits card. Furthermore, an agreement was signed with the university UADE to include content from the Group's media in the "Introducción al Periodismo" (introduction to journalism) subject, and exclusive meetings with journalists were held in collaboration with the Journalism Club of Universidad Austral. La Voz del Interior conducted two on-site professional internship programs lasting two months each, with 14 students from Universidad Nacional de Córdoba. Two additional internships were held in collaboration with Colegio Universitario de Periodismo (CUP); one of them was a three- month in-person internship at the newsroom with 12 students, and the other involved the creation of special content related to Human Rights, with 44 students participating. In addition, over 760 books and over 3,400 magazines were donated to 15 institutions for children and young people in schools, libraries, hospitals, and NGOs throughout the country. TyC Sports carried out a new edition of "Jugando es Mejor," a program aimed at transmitting sports values, supporting education and inclusion—especially for boys and girls—and promoting physical activity. In 2024, it was held in Navarro, Bariloche, Misiones, and Entre Ríos. Additionally, training sessions were conducted in Bariloche, Navarro, and Misiones together with Boca, Racing, Argentinos Jr., River, All Boys, the Argentine Chess Federation, and local dentists and nutritionists. In total, 705 individuals received training. 11.5. PROMOTION OF CULTURE AND SOCIAL DEVELOPMENT Clarín held the 27th edition of the “Premio Clarín Novela” literary award. The winner was Roberto Chuit Roganovich from Córdoba, for his novel “Si sintieras bajo los pies las estructuras mayores”, who received a prize of $5,000,000 and publication under the Clarín-Alfaguara imprint. The jury was composed of Mariana Enriquez, Samanta Schweblin, and Alberto Fuguet. For the first time, the award ceremony was held at the Latin American Art Museum of Buenos Aires (MALBA). During the event, attendees enjoyed the presentation of the revamped Revista Ñ, which is now published monthly. In addition, as part of the ceremony, renowned filmmakers Mariano Cohn and Gastón Duprat received the Premio Ñ award recognizing their cultural achievements. In 2024, Grupo Clarín was once again the main sponsor of the 49th Buenos Aires Book Fair, offering extensive multimedia coverage and a schedule of cultural activities. The Group’s stand received journalists from Clarín, TN, eltrece, Mitre, Ñ, and Canal A, who shared segments of their programs, research, and books with the public, promoting an exchange of ideas. Radio Mitre broadcast live from its mobile studio, while journalism students participated in a session with the team behind the documentary “¿Por qué sangra Rosario?,” winner of a WAN award. Clarín’s Master’s Degree in Journalism, conducted jointly with Universidad de San Andrés, organized a debate on changing audience consumption habits. As each year, the winning novel from the Premio Clarín Novela was presented, and the launch of a new edition was announced. 55 Throughout the year, the 7th edition of the “Premios PyME” awards, organized by Clarín and Banco Galicia, was held to recognize the contributions of small and medium-sized enterprises to Argentina’s economic and social development. The ceremony, hosted by journalist Sandra Borghi, took place at the sustainable Plaza Galicia building in Buenos Aires. Sin Par SA was honored with both the PYME Industrial and PYME Oro awards for its work manufacturing cutting and machining tools. Bedson, a veterinary specialty laboratory, received an award in the PYME Exportadora category, while Entrenuts, dedicated to healthy foods, received the award for Expansión Comercial. Arbusta was recognized as PYME Innovadora, and Georgalos received the award for Trayectoria, recognizing its extensive track-record in the country. A new edition of the Premios Excelencia ARQ awards, which for 20 years has recognized the best architecture firms, developers, construction companies, suppliers, and interior designers in Argentina, was held at the Fundación Santander headquarters. The event coincided with the 22nd anniversary of ARQ, Clarín’s weekly publication dedicated to architecture. During the ceremony, emphasis was placed on the importance of continuing to encourage talent and innovation in the sector, reaffirming Grupo Clarín’s commitment to promoting and recognizing professional excellence. Clarín reinforces its commitment to disseminating cultural and educational content through the newspaper’s Culture section and its emblematic magazine Ñ. It should be noted that Revista Ñ was declared of cultural interest by the Argentine Chamber of Deputies in a resolution supported by representatives across the entire political spectrum. Legislators highlighted the magazine’s valuable "contribution to the dissemination of art and culture" in the country. Throughout the year, Clarín addressed culturally relevant topics, notably including an analysis of Buenos Aires theater’s resilience against funding cuts, the exhibition "Soft City" by Jorge Pomar at Galería Quimera, the filming of "Homo Argentum," starring Guillermo Francella, a special report on the global advancement of literary censorship, and an interview with Tute, recipient of the La Catrina award, who presented his anthology "Lo mejor de Tute" and the second volume of "Mabel & Rubén al diván." In 2024, La Voz del Interior launched a podcast series addressing a central theme of Córdoba’s culture: “Historias cuarteteras”. As in previous years, La Voz del Interior also participated with its own stand at the Córdoba Book Fair, featuring published books and others offered in Tienda La Voz. Throughout the year, TN disseminated cultural content and excerpts from music shows and festivals in diverse settings. eldoce focused its "Todo Córdoba" newscast on sharing the local realities of different communities across the province. Additionally, eldoce established a partnership with Fundación Banco de Alimentos to showcase various campaigns on its news programs, creating a bridge of solidarity between those suffering from hunger and those capable of assisting in its alleviation. The Foundation contributes to reducing hunger through food recovery and promotes core principles of healthy eating. Canal (á) stood out for 24-hour broadcasting of cultural content, presenting diverse genres related to art and culture under the guiding principle of pluralistic perspectives. 56 11.6. PARTNERSHIPS WITH CIVIL SOCIETY ORGANIZATIONS In Argentina, six out of ten children live in poverty. To raise awareness about this situation and contribute to reversing it, Grupo Clarín, Fundación Noble, and eltrece carried out the 33rd edition of "Un sol para los chicos," a program aimed at raising funds to support national programs implemented by UNICEF to improve the lives of children and adolescents across the country. The commitment of Argentine society and companies was evident in the #UnSol2024 campaign, broadcast live on eltrece and hosted by Guido Kaczka. Under the slogan "Cuidemos juntos lo que más importa," the event raised $905,542,815. In 2024, the 15th edition of the "Premio Abanderados," promoted by Grupo Clarín, Fundación Noble, and Luz Libre Producciones, was held. The contest seeks to highlight the stories of solidarity and commitment among Argentines, to support their efforts and inspire broader society. Nearly 700 people were nominated this year, with the Honorary Jury selecting eight finalists. Their stories—all focused on creating positive change in their communities—were disseminated through Grupo Clarín’s media. During a special broadcast, eltrece announced the winner: Alejandro Nolazco, a physician who travels five times a year to remote rural communities in the Gran Chaco region of Salta Province, known locally as the Chaco Salteño, to provide medical care, and he received a prize of $10,000,000. Additionally, the Fundación Navarro Viola Award granted $5,000,000 to Agustina Arata, founder of the Goodwill project. Casandra Leissarrague was recognized as Joven Abanderada for her environmental awareness initiative. As part of the solidarity agenda promoted by Grupo Clarín’s media, Fundación Noble continued publishing the "Calendario del Compromiso con la Comunidad" in Viva magazine. Clarín renewed its partnership with Missing Children and Red Solidaria to disseminate images of missing children in Diario Clarín and raise awareness about the role of the community in addressing this issue. Within the framework of the 20th anniversary of eldoce’s morning news program Arriba Córdoba and Children’s Day, support was provided to a campaign launched by Fundación del Hospital de Niños to purchase 100 dolls for the oncology department, used to accompany patients throughout their treatment. Additionally, in October, along with the provincial Ministry of Women, the Ministry of Health, and several foundations, another edition of the breast cancer awareness campaign was conducted. As part of this initiative, a hair-donation event was held on October 18 in the station’s parking lot, led by journalist Karina Vallori, named Ambassador of the Pink Month campaign. The event collected 500 hair donations, which were delivered to the foundations Vanesa Durán and Guapas to produce wigs for women undergoing cancer treatment. Additionally, TyC Sports conducted the "Olimpiadas inclusivas" together with Club Atlético Temperley and both special education and mainstream schools from the southern region of Buenos Aires. This activity was aimed at encouraging children from both types of schools to compete jointly as teams across various sports. 12. THE ENVIRONMENT 12.1. CONTENT THAT PROMOTES ENVIRONMENTAL AWARENESS The Group’s media provided coverage of the United Nations Climate Change Conference (COP29) held in Baku, Azerbaijan, broadcasting information across multiple platforms. 57 Throughout the year, Clarín continued investigating and reporting on bottom-trawling fishing practices, which represent an environmental catastrophe and constitute the primary fishing method used in the Argentine Sea. Additionally, Clarín’s VIVA magazine continued featuring its ECO section, addressing environmental protection from diverse perspectives and exploring its impact on key sectors such as textiles, food, construction, and industrial production. Through reports, interviews, and analysis, this section aimed to contribute to the discussion of environmental challenges and promote sustainable solutions. In 2024, La Voz del Interior marked the year-end closure of its cycle "Voces que suman," a program focused on social and sustainability issues. An event was held at the Carlos Ortiz Auditorium, including an environmental awareness talk and the presentation of various strategies to enhance companies' environmental, social, and economic ecosystems. Throughout the year, noteworthy coverage included forest fires, rational water use, and biofuels. Additionally, the "Escuelas sustentables" contest was launched, and support was provided to "Diálogos con impacto," a series organized by Hins. The first event in this series addressed the outcomes of the Conference of the Parties (COP 29), fostering debate on the key environmental challenges and commitments. TN received an award for the best investigation for “Mar Argentino: Peligro de depredación,” which revealed how foreign companies fishing for squid beyond mile 201 also exploit resources within the Argentine Sea. Additionally, TN’s YouTube channel systematically updates information regarding international negotiations addressing global environmental challenges. eldoce produced an environmental special report in the news program Arriba Córdoba, aiming to raise awareness and alert the public about forest fires, along with another special report focused on judicial precedents related to these fires. Radio Mitre continued disseminating environmental and sustainability issues through its "Planeta Vivo" blog. Radio la 100, through la100.com.ar, provided informational coverage on globally relevant environmental issues, including species extinction and the impacts of climate change. 12.2. ENVIRONMENTAL MANAGEMENT AND POLICY All Grupo Clarín business units implement their environmental management actions based on the Group’s Social Responsibility and Sustainability Policy. Once again, in 2024, Clarín recertified the ISO 14001:2015 environmental management system at its newspaper printing facility. Additionally, suppliers continued to undergo an annual environmental consultation and evaluation. Notably, this year Clarín received the "Sello Verde" certification awarded by the Government of the City of Buenos Aires, recognizing its role as a sustainable and responsible company. In this context, employee training sessions were conducted on key topics such as waste identification and sorting, application of ISO 14001:2015 standard, containment of hazardous substance spills, occupational risk management, and procedures for the proper use and handling of personal protective equipment (PPE). 58 Throughout the year, various business units maintained their focus on environmental awareness through several initiatives. Clarín continued its campaigns on waste sorting, emergency response, and resource conservation for both employees and outsourced personnel. La Voz del Interior implemented a fleet-reduction plan to lower costs and reduce emissions, and invested in a new central air conditioning unit with improved performance and electrical efficiency. TyC Sports maintained differentiated recycling bins and encouraged the recycling of consumables. Gestión Compartida continued providing waste-segregation training to all new employees, as well as conducting regular internal meetings to reinforce this practice. 12.3. MATERIALS The Group’s Environmental Management Policy emphasizes the necessity of sustainable resource use. Aligned with this objective, La Voz del Interior established a paper-recycling process in all administrative areas, subsequently integrating recycled material back into the production of raw materials. Additionally, as part of its distribution-efficiency policy, the Company adjusted newspaper print runs to reduce reverse logistics costs associated with collecting unsold copies and to minimize printing expenses. eldoce optimized print usage and reused discarded paper. It replaced 90% of battery usage with rechargeable batteries or devices that operate on built-in battery power. TyC Sports uses cloth bags for corporate gifts, and employs 3D printing technology with recycled plastic filaments to produce trophies for the "Jugando es Mejor" championships. Consumption of the Main Materials (1) Unit of Measurement 2023 2024 Paper - Printing Tons 12,054.10 7,943.39 (2) - Office A4 size paper (reams) Units 6,419 5,990.86 (3) Letter size paper (reams) Units 130 90 (3) Legal size paper (reams) Units 153 93 (3) Kraft Paper Tons 11.80 1.2 (3) Other Materials Ink Tons 251.92 195.19 (4) CTP Aluminum plates Tons 36.63 350.32 (5) (1) The quantity of materials consumed in the most relevant categories. During the period, the consumption of the following non-renewable materials (considered as a resource that does not renew over short periods of time) was also measured: adhesives, rubber blankets, neutral fountain solution, rubber wash, silicone emulsion, adhesive tapes, packing straps, bundling straps, plate developer, filters, polyethylenes, gum arabic, greases and lubricating oils, rubber cylinder, wrappings (film and stretch), bale wire, batteries (AA and AAA), 9-volt batteries, lamps, coaxial cables, audio cables, power cables, multipair cables, network cables, antifoaming agent, cardboard corner protectors, cartridges and toners, solvent. And the following renewable materials (considered as material derived from abundant resources that are quickly replenished through ecological cycles or agricultural processes, so that the services provided by these and other related resources are not endangered and remain available for future generations): boxes, wooden pallets, and cleaning rags. (2) Business units surveyed: AGEA Zepita and LVI. (3) Business units surveyed and criteria: A4 size Paper: AGEA Tacuarí, ARTEAR Canal 13, Canal 12, Gestión Compartida, LVI, Carburando, Radio Mitre, and TyC Sports. Letter Paper: TyC Sports. 59 Legal Paper: AGEA Zepita and ARTEAR Canal 13. Kraf Paper: La Voz del Interior. (4) Includes Coldset ink based on vegetable oil and mineral oil base and Heatset ink. Business units surveyed: Coldset Ink Vegetable Oil Base: AGEA Zepita and La Voz del Interior; Coldset ink, mineral oil base: La Voz del Interior. (5) Business units surveyed: AGEA Zepita and LVI. 12.4. ENERGY AND EMISSIONS Grupo Clarín’s commitment to reducing energy consumption was reflected in 2024 by a 32% decrease in energy use at the newspaper’s printing facility. Additionally, Clarín continued with its plan to reduce and optimize physical spaces, along with an upgrade of the lighting system. As part of this initiative, the entire facility was converted to LED lighting, contributing to greater energy efficiency. La Voz del Interior achieved 100% distribution across the interior of the province through the existing intercity transportation network, optimizing costs and reducing CO₂ emissions. Additionally, it installed a high-performance and energy-efficient central air conditioning system. 70% of its building now has LED lighting. Thanks to these improvements, energy consumption in 2024 was reduced by 11% compared to 2023. eldoce reduced electricity consumption by 28%. In connection with the use of photovoltaic energy, new A++ energy efficiency–rated equipment was installed, and 100% of the channel’s lighting now uses LED technology. Radio Mitre replaced 36 fluorescent lighting fixtures with LED technology in studios and offices. It also carried out internal communication initiatives focused on energy conservation. Aligned with actions implemented by other business units, Gestión Compartida established a policy to switch off lights after 7 p.m. In addition, a building usage optimization plan was implemented, coordinating workdays and schedules to reduce energy consumption and concentrate employees in designated areas. We continued to make progress on the conversion of lighting fixtures to LED technology. Direct and Indirect Power Consumption (in GJ*) 2023 2024 Electricity 119,202.37 102,936.92 (1) Natural gas 25,221.43 15,034.95 (2) Gasoline 3,289.06 2,977.75 (3) Diesel 1,956.44 1,199.07 (4) CNG 1666.26 1,209.45 (5) Total 151,335.55 123,358.14 * Criteria for Conversion to GJ: National Energy Balance Data, 2015. (1) Business units surveyed: AGEA Tacuarí, AGEA Zepita, ARTEAR Canal 13, Canal 12, Gestión Compartida, LVI, Carburando, Radio Mitre, and TyC Sports. (2) Business units surveyed: AGEA Tacuarí, AGEA Zepita, ARTEAR Canal 13, Canal 12, LVI, Carburando, Radio Mitre, and TyC Sports. (3) Includes the consumption of outside broadcast units. Business units surveyed: AGEA Zepita, Canal 12, Carburando, and Radio Mitre. (4) Includes the consumption of generators and outside broadcast units. Generators: Business units surveyed: AGEA Tacuarí, ARTEAR Canal 13, Gestión Compartida, and Radio Mitre. Outside broadcast units: Business units surveyed: ARTEAR, Canal 13, and Canal 12. (5) Business units surveyed: Canal 12. 60 Greenhouse Gas Emissions (in tons of CO2 equivalent) 2023 2024 Direct Emissions (Scope 1) (1) 1,837.08 1,175.76 Indirect Emissions (Scope 2) (2) 14,175.13 12,240.90 Other Indirect Emissions (Scope 3) (3) 247,847.70 51,008.30 Total 262,859.92 64,424.96 (1) Business units surveyed: AGEA Tacuarí, AGEA Zepita; ARTEAR Canal 13; Canal 12; Gestión Compartida; LVI; Radio Mitre; Carburando, and TyC Sports. (2). Business units surveyed: AGEA Tacuarí, AGEA Zepita, ARTEAR Canal 13, Canal 12, Gestión Compartida, LVI, Carburando, Radio Mitre, and TyC Sports. Criteria for Conversion to CO2: National Secretariat of Energy, 2019. Calculated on the basis of 33,105.81 MWh of electricity consumption of the business units surveyed. (3) Business units surveyed: Canal 12, LVI, Radio Mitre, and TyC Sports. The difference in Scope 3 emissions is due to TyC Sports restricting both international and domestic flights during 2024 as a consequence of the economic context, resulting in a reduction in kilometers traveled. 12.5. WASTE All Grupo Clarín business units address waste treatment and reduction according to guidelines established in the environmental management policy. In compliance with effective regulations, waste is classified into materials suitable for recycling and those requiring final disposal. Authorized companies are contracted to ensure proper waste management in accordance with applicable legislation regarding waste treatment and disposal. Paper remains the predominant material subjected to recycling and donated to various organizations. Clarín donated 4,520 kg of materials (paper and bottle caps) to Fundación Hospital Garrahan, and La Voz del Interior contributed 9,090 kg of paper and cardboard to education-related organizations. eldoce continued donating unused paper to Escuela para Ciegos Hellen Keller in Córdoba. Additionally, TyC Sports donated 905 kg of paper, 2,010 kg of plastic, 30.75 kg of cartridges, and 57 kg of batteries to Fundación Garrahan and began working alongside Fundación Equidad to coordinate electronic waste management initiatives for 2025. For another year, eldoce continues its participation in the “Eco Aliados” (Eco Allies) initiative, through an agreement with the Córdoba City Government’s Public Works and Services Center. Two recycling bins are installed on the sidewalk in front of the channel, where the public can deposit plastic materials, paper, cans, and glass. These materials are then transported to Green Centers for recycling. The recovered materials are used to manufacture bags, toys, and school supplies such as pencils, notebooks, journals, plates, cups, and other items. Additionally, La Voz del Interior entered into a strategic partnership with a company to sell 100% of its surplus newsprint generated during production and returned copies, which are converted into raw material for cellulose insulation, the primary input for thermal and acoustic insulation used in dry construction and industrial applications. Waste by Type (in tons) 2023 2024 Total Hazardous Waste 47.22 44.22 (1) Total urban-like or non-hazardous waste 926.88 732.92 (2) Waste is not imported or exported, for further details see GRI Content Index, Note 18. (1) Business units surveyed: AGEA Zepita and TyC Sports. (2) Business units surveyed: AGEA Tacuarí, AGEA Zepita; ARTEAR Canal 13, Gestión Compartida, LVI, and TyC Sports. 61 12.6. WATER AND EFFLUENTS The main effluents come from the development processes carried out at the printing plants. Both water discharge and its treatment are carried out in compliance with regulations set by ACUMAR (Autoridad de Cuenca Matanza Riachuelo)3 across all Group units. Office locations generate only domestic wastewater, and various water conservation initiatives are implemented throughout the year. The facilities are equipped with timed faucets and an automatic shut-off and detection system in the restrooms. La Voz del Interior operates a wastewater treatment plant that processes discharged liquids and converts them into non-polluting agricultural-grade irrigation water, in compliance with provincial regulations and in accordance with the chemical analysis standards established by Decree 847/16 – Liquid Effluent for Irrigation Use. Water Discharge 2023 2024 Annual Volume Discharged (in megaliters) 8.75 1.99 (1) (1) Business units surveyed: AGEA Zepita and LVI. Includes third-party water (freshwater). 13. BUSINESS PROJECTIONS AND PLANNING Grupo Clarín seeks 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 of 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 of its activities. Grupo Clarín will continue to optimize even more the productivity and efficiency levels in all its areas and companies. It will seek to develop and apply best practices in each of its processes. At the corporate level, it will continue to focus on the main processes to consolidate sustainable, healthy, and efficient growth from different perspectives: quality products and services, human capital, business strategy, innovation, financial structure, management control, and corporate social responsibility. Grupo Clarín will continue to analyze alternative new ventures related to its mission and strategic objectives both in Argentina and abroad, as long as they add value to its stakeholders and are feasible and viable under the prevailing economic environment. Grupo Clarín remains committed to journalism and the generation of content, with a growing focus on digital media, which has been one of the largest strategic stakes of the Company for nearly two decades. To this end, it will rely on the value and prestige of its trademarks, which have the largest rates of credibility and acceptance in Argentina. The Company will use its 3 Public entity in Argentina responsible for environmental management and remediation of the Matanza-Riachuelo Basin. Its primary role is to regulate and oversee activities affecting water, soil, and air within the basin, promoting compliance with environmental regulations to enhance quality of life for residents and preserve the ecosystem. 62 broad experience in the creation of contents, recognized worldwide -specially in the Spanish- speaking world-, to boost the success of its new platforms and formats. Grupo Clarín reaffirms its sustained commitment to regulatory compliance, its readers, audiences and the country. In its daily work, Grupo Clarín seeks to assume with strength and responsibility the role that the media are called to play through professional and independent journalism and through the defense and promotion of principles and values, such as freedom of speech, inclusion and diversity, the effectiveness of republican democracy and the promotion of the comprehensive development of Argentina and its inhabitants. 14. PROPOSAL OF THE BOARD OF DIRECTORS The Company is a holding company. Its results derive mainly from the operations of its subsidiaries. Therefore, its liquidity position depends, among other things, on the distribution of dividends of Grupo Clarín's subsidiaries -which have to meet their investment and interest payments needs-, the contributions required by other subsidiaries and the expected future cash flows from operating and financing activities. In this sense, the media are faced every day with the challenge posed by digital transformation, with the development of a new business model that does not compromise their journalistic independence and the quality of their contents in a mature market, and with the strong impact that Argentine economy has on its revenues. For the fiscal year ended December 31, 2024, the Company recorded a loss of $4,665,921,151, primarily because income from investments in unconsolidated affiliates and management fees was lower than administrative expenses, and due to negative financial results, mainly attributable to the effect of inflation exposure. Therefore, the Board of Directors proposes to the Shareholders to absorb the net loss for the year by partially reversing the Paid-in Capital. The Board of Directors of Grupo Clarín would like to thank its customers, suppliers, employees, banking and financial institutions and other stakeholders, who are the key players in achieving the results obtained this fiscal year by the Company's Management. The Board of Directors Buenos Aires, March 10, 2025 63 15. EXHIBIT I - REPORT ON THE CODE OF CORPORATE GOVERNANCE OF GRUPO CLARÍN S.A. ROLE OF THE BOARD OF DIRECTORS Principles I. The company shall be led by a professional and qualified Board of Directors in charge of laying the foundations for the company's sustainable success. The Board of Directors is the guardian of the company and the rights of all its shareholders. II. The Board of Directors shall be responsible for determining and promoting the corporate culture and values. The Board of Directors’ performance shall guarantee the observance of the highest standards of ethics and integrity, based on the best interest of the company. III. The Board of Directors shall be in charge of ensuring a strategy inspired by the company’s vision and mission, aligned with its values and culture. The Board of Directors shall engage constructively with management to ensure the correct development, execution, monitoring, and revision of the company's strategy. IV. The Board of Directors shall control and supervise on an ongoing basis the direction of the company, ensuring that management takes actions aimed at the implementation of the strategy and the business plan approved by the Board of Directors. V. The Board of Directors must have the necessary mechanisms and policies in order to efficiently and effectively fulfill the role of the Board and each of its members. Recommended Practices 1. The Board of Directors generates an ethical work culture and establishes the Company's vision, mission, and values. The Company applies the recommended practice. The Board of Directors establishes the values and principles that set the general framework within which the Company’s activities must be developed. They are implemented by Departments or Divisions through a consistent message in the conduction of its daily activities, and are reflected in its corporate policies, among which the most relevant is the Code of Ethics and Conduct. Those principles and values follow the highest ethical standards, as demonstrated by the Company along its track record, among which the following stand out: its commitment to provide honest and independent communication, exercised with professional responsibility, seeking to strengthen the institutions that sustain the democratic system, promoting debate and communication between different sectors of society. The Code of Ethics and Conduct describes objective scenarios where a conflict of interest may exist and provides a non-exhaustive list of examples that standardize conflicts including relations with the personnel, political and governmental relationships, and corporate asset protection. The Declaration of Purpose, summarizing the essence and raison d'être as an Argentine media group, is available to the investing public on its website https://grupoclarin.com/institucional/principios-y-valores. 2. The Board of Directors sets out the general strategy for the Company and approves the strategic plan developed by Management. In doing so, the Board of Directors takes into consideration environmental, social, and corporate governance factors. The Board of Directors supervises its implementation through the use of key performance 64 indicators and taking into consideration the best interest of the Company and the rights of all its shareholders. The Company applies the recommended practice. The Company's Board of Directors and Management design the general strategy, considering as the global framework the opportunities and threats of the context in which it operates (external risk factors), the Company's internal situation (internal risk factors) in the light of the established mission and values, and analyze, discuss and approve on an annual basis the strategic plan, composed of it short, medium and long term goals, and monitor its implementation using financial and non-financial metrics that allow for an adequate oversight of said strategic plan and the degree of compliance with the strategy. In addition, the Board holds quarterly meetings at which the Directors assess the Company’s operating and financial position, which includes a comparison with the previous quarter. Additionally, the Company is the only media enterprise that issues an annual report containing both financial and non-financial information, which is publicly available to investors on its website http://www.grupoclarinsustentable.com/. 3. The Board of Directors supervises management and ensures that it develops, implements and maintains an adequate internal control system with clear reporting lines. The Company applies the recommended practice. The Board of Directors, which is mostly composed of non-executive directors, oversees the Company's operations not only with respect to the achievement of the established objectives and goals, but also with respect to the integrity and commitment with the values of the organization, the consistency of its actions with its mission and values and the capacity to convey those values to all its employees. Through a set of mechanisms and procedures, the Board of Directors monitors that the activities carried out by Management comply with the policies in place, that the objectives be accomplished, that the changes in the environment be contemplated in the decisions adopted, and that the measures required to correct deviations be implemented. Among the main mechanisms, the Company has detailed procedures, systems, and policies that set quantitative and qualitative rules for the approval of transactions, regular management control meetings, and internal audits. The Division of Corporate Control follows high standards of control to assure the general control system and compliance by the Company. Through previously established metrics, the Company's Management regularly reports on its performance, allowing the Board of Directors to assess the performance of those responsible for the Company’s operations. The Company’s Board of Directors, through its Audit Committee, monitors that the Company has in place an adequate internal control and accounting and administration system. Said Committee also meets quarterly with the external auditors as part of the monitoring of the proper performance of these control systems. 4. The Board of Directors designs corporate governance structures and practices, appoints the person responsible for their implementation, monitors their effectiveness, and suggests changes as deemed necessary. The Company does not apply the recommended practice within the terms mentioned above because the Board of Directors has not formally designated an officer responsible for the implementation of the corporate governance structures and initiatives. However, the Company has the Divisions of Corporate Control and Corporate Affairs, which lead the implementation of the Company’s corporate 65 governance practices, and analyze the need to introduce changes upon amendments in regulations, upon or changes in the Company's businesses, processes or structure. In this sense, the Company also has a Department of Investor Relations, a Department of Internal Audit, the Audit Committee and the Supervisory Committee. Those practices have been deemed adequate and approved by the Company's Board of Directors. For that reason, the Company applies the principles that underlie this practice. On its website, the Company has a Corporate Governance section where the members of the Board of Directors are identified https://ir.grupoclarin.com/gobierno/. 5. The members of the Board of Directors have sufficient time to perform their duties in a professional and efficient manner. The Board of Directors and its committees have clear and formalized rules of operation and organization, which are disclosed through the Company's website. The Company applies the recommended practice. The Company's Board of Directors is composed of members that have impeccable personal and professional qualifications that enable them to perform their duties in the Board. Several of its members perform their duties exclusively, devoting sufficient time to adequately perform their duties and, therefore, they attend without fail the meetings to which they are called and receive relevant information, through the Corporate Affairs Department, sufficiently in advance so that they can make informed decisions at the Board. As a result of the above, given the fact that the rules that govern their actions, as well as their roles, functions and responsibilities arise from the laws and the Company's Bylaws, which are published in the Financial Information Highway and on the Company’s website https://ir.grupoclarin.com/gobierno/, the Company has not deemed it necessary to state in an additional document the rules that set out the duties, roles and functions of the members of the Board of Directors. The Audit Committee, composed of members of the Board of Directors, have in place Rules of Procedure, which were filed with the CNV. CHAIR OF THE BOARD OF DIRECTORS AND COMPANY SECRETARY Principles VI. The Chair of the Board is in charge of ensuring the effective fulfillment of the functions of the Board of Directors and has a leading role among the members. The Chair shall generate a positive work dynamic and promote the constructive engagement of the members of the Board, and shall also ensure that they have the elements and information necessary for decision-making. The above also applies to the Chairs of each committee of the Board of Directors, regarding their corresponding functions. VII. The Chair must lead processes and establish structures to ensure the commitment, objectivity and competence of the members of the Board, as well as the best operation of the body as a whole and its evolution according to the company's needs. VIII. The Chair must ensure that the Board of Directors as a whole is fully committed and responsible for the succession of the CEO. Recommended Practices 6. The Chair of the Board of Directors is responsible for the proper organization of the Board of Directors’ meetings, prepares the agenda ensuring the cooperation of the other members, and ensures that they receive the necessary materials well in advance 66 for their efficient and informed participation. The Chairs of the committees bear the same responsibilities for their meetings. The Company applies the recommended practice. The Chair of the Company’s Board of Directors leads and organizes the Board of Directors’ meetings and receives the support of the Corporate Affairs Division, which, among its duties, is responsible for assisting the Chair of the Board regarding the coordination of meetings, technical support, delivery of information sufficiently in advance for the work carried out by the Directors and is also responsible for minute-taking at those meetings, among other activities. Similarly, the Chair of the Audit Committee leads and organizes the meetings of said Committee with the assistance of the Corporate Affairs Department. The members of the Board of Directors are called sufficiently in advance so that they can attend the meetings and receive in due time the relevant information through the Corporate Affairs Department required to decide on the items of the agenda of the meeting to which they are called. In addition, the members of the Board hold regular meetings with the key executives in charge of the various operations of the Company, in order to monitor the course of business and the administration of the Company. 7. The Chair of the Board of Directors ensures the proper internal operation of the Board of Directors by implementing formal processes for conducting annual performance reviews. The Company does not apply the recommended practice through the implementation of a formal annual performance review process. However, it complies with the principles that underlie the recommended practice because the Chair of the Company’s Board of Directors ensures the correct and adequate internal functioning of the Board through the verification of the compliance with all the obligations applicable to its members and those that arise from the Bylaws, the laws and the Code of Ethics and Conduct. The shareholders gathered at the Shareholders’ Meeting are the ones who, upon being furnished with the relevant and sufficient information, perform an annual review of the performance of the Board of Directors at the time of considering the performance of its members. Among the information made available to the Shareholders is the Annual Report, which gives account of the performance of Management. 8. The Chair generates a positive and constructive workplace for all the members of the Board of Directors and ensures that they receive ongoing training to keep up to date and to be able to properly fulfill their duties. The Company applies the recommended practice. The Company's Board of Directors performs its duties in an orderly and harmonious environment among its members, ensuring constructive and efficient teamwork for the benefit of the Company and its shareholders. While a formal annual training program has not been implemented, board members, beyond their experience and professional and personal qualifications, regularly receive updates, information, and training on industry, business, or regulatory matters to properly fulfill their duties and responsibilities. This is facilitated through the coordination by the Corporate Affairs Department. Trainings are conducted by highly skilled officers with expertise in the company's business, renowned professionals in the market, industry experts, or specialized consulting firms. 9. The Company Secretary provides assistance to the Chair of the Board of Directors in the effective administration of the Board and cooperates in the communication with the shareholders, the Board of Directors and management. 67 The Company applies the recommended practice. Even though the Company does not have a Company Secretary, it has a Division of Corporate Affairs that assists the Chair of the Board of Directors in administrative and organization tasks required for the adequate functioning of the Board, such as those related to the preparation and distribution of information, meeting minutes-taking, training, provision of information and induction for new members, assistance in the communication among the members of the Board of Directors and of the latter with Management, organization of shareholders’ Meetings, among others. Taking into consideration the legal nature required for some its functions, Board of Directors receives the assistance of external legal advisors who support the Chair, for example, regarding the procedures to be followed for Shareholders’ Meetings on an annual basis. In 2020, the advisors provided assistance to the Chair and the Company in relation to the procedures to be followed for holding remote Board of Directors’ Meetings and Shareholders’ Meetings due to the mandatory and preventive social isolation ordered by the National Executive Branch through Decree No. 297/2020, in accordance with the provisions of Resolution No. 830/20 of the Argentine Securities Commission. In addition, the Company has a Department of Investor Relations which is responsible for the relationship and communication with the shareholders of the Company. 10. The Chair of the Board of Directors ensures the involvement of all its members in the development and approval of a succession plan for the company's CEO. The Company does not apply the recommended practice in the terms set out in it. The Company’s Division of Corporate Human Resources is in charge of the identification and retention of talents for managerial positions, as well as the planning of their successors. It receives the assistance of human resources professionals hired to such end. COMPOSITION, NOMINATION AND SUCCESSION OF THE BOARD OF DIRECTORS Principles IX. The Board must have adequate levels of independence and diversity in order to make decisions in the company’s best interest, avoiding groupthink and decision-making by individuals or dominant groups within the Board. X. The Board must ensure that the company has formal procedures for the proposal and nomination of candidates to fill positions in the Board within a framework of a succession plan. Recommended Practices 11. The Board of Directors has at least two independent members in conformity with the effective criteria established by the Argentine Securities Commission. The Company applies the recommended practice. The Company's Board of Directors is composed of members who are also managers of the Company, non-independent directors without executive responsibilities and independent directors. The Board of Directors has two permanent directors and two alternate directors who are independent in conformity with the criteria established by the Argentine Securities Commission. Their names and capacity are published on the Company’s website and in that of the Argentine Securities Commission. 68 12. The Company has a Nomination Committee that has at least three (3) members and is chaired by an independent director. If the Chair of the Board of Directors is also the chair of the Nomination Committee, he/she shall refrain from participating in the appointment of his/her own successor. The Company does not apply the recommended practice because it does not have a nomination committee. The Company’s Bylaws set out the way in which each class of shares shall appoint the members of the Board of Directors, i.e., the shareholders appoint their directors. The Bylaws are published on the website of the National Securities Commission. 13. The Board of Directors, through the Nomination Committee, develops a succession plan for its members that guides the candidate pre-selection process to fill vacancies and takes into consideration the non-binding recommendations of its members, the CEO and the Shareholders. The Company does not apply the recommended practice because it does not have a nomination committee. 14. The Board of Directors implements an onboarding program for its newly appointed members. The Company applies the recommended practice. The Company provides assistance to the new members of the Board of Directors through an induction process that covers all the necessary aspects to gain an in-depth knowledge of the Company, through the contact with management and access to documentation related to the Company to learn about its structure, businesses, operations, personnel, processes, policies, legal advisors and applicable regulatory framework. In addition to this, both new members and those previously elected receive regular updates on industry, business, and regulatory matters. COMPENSATION Principles XI. The Board of Directors must generate incentives through compensation, in order to align management -led by the CEO- and the Board with the long-term interests of the company, so that all the directors equally comply with their obligations with respect to all its shareholders. Recommended Practices 15. The Company has a Compensation Committee that is composed of at least three (3) members. All the members are independent or non-executive. The Company does not apply the recommended practice. Even though the Company hires independent professional human resources advisors that advise the Company regarding the compensation of the Board of Directors, the Board does not have a compensation committee. In addition, the Audit Committee provides an opinion —in conformity with the applicable regulations and at the request of the Board of Directors before the Annual Shareholders’ Meeting— on the reasonableness of the fees paid to 69 the members of the Board of Directors taking into consideration their professional background and reputation, tasks performed, responsibilities and the amount of time devoted to the performance of their duties. The Division of Corporate Human Resources is in charge of supervising the compensation of the first line managers which includes the competitiveness of the compensation practices and policies. Said Department, with the advice of independent human resources professionals, oversees that the compensation of managers is in line with the short, medium and long term returns according to the Company’s management objectives. 16. The Board of Directors, through the Compensation Committee, establishes a compensation policy for the CEO and the members of the Board. The Company does not apply the recommended practice in the terms set out in it. The Board does not have in place a compensation committee. The policy that provides for the compensation of management is established by the Division of Corporate Human Resources. That policy sets out a fixed and variable compensation scheme. The fixed compensation is related to the level of responsibility attached to each position, the competitiveness with respect to the market and the performance of the executive. The annual variable compensation is related to the objectives set by the Company for the fiscal year and the degree of compliance, which are in line with the Company’s business plan and strategy. The executives have the option of adhering to a long-term savings plan, which is used by the Company as a strong retention tool. The compensation of the Board of Directors is approved by the shareholders at the Annual General Shareholders’ Meeting. In addition, the Board of Directors proposes the shareholders to authorize the payment of advances of fees up to a certain amount subject to the following Shareholders’ Meeting at which shareholders shall approve their compensation. These advances are distributed by the Board of Directors among its members in accordance with the delegation made by the Annual Shareholders’ Meeting. Before proposing an amount of fees to be paid and submitting it on an annual basis to the consideration of the shareholders for their approval, the Board of Directors receives an opinion from the Audit Committee on the reasonableness of those fees. CONTROL ENVIRONMENT Principles XII. The Board of Directors shall ensure the existence of a control environment, composed of internal controls developed by management, internal audit, risk management, regulatory compliance and external audit, all of which shall establish the lines of defense necessary to ensure the integrity of the company's operations and its financial reports. XIII. The Board of Directors must ensure the existence of a comprehensive risk management system that allows management and the Board of Directors to efficiently direct the company towards its strategic goals. XIV. The Board of Directors must ensure the existence of a person or department (depending on the size and complexity of the business, the nature of its operations and the risks it faces) in charge of the internal audit of the company. Such audit shall be independent and objective, with clear reporting lines, in order to properly evaluate and audit the company’s internal controls, corporate governance processes, and risk management. XV. The Audit Committee of the Board shall be composed of qualified and experienced members, and shall perform its duties transparently and independently. XVI. The Board of Directors must establish adequate procedures to ensure the independent and effective work performed by the External Auditors. 70 Recommended Practices 17. The Board of Directors determines the company’s risk appetite and also supervises and guarantees the existence of a comprehensive risk management system to identify, assess and decide on the course of action and monitor the risks faced by the Company, including, among others, the environmental and social risks and those inherent to the business in the short and long term. The Company does not apply the recommended practice in the terms set out in it. Even though the Division of Corporate Control consolidates information about the risks posed by the Company's operations in the regular reports, which are analyzed by the Company's Board of Directors and, in particular, by the Audit Committee, the Company does not have in place a formal comprehensive risk management process; neither does the Board of Directors have a risk management committee. However, the Company’s management contemplates operational, environment, information, financial and non- financial risks in the development of its strategic and business plan, which is discussed with the Company’s Board of Directors. Those risks are contemplated in the management of the Company's activities, which has areas and processes to identify and manage certain risks, such as environment, equity, information, financial, environmental and technological risks. In addition, the Company has an Audit Committee composed of qualified and experienced members, which fulfills the duties conferred by the Capital Market Law. It should be noted that the Company provides new members of the Board with copies of its bylaws and policies. 18. The Board of Directors monitors and reviews the effectiveness of the independent internal audit and guarantees the resources for the implementation of an annual audit plan based on risks and a direct reporting line to the Audit Committee. The Company applies the recommended practice. The Company has an internal audit department that is independent from the areas of the Company it audits and reports to the Audit Committee, which guarantees the objectivity of its work. Taking into consideration the extent of the Company's operations and the guidelines of its internal rules, the Audit Committee monitors the function of said department through the analysis of the reports issued, the sufficiency of the resources available for the fulfillment of its duties, the consistency of its annual plan and the scope of the audits, which is developed based on the audit risks identified. Annually, at the proposal of the Board, the shareholders of the Company approve an annual budget for the Audit Committee to ensure it has resources to meet necessary expenses in fulfilling its duties. 19. The internal auditor or members of the internal audit department are independent and highly qualified. The Company applies the recommended practice. The Company has an internal audit department with qualified personnel for the adequate fulfillment of their duties. The members of that department have a vast professional experience in internal audit, financial reporting, fraud investigations and internal control. Said staff keeps up to date on an ongoing basis. The structure, policies and guidelines set by the Company's Management empowers the department to perform its duties without any kind of scope limitations. 71 20. The Board of Directors has an Audit Committee that works in accordance with rules of procedure. The committee is mostly composed of and chaired by independent directors and it does not include the CEO. The majority of its members have professional experience in financial and accounting areas. The Company applies the recommended practice. The Board of Directors has an Audit Committee composed mostly of independent directors. The members of the Audit Committee are appointed by the Board among its members, taking into account their professional experience in financial and accounting matters. The Chair is elected by the members of the Committee. The Committee acts in conformity with the Law, the Bylaws, and internal rules that are duly approved by said body and submitted to the Argentine Securities Commission. The members of the Committee periodically review the internal rules. The members of the Audit Committee have a vast experience in financial, accounting and internal control matters. The Chair of the Audit Committee is an independent director. The Audit Committee issues on an annual basis at the time of presentation of the annual financial statements the report that discloses the treatment given to those matters that are within its competence. 21. The Board of Directors, based on the opinion of the Audit Committee, approves a policy for the selection and monitoring of external auditors that provides for the indicators to be considered in the recommendation to the Shareholders’ Meeting about the continuity or replacement of the external auditor. The Company applies the recommended practice. The Audit Committee, which provides an opinion before the Annual Shareholders’ Meeting on the engagement of the external auditors, has in place a policy that sets out the guidelines to be followed in the assessment of the work performed by the external auditor, in order to issue its opinion on the proposal of the Board of Directors for the appointment of the external auditor, to ensure and assess its independence and to perform a comprehensive assessment of its work. For this purpose, it mainly considers the skills and experience of the partner and the rest of the team of the external auditing firm, taking into account the number of years in the profession and in the auditing firm, the knowledge of the company and the industry in which the Company operates, as well as other customers of significant size; the quality and timeliness of communication between the external auditor and the Audit Committee; their degree of objectivity, independence of judgment, and professional skepticism; the auditing firm's independence policy and criteria; their internal quality control processes and the results of the review of their work carried out by third parties. ETHICS, INTEGRITY, AND COMPLIANCE Principles XVII. The Board of Directors shall design and establish appropriate structures and practices to promote a culture of ethics, integrity and compliance with standards in order to prevent, detect and address serious corporate or personal breaches. XVIII. The Board shall ensure the establishment of formal mechanisms to prevent, or failing this, to deal with conflicts of interest that may arise in the administration and direction of the company. It shall also have in place formal procedures seeking to ensure that related party transactions are made in the best interest of the company and the equitable treatment of all its shareholders. 72 Recommended Practices 22. The Board of Directors approves a Code of Ethics and Conduct that reflects the ethical and integrity values and principles, as well as the culture of the company. The Code of Ethics and Conduct is communicated and applicable to all the directors, managers and employees of the company. The Company applies the recommended practice. The Company has a Code of Ethics and Conduct to address good corporate governance and corporate social responsibility practices, approved by its Board of Directors, which reflects the values and conducts promoted by the Company. All the directors, managers and employees of the Company are aware of said Code and its compliance is mandatory for all of them. The Code provides for sanctions in case of non-compliance. 23. The Board of Directors sets out and periodically reviews an Ethics and Integrity Program based on risks, size and economic capacity. The plan is clearly and unequivocally supported by management, which designates an internal officer responsible for developing, coordinating, supervising and reviewing on an ongoing basis the efficacy of the program. The program provides for: (i) periodic training for directors, administrators and employees about ethics, integrity, and compliance matters; (ii) internal channels to report irregularities, open to third parties and adequately disseminated; (iii) a policy for the protection of whistleblowers from retaliation; and an internal investigation system that respects the rights of those under investigation and imposes effective sanctions on violations of the Code of Ethics and Conduct; (iv) integrity policies in bidding procedures; (v) mechanisms for periodic analysis of risks, monitoring and evaluation of the Program; and (vi) procedures to verify the integrity and background of relevant third parties or business partners (including due diligence during corporate transformation and acquisitions processes to evaluate potential irregularities, illegal actions or vulnerabilities), including suppliers, distributors, service providers, agents and intermediaries. The Company applies the recommended practice. The Company has developed an integrity program based on its risks, size and economic capacity. Such program includes: (i) a Code of Ethics and Conduct that reflects the values and principles promoted by the Company, and which contemplates the integrity policies in all those situations in which an employee of the Company interacts with public officials; (ii) a reporting channel that has its own protocol and is aimed at strengthening the Company’s ethical culture, which allows for anonymous reporting and guarantees the confidentiality of communications as well as the protection against retaliation as a result of an investigation process because the Company encourages all of its employees to express freely without fear of retaliation; (iii) training for directors, managers and employees about ethics and integrity; (iv) the evaluation by the Corporate Control Department, as the internal body responsible for the ethics and integrity program, of integrity risks and the monitoring of the evolution of the program; (v) the adherence by the suppliers to the Company's transparency principles and practices. 24. The Board of Directors ensures the existence of formal mechanisms to prevent and deal with conflicts of interest. In the case of related party transactions, the Board of Directors approves a policy that provides for the role of each corporate body and sets 73 out how to identify, address and disclose those transactions that are detrimental to the company or to certain investors. The Company applies the recommended practice. The Company's Code of Ethics and Conduct has a section that contains the provisions applicable to conflicts of interest. The Company has a specific policy on related party transactions, which complies with effective rules. ENGAGEMENT OF SHAREHOLDERS AND STAKEHOLDERS Principles XIX. All shareholders must receive equitable treatment from the company. The company shall guarantee equitable access to non-confidential and relevant information for decision making at the company's shareholders’ meetings. XX. The company shall promote the active engagement of all shareholders with adequate information, especially in connection with the composition of the Board. XXI. The company must have a transparent Dividend Distribution Policy, in line with its strategy. XXII. The company must take into account the interests of its stakeholders. Recommended Practices 25. The Company's website has financial and non-financial information available, providing timely and equitable access to all the investors. The website has a special section to answer inquiries from investors. The Company applies the recommended practice. The Company has a website - www.grupoclarin.com - in which it publishes financial and non-financial information, thus allowing investors to have material information in due time and form. The Company also has an investor relations area led by the Market Relations Officer to answer inquiries. Said Officer is appointed by the Board of Directors in conformity with CNV rules. Said department organizes conference calls on a quarterly basis ensuring investors worldwide the possibility of connecting for free. At these calls, the Company provides information about its results, its goals and answers questions and/or inquiries made by investors. These conference calls are announced in the daily bulletin of the Buenos Aires Stock Exchange, in press releases that are disseminated on financial information portals, as well as on the Company's website www.grupoclarin.com under Investors and on the Investor Relations website www.ir.grupoclarin.com. Furthermore, the Company maintains communication channels with minority shareholders by disseminating relevant information on the Buenos Aires Stock Exchange, where its shares are listed. This information is also distributed through the Company's website. In addition, the Company's shareholders and investors can communicate with the department via email or by telephone, as detailed on the website, by sending an email to investors@grupoclarin.com. Among the non-financial information disclosed by the Company on its website under the "Sustainability" tab (http://www.grupoclarinsustentable.com/) are the Sustainability Reports and Integrated Annual Reports, published annually. This also shows the in-kind donations through public service messages to promote social and environmental causes, as well as the management method used. The Company is a leader in terms of Sustainability: It creates supplements to promote sustainable development. It also carries out a literacy program for children and adolescents aimed at promoting content creation skills and a 74 critical look at journalistic content. Since 2021, the Company has issued its integrated annual report, i.e., the integration of its annual report with its annual sustainability report in accordance with the most advanced international common practices. 26. The Board of Directors must ensure that there is a process in place for the identification and classification of its stakeholders and a communication channel for them. The Company applies the recommended practice. The Company's Department of Investor Relations works together with the Department of Sustainability to identify potential and actual stakeholders of the company. The Company has different communication channels that allow it to have contact with key internal and external audiences, listen to their points of view and disclose those of the Company; and hence build a long-term value-generating relationship for all the parties involved. The Company’s main stakeholders are journalism; the community and civil society organizations; business chambers and associations; audiences, customers and readers; associates; universities; companies; suppliers and employees. Since 2015, the Company has issued a sustainability report on an annual basis and has been the first media company to do so in conformity with international guidelines including the Global Reporting Initiative standards, the UN Global Compact and the contribution to the 2030 UN agenda, whose priority is to generate value for the country, providing quality journalistic content, a bond with the audience, and economic independence. This report defines the following stakeholders: shareholders, investors, analysts, companies, business chambers, employees, journalists, audiences, customers, suppliers, leaders in the field of culture, science and technology entrepreneurs, universities, media, news agencies, press associations, leaders in the world of communications. 27. The Board of Directors provides the shareholders, in advance of the Shareholders’ Meeting, a “provisional information package” that allows shareholders -through a formal communication channel - to make non-binding comments and share opinions that dissent from the recommendations made by the Board of Directors. When the Board sends the final information package, it shall expressly state its answers to the comments received, as deemed necessary. The Company applies the recommended practice. The Company makes information packages available at its headquarters and at the AIF of the Argentine Securities Commission prior to the Shareholders’ Meetings. Notwithstanding the foregoing, the packages are not provisional. In addition, the Company uploads to CNV’s Financial Information Highway all the information requests made the Company's shareholders before Shareholders’ Meetings are held, regarding the items of the agendas to be considered at those meetings, together with the answers provided by the Company to each of the requests, so that all the investors have the same information thus ensuring equitable access to the information provided. Such information is also provided in English for the foreign investors through its website. Furthermore, the Company establishes various communication channels that allow it to engage the public and keep them informed about the course of its business. For this purpose, the Company responds to inquiries from investors through its Department of Investor Relations, led by the Head of Market Relations investors@grupoclarin.com. Said department organizes web conference calls on a quarterly basis ensuring investors worldwide the possibility of connecting for free. At these calls, the Company provides information about its results, its goals and answers questions and/or inquiries made by investors. These conference calls are announced in the daily bulletin of the Buenos Aires Stock Exchange, disseminated on financial information portals, as well as on the Company's 75 website www.grupoclarin.com. The Company maintains communication channels with the minority shareholders through the disclosure of relevant information in the Buenos Aires Stock Exchange where its shares are listed and through information disclosed in the Company's website www.grupoclarin.com. In addition, the Company's shareholders and investors can communicate with the department via email or by telephone, as detailed on the website www.ir.grupoclarin.com. 28. The Company's bylaws provide that the shareholders can receive the information packages for Shareholders’ Meetings through virtual media and participate at the meetings through electronic communication media that allow the simultaneous transmission of sound, images and words, ensuring the principle of equitable treatment of the participants. The Company applies the recommended practice. Pursuant to Resolution No. 939/2022, effective as from January 1, 2023, the shareholders of the Company decided in 2022 to amend the Bylaws to provide for the possibility of holding exclusively in- person, exclusively remote, and/or mixed Shareholders' Meetings through the use of a communication channel that allows for simultaneous transmission of sound, images, and words, complying with the requirements established by current regulations, including, without limitation, the rules of the Argentine Securities Commission. In the case of holding remote or mixed Shareholders’ Meetings, both physical and remote participation shall be considered for quorum and majority requirements. The Company provides through virtual media, such as the Financial Information Highway and its own website https://ir.grupoclarin.com/hechos-relevantes/, the information to be considered at the Shareholders’ Meeting in order to ensure equitable access to information by all the shareholders. In addition, the Company sends, through the Depositary, to the shareholders that do not reside in Argentina the items of the agenda so that they can grant a power of attorney to the Depositary, who attends the Shareholders’ Meetings in its name and representation, voting as instructed by them. 29. The Dividend Distribution Policy is aligned with the strategy and clearly sets out the criteria, frequency and conditions under which dividends will be distributed. The Company does not apply the recommended practice. The Company’s Board of Directors believes that given the nature of a holding company and depending basically on the liquidity of its revenues that derive from the companies in which it holds equity interests, it is not convenient to establish a dividend distribution policy. Notwithstanding the foregoing, the Board of Directors provides grounds for its proposal for the distribution of dividends and the reasons for which it deems reasonable under a prudent administration of the Company. 76 16. EXHIBIT II – INTERNATIONAL GUIDELINES AND GRI CONTENT INDEX International Guidelines Grupo Clarín adopts a set of international sustainability guidelines to standardize its performance, ensure transparent and rigorous accountability, and demonstrate its contribution to sustainable development. 1. Since 2004, it has remained committed to the United Nations Global Compact and has reported on the progress made concerning the fulfillment of 10 guiding principles: human rights, labor rights, the environment, and anti-corruption. The 2024 Communication on Progress is presented through the online platform established by the Global Compact for this purpose. 2. The Company reports on its contribution to the 2030 Agenda for the Sustainable Development Goals (SDG). 3. It applies the Global Reporting Initiative (GRI) standards as reference. 4. The Company uses the International Framework of the IFRS Foundation as its reference framework. 5. The Company adopts the principles and guidelines established by the ISO 26000:2010 International Social Responsibility Standard in the management of its business. Materiality Assessment Since 2015, Grupo Clarín has been conducting a materiality assessment to identify relevant issues. In 2022, this process was reviewed, and the double materiality approach was incorporated. As a result, 24 material topics were identified, organized into four categories: journalism, corporate governance, environment, and people. Their financial, social, and environmental impacts were assessed, prioritizing the most significant ones through a survey addressed to the Group's Management and stakeholders. This assessment allowed the development of a new Materiality Matrix, highlighting key topics for accountability. 77 Grupo Clarín's Materiality Matrix GRI Content Index Statement of Use Grupo Clarín has prepared its Integrated Annual Report 2024 in accordance with the GRI Standards for the period from January 1 to December 31, 2024. GRI 1 used GRI 1: Foundation 2021 References • RP: Information reported in Exhibit I of the 2024 Integrated Annual Report which includes the Report on the Code of Corporate Governance of Grupo Clarín S.A., including the responses to the Recommended Practices (RP). The numbers indicate the Best Practice where information related to the corresponding GRI Content can be found. • All the notes included in the table are disclosed at the end of the table. • The table includes the relationship with the Sustainable Development Goals and Targets. GRI Standard Contents Section / Response SDG - Targets General Disclosures GRI 2: General Disclosures 2021 2-1 Organizational Details 2; 4.1; Note 1 2-2 Entities included in the organization's sustainability reporting 2 2-3 Reporting period, frequency and contact point 2; Note 2; Note 3; Note 4 78 2-4 Restatements of information Note 5 2-6 Activities, value chain, and other business relationships 3.3; 4.1; 4.2; 4.2.2; 4.2.3; 9.2 2-7 Employees 10.1; 10.2; Note 6 2-9 Governance structure and composition 6 and Note 9 2-10 Nomination and selection of the highest governance body 6; RP 11, 12, 13, and 20 2-11 Chair of the highest governance body Note 7, RP 6, 7, 8, 9, and 20 2-12 Role of the highest governance body in overseeing the management of impacts PR2 2-14 Role of the highest governance body in sustainability reporting Note 9 2-15 Conflicts of interest RP 1; RP 24 2-16 Communication of critical concerns 10.3; RP 26; RP 27 2-17 Collective knowledge of highest governance body Note 8, RP 8 2-19 Remuneration policies 6; RP 15; RP 16 2-20 Process to determine remuneration 6; RP 15; RP 16 2-22 Statement on sustainable development strategy Message from the CEO 2-23 Policy commitments 8.1;8.3; 8.5; 8.6; 8.7 2-24 Embedding policy commitments 7; 8.1; 9; RP 22 2-25 Processes to remediate negative impacts RP 23 2-26 Mechanisms for seeking advice and raising concerns 8.1; 10.3; RP 23 2-27 Compliance with laws and regulations Note 12 2-28 Membership associations 7.4; 8.1; 11.6 2-29 Approach to stakeholder engagement 7.4; 8.1; 8.4; 8.7; 9; 10.3; Exhibit II; RP26; Note 11 2-30 Collective bargaining agreements Note 10 Contents on material topics GRI 3: Material Topics 2021 3-1 Process to determine material topics 7.1; 7.2; 7,3; Exhibit II; Note 11 3-2 List of material topics 7.1; 7.2; 7,3; Exhibit II; Note 11 MATERIAL TOPICS Journalistic Independence and Freedom of Expression GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 7.3; 8.1; Exhibit II; Note 11 Company-specific indicator Adherence to agencies that ensure freedom of expression and dissemination of activities of these institutions 8.1 79 Company-specific indicator Method to ensure journalistic integrity 7.3; 8.1 Interaction with the Audience GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 8,4; Exhibit II; Note 11 Company-specific indicator Method to interact with audiences 8.4 Diverse and Inclusive Content GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 8.5; 8.6; Exhibit II; Note 11 Company-specific indicator Topics of social interest addressed from a diversity of perspectives and opinions. 8.5; 8.6 Editorial Innovation and Digital Transformation GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 8,2; Exhibit II; Note 11 Accessibility of Content and Protection of the Audience GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 8,8; Exhibit II; Note 11 Company-specific indicator Measures adopted to ensure accessibility of content 8.8 Company-specific indicator Measures adopted to protect vulnerable audiences 8.8 Journalistic Investigation GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 8,3; Exhibit II; Note 11 Creativity and Talent Engagement GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 10.5; 11.4; Exhibit II Promotion of Public Debate and Civic Involvement GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 8,7; Exhibit II; Note 11 Company-specific indicator Initiatives for the Promotion of Public Debate and Civic Involvement. 8.7 Company-specific indicator Dissemination of local culture 8.4; 11.5 Responsible Advertising GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 7.3; 8.1; Exhibit II, Note 11 Company-specific indicator Initiatives for the promotion of responsible advertising 7.3; 8.1 Protection of Data GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 8.1; 9.1; Exhibit II; Note 11 GRI 418: Customer privacy 2016 418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data Note 12 Protection of Intellectual Property GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 8,1; Exhibit II; Note 11 80 Company-specific indicator Description of the scope to ensure the protection of intellectual property 8.1 Ethics and Transparency GRI 3: Material Topics 2021 3-3 Management of material topics 6; 7.1; 7.2; 8.1; 9.2; Exhibit II; Note 11 GRI 201: Economic Performance 2016 201-4 Financial assistance received from government Note 13 Accountability GRI 3: Material Topics 2021 3-3 Management of material topics 6; 7.1; 7.2; 8.1; Exhibit II; Note 11 Respect for Human Rights GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 8.1; 8.7; Note 11; Exhibit II GRI 408: Child labor 2016 408-1 Operations and suppliers at significant risk for incidents of child labor Note 14 GRI 409: Forced or compulsory labor 2016 409-1 Operations and suppliers at significant risk for incidents of forced or compulsory labor Note 14 Company-specific indicator Principles, values, internal codes and communication channels to ensure the respect for human rights in the contents. 8.1; 8.7 Energy Efficiency GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 12,4; Exhibit II; Note 11 GRI 302: Energy 2016 302-1 Energy consumption within the organization 12.4 7.3, 8.4, 12.2, 13.1 302-3 Energy intensity Note 27 302-4 Reduction of energy consumption 12.4 Reduction of Emissions GRI 3: Material Topics 2021 3-3 Management of material topics 7.2; 12.4; Exhibit II; Note 11 GRI 305: Emissions 2016 305-1 Direct (Scope 1) GHG emissions 12.4 12.4, 13.1, 15.2 305-2 Energy indirect (Scope 2) GHG emissions 12.4 12.4, 13.1, 15.2 305-3 Other indirect (Scope 3) GHG emissions 12.4 12.4, 13.1, 15.2 305-5 Reduction of GHG emissions 12.4 13.1, 15.2 305-6 Emissions of ozone-depleting substances (ODS) Note 15 12.4 Efficient Use of Materials and Resources and Waste Management GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 12.3; 12.5; 12.6; Exhibit II; Note 11 GRI 301: Materials 2016 301-1 Materials used by weight or volume 12.3 8.4, 12.2 301-2 Recycled input materials used Note 16 8.4, 12.2, 12.5 301-3 Reclaimed products and their packaging materials Note 17 8.4, 12.2, 12.5 81 GRI 306: Waste 2020 306-1 Waste generation and significant waste-related impacts 12.5 306-2 Management of significant waste- related impacts 12.5 306-3 Waste generated 12.5; Note 18 12.4 306-4 Waste diverted from disposal 12.5; Note 18 12.4 GRI 303: Water and Effluents 2018 303-2 Management of water discharge- related impacts 12.6 303-4 Water discharge 12.6; Note 19 303-5 Water Consumption 12.6; Note 20 Promotion of Environmental Care GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 12,1; Exhibit II; Note 11 Company-specific indicator Initiatives for the promotion of environmental protection 12.1 Generation of Employment GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 10.1; 10.3; Exhibit II; Note 11 GRI 401: Employment 2016 401-1 New employee hires and employee turnover Note 21 5.1, 8.5, 8.6 Employee Safety and Welfare GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 10.3; 10.4; 10.6; Exhibit II; Note 11 GRI 401: Employment 2016 401-2 Benefits provided to full-time employees that are not provided to temporary or part-time employees Note 22 401-3 Parental leave Note 23 GRI 403: Occupational health and safety 2018 403-3 Occupational health services 10.6 403-6 Promotion of worker health 10.6 Diversity, Inclusion, and Non-Discrimination GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 8.6; 10.2; Exhibit II; Note 11 GRI 405: Diversity and equal opportunities 2016 405-1 Diversity of governance bodies and employees Note 9; Note 24 Training and Career Development GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 10,5; Exhibit II; Note 11 GRI 404: Training and education 2016 404-1 Average hours of training per year per employee Note 25 404-2 Programs for upgrading employee skills and transition assistance programs 0.5 404-3 Percentage of employees receiving regular performance and career development reviews Note 26 Responsible Value Chain 82 GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 9,2; Exhibit II; Note 11 GRI 308: Supplier environmental assessment 2016 308-1 New suppliers that were screened using environmental criteria 9.2 GRI 414: Supplier social assessment 2016 414-1 New suppliers that were screened using social criteria 9.2 Contribution to the Community GRI 3: Material Topics 2021 3-3 Management of material topics 7.1; 7.2; 11; Exhibit II; Note 11 GRI 203: Indirect economic impacts 2016 203-1 Infrastructure investments and services supported 11.2 Company-specific indicator Initiatives aimed at community development 11 NOTES NOTE 1 Buenos Aires, Argentina. NOTE 2 The Integrated Annual Report covers the period from January 1, 2024 to December 31, 2024. It is published on an annual basis. NOTE 3 Date of publication of the Report: 2025. NOTE 4 We receive inquiries and suggestions at rse@grupoclarin.com NOTE 5 In the event of a restatement of the information, it is expressly stated in a footnote to the table or indicator presented. 83 NOTE 6 Number of Employees in 2024 Workforce broken down by type of contract Women Men Total Permanent employment contract 1,235 2,566 3,801 Temporary contracts or fixed- term contracts 111 180 291 Zero-hour contract 17 33 50 Total 1,363 2,779 4,142 Employees by Region Women Men Total AMBA and the Prov of Bs As. 1,234 2,499 3,733 Mendoza 11 8 19 Córdoba 94 233 327 Santiago del Estero 1 2 3 Tucumán 2 3 5 Santa Fe 11 17 28 Chaco 0 1 1 La Pampa 0 7 7 Misiones 0 1 1 Salta 0 2 2 San Juan 8 4 12 San Luis 2 1 3 Jujuy 0 1 1 Total 1,363 2,779 4,142 Business units surveyed: AGEA Tacuarí - Cúspide - Carburando - ARTEAR Canal 13 - Canal 12 - CMI - Gestión Compartida – LVI - Radio Mitre - TyC Sports - Grupo Clarín. 84 Number of Employees - by Employment Contract and Region - 2024 Employees by Type of Contract and Region Permanent employment contract Temporary contracts or fixed-term contracts Zero-hour contract Total Part-time Full-time Total AMBA and the Prov of Bs As. 3,451 260 22 3,733 145 3,588 3,733 Mendoza 18 0 1 19 1 18 19 Córdoba 277 25 25 327 64 263 327 Santiago del Estero 3 0 0 3 0 3 3 Tucumán 4 0 1 5 1 4 5 Santa Fe 28 0 0 28 0 28 28 Chaco 1 0 0 1 0 1 1 La Pampa 1 6 0 7 0 7 7 Misiones 0 0 1 1 1 0 1 Salta 2 0 0 2 0 2 2 San Juan 12 0 0 12 0 12 12 San Luis 3 0 0 3 0 3 3 Jujuy 1 0 0 1 0 1 1 Total 3,801 291 50 4,142 212 3,930 4,142 Business units surveyed: AGEA Tacuarí - Cúspide - Carburando - ARTEAR Canal 13 - Canal 12 - CMI - Gestión Compartida – LVI - Radio Mitre - TyC Sports - Grupo Clarín. NOTE 7 Jorge Rendo, the Chair of the Board of Directors, also serves as Director of External Relations in the Corporate area. NOTE 8 Although there is no formally implemented annual training program, Board members periodically receive updates and training through the Corporate Affairs Department. These training instances cover essential information about the industry, business operations, and the regulatory framework, aiming to strengthen their exercise of duties and responsibilities. 85 NOTE 9 Composition of the Board of Directors 2024 Title Tenure (in years) Jorge Carlos Rendo Chair 20 Héctor Mario Aranda Vice Chair 19 Francisco Pagliaro Permanent Director 7 Horacio Ezequiel Magnetto Permanent Director 7 Felipe Noble Herrera Permanent Director 7 Antonio Román Aranda Permanent Director 1 Andrés Gabriel Riportella Permanent Director 6 Martin Gonzalo Etchevers Permanent Director 13 Horacio Eduardo Quirós Permanent Director 11 Alberto Cesar Menzani Permanent Director 3 Eugenio Eduardo Sosa Mendoza Alternate Director 7 Lucas Puente Solari Alternate Director 7 Alberto Pedro Marina Alternate Director 5 Marcelo Fernando Boncagni Alternate Director 7 Francisco Iván Acevedo Alternate Director 11 Luis Germán Fernandez Alternate Director 13 Carlos Rebay Alternate Director 13 Alfredo Enrique Kahrs Alternate Director 6 Veronica Alejandra Beratz Alternate Director 2 Patricia Miriam Colugio Alternate Director 7 Diversity Indicators – Board of Directors 2024 Independent Directors 2 Directors with executive positions 6 Female directors 2 – 10% Male directors 18 – 90% Directors aged 31 to 50 6 – 30% Directors over 51 years old 14 – 70% The Board of Directors approves the Integrated Annual Report each year. 86 NOTE 10 56.71% of the employees are covered by collective bargaining agreements. The working conditions and employment terms of non-unionized employees are not influenced or determined by other collective bargaining agreements. NOTE 11 Coverage of Material Topics and Impact on Stakeholders Category Material Topics Stakeholders Journalism and generation of content. Journalistic Independence and Freedom of Expression Audiences/customers/public; journalistic entities; government; media observatories; community; civil society organizations; international or supranational agencies or entities; peer/competitor companies; investors and analysts; employees; community; journalistic entities. Interaction with the Audience Diverse and Inclusive Content Editorial Innovation and Digital Transformation Accessibility of Content and Protection of the Audience Journalistic Investigation Creativity and Talent Engagement Promotion of Public Debate and Civic Involvement. Responsible Advertising Corporate Governance Protection of Data Investors and analysts; advertisers; journalistic entities; unions and employees; government; media observatories; community; civil society organizations; business chambers; international or supranational agencies or entities. Protection of Intellectual Property Ethics and Transparency Accountability Respect for Human Rights People Generation of Employment Investors; employees; unions; government; community; civil society organizations; media observatories; international or supranational organizations or entities; suppliers; audiences/customers/public. Training and Career Development Employee Safety and Welfare Diversity, Inclusion, and Non- Discrimination Responsible Value Chain Contribution to the Community The Environment Efficient Use of Materials and Resources and Waste Management Investors and analysts; government; community; civil society organizations; audience. Energy Efficiency Reduction of Emissions Promotion of Environmental Care NOTE 12 No significant sanctions or fines related to substantiated complaints regarding breaches of customer privacy or customer data loss were recorded during 2024. We did not include claims in respect of which a final decision has not yet been rendered by administrative or judicial courts, and non-appealable non-monetary sanction warnings. Additionally, during the reporting period, there were no recorded instances of non- compliance with applicable laws and regulations resulting in monetary fines. Business units surveyed: Grupo Clarín S.A. Information provided by the law firm in charge of Grupo Clarín S.A.'s defense. 87 NOTE 13 Financial Assistance Received from Government (in Argentine Pesos) 2023 2024 Tax incentives and reliefs related to companies located in technological and audiovisual districts(1). 429,373,686 1,249,516,791 Other Tax Incentives/Reliefs (2) 2,938,493,808 6,457,850,448 (1) Business units surveyed: Gestión Compartida and TyC Sports. (2) Business units surveyed: AGEA Tacuarí and Canal 12. NOTE 14 There were no cases in our operations or those of our suppliers with a significant risk of child labor, nor cases of forced or compulsory labor. NOTE 15 The consumption of ozone-depleting substances in air-conditioning gases was identified in Diario Clarín. Ozone-Depleting Substances (ODS) (metric tons of CFC-11 equivalent) 2023 2024 Freon Gas R22 0.0675 0.0405 NOTE 16 Recycled Material (tons) 2023 2024 Use of paper from sustainable sources (FSC certified) 1.48 1.13 Business units surveyed: TyC Sports. NOTE 17 Reused Products (tons) 2023 2024 Amount of Paper Used 1.68 1.13 Amount of Paper Recovered 1.68 0.44 Business units surveyed: TyC Sports. 88 NOTE 18 Type of Waste Composition Disposal / Treatment Method Removal Method Weight (tn) 2023 2024 Hazardous Waste * Y8 Liquid Thermal destruction Contractor Procedure 1.7 3 (1) Y18/16 1.2 - Y12 15.5 20.50 (1) Y1 Autoclave Contractor Procedure 0.054 0.03 (1) Y48 On-land incineration Contractor Procedure 1.04 - Y48/Y12 27.5 20.60 (1) Y29 - - 0.05 - Electronic / cells and batteries On-Site Storage Contractor Procedure 0.13 0.05 (2) Toners and cartridges 0.04 0.03 (2) Total Hazardous Waste 47.22 44.22 Non- Hazardous Waste * Urban Solid Waste Sanitary landfill Contractor Procedure 723 509.56 (3) Recycled Recycling and reuse Contractor Procedure 203.87 223.36 (4) Total Non-Hazardous Waste 926.88 732.92 *Not imported or exported (1) Business units surveyed: AGEA Zepita. (2) Business units surveyed: TyC Sports. (3) Business units surveyed: AGEA Tacuarí, AGEA Zepita, ARTEAR Canal 13, and LVI. (4) Business units surveyed: AGEA Zepita, ARTEAR Canal 13, Gestión Compartida, LVI, and TyC Sports. NOTE 19 Discharges into freshwater (in megaliters) 2023 2024 Annual volume discharged in non-water- stressed areas 8.75 1.99 (1) Annual volume discharged in water-stressed areas No discharges were made in water-stressed areas. No discharges were made in water-stressed areas. (1) Business units surveyed: AGEA Zepita and LVI. One of the main differences in this indicator between both years is that the business unit Los Andes, which is no longer part of the Group, had reported water discharge of 6.2 megaliters in 2023. NOTE 20 Water Consumption (in megaliters) 2023 2024 Freshwater 53.94 114.80 (1) (1) Business units surveyed: AGEA Tacuarí, AGEA Zepita, ARTEAR Canal 13, Gestión Compartida, Radio Mitre, Carburando, and TyC Sports. In 2023, a discrepancy was identified in AGEA Zepita due to an incorrect calculation resulting from a change in personnel responsible for data reporting. However, this was corrected for 2024, and the same methodology will be applied consistently in future years. 89 NOTE 21 New Hires and Employee Turnover 2024 New Hires Departures Rate of New Hires (1) Employee Turnover Rate (2) Total 689 914 16.63% 22.07% Breakdown by age Up to 30 450 333 56.82% 42.05% Between 31 and 50 215 435 10.05% 20.34% Over 51 years 24 146 1.98% 12.06% Breakdown by Gender Women 311 388 22.82% 28.47% Men 378 526 13.60% 18.93% Breakdown by Region AMBA and the Prov of Bs As. 636 843 17.04% 22.58% Mendoza 9 7 47.37% 36.84% Córdoba 29 46 8.87% 14.07% Santiago del Estero 0 0 0.00% 0.00% Tucumán 0 0 0.00% 0.00% Chubut 0 0 0.00% 0.00% Santa Fe 5 8 17.86% 28.57% Río Negro 0 0 0.00% 0.00% Chaco 0 0 0.00% 0.00% Current 0 0 0.00% 0.00% Entre Ríos 0 0 0.00% 0.00% Formosa 0 0 0.00% 0.00% La Pampa 6 6 85.71% 85.71% Misiones 0 0 0.00% 0.00% Neuquén 0 0 0.00% 0.00% Salta 1 0 50.00% 0.00% San Juan 2 3 16.67% 25.00% San Luis 1 1 33.33% 33.33% Jujuy 0 0 0.00% 0.00% Business units surveyed: AGEA Tacuarí - Cúspide - Carburando - ARTEAR Canal 13 - Canal 12 - CMI - Gestión Compartida – LVI - Radio Mitre - TyC Sports - Grupo Clarín. (1) New Hire Rate = New Hires / Total Employees as of December 31, 2024 (for each category) (2) Employee turnover rate = Departures / Total Employees as of December 31, 2024 (for each category) 90 NOTE 22 Employee Benefits: Flexible work / home office (1) (2) (4) (5) (6) (7) (8) (9) Flex Friday (1) Birthday (1) (2) (7) (8) Vacation days in addition to those provided by law (1) (2) (6) (8) Personal days (1) (8) Reimbursement of daycare fees (1) (2) (3) (4) (5) (6) (7) (8) Events with the children of our employees(1) (3) (6) (8) School Kits (1) (2) (5) (6) (7) (8) Benefits for the family of our employees (health care) (1) (2) (3) (4) (5) (6) (7) (8) (9) Benefits for the family of our employees (Fitness Center) (1) (4) (5) (6) (7) (8) (9) Breastfeeding room (1) (2) (3) (5) (7) (8) Extended maternity leave (1) (2) (5) (6) (7) (8) Extended parental leave (1) (2) (6) (7) (8) Special leave for parents of premature children (1) Adoption leave (1) (2) (6) (8) Wedding Policy (1) (7) (8) Post-maternity leave flexibility (1) (2) (8) Tarjeta 365 (1) (2) (8) English and Portuguese Classes (1) (2) (6) (7) (8) (9) Preferential prices in insurance (2) (7) (8) (9) Discounts on various products and services (1) (2) (3) (5) (6) (7) (8) (9) Vending machine (1) (2) (3) (4) (5) (7) (8) (9) Financial assistance (4) (8) Long-term savings plan for executives (1) (2) (7) (8) Business units surveyed: 1. Grupo Clarín 2. AGEA Tacuarí 3. ARTEAR Canal 13 4. Canal 12 5. La Voz del Interior 6. Radio Mitre 7. TyC Sport 8. Gestión Compartida 9. Carburando 91 NOTE 23 Parental Leave 2024 Total Number of Employees Women Men Number of employees who were entitled to parental leave in 2024 1,363 2,779 Number of employees who made effective use of the parental leave in 2024 16 27 Number of employees who returned to work after the end of the parental leave 2024 and whose leave started and ended in 2024 12 27 Number of employees who made effective use of the parental leave in 2024 and are still on leave as of December 31, 2024 6 1 Number of employees who made effective use of the parental leave in 2024 and who did not return and are no longer on leave 0 0 Number of employees who returned to work after the end of the parental leave in 2024 and whose leave started in 2023 or before 8 0 Number of employees who had to return to work after the end of the parental leave in 2024 and whose leave had started in 2023 or before, but did not return to work 0 0 Return-To-Work Rate (2024) 100% 100% Number of employees who returned to work during 2024 (after the parental leave that started in 2022 or 2023) 8 6 Number of employees who returned to work during 2024 (after their parental leave initiated in 2022 or 2023) and remained active on payroll 12 months after completing their leave. 8 6 Retention Rate (2024) 100% 100% Business units surveyed: AGEA Tacuarí - Cúspide - Carburando - ARTEAR Canal 13 - Canal 12 - CMI - Gestión Compartida – LVI - Radio Mitre - TyC Sports - Grupo Clarín. NOTE 24 Breakdown of Employees as of December 31, 2024 Distribution by category Distribution by gender Distribution by age Professional category Employees Men Women < 30 years 31 - 50 years > 51 years % % % % % Directors, General Managers and Managers 116 88% 12% 0% 34% 66% Middle Management 803 71% 29% 3% 57% 40% Analysts and Administrative Staff 1,517 51% 49% 28% 55% 17% Technical Staff 759 94% 6% 7% 51% 42% Other 947 65% 35% 31% 45% 25% Total 4,142 67% 33% 19% 52% 29% Business units surveyed: AGEA Tacuarí - Cúspide - Carburando - ARTEAR Canal 13 - Canal 12 - CMI - Gestión Compartida – LVI - Radio Mitre - TyC Sports - Grupo Clarín. Percentages calculated based on active employees as of 12/31/2023 out of the total employees as of 12/31/2024 for each category. 3 people with disabilities work in Gestión Compartida. 92 Employees with Journalistic Functions - 2024 Number Unionized Journalists 588 Other jobs in journalistic areas that are represented by press unions 35 Other jobs in journalistic areas that are not represented by press unions 121 Self-employed workers with journalistic functions in the group's media 197 Business units surveyed: AGEA Tacuarí, Carburando, CMI, LVI, Radio Mitre, Canal 12, and TyC Sports. Employees related to the newsroom area broken down by hierarchy in business units engaged in print activities - 2024 Women Men Total Copy writers 266 90 176 Sub-editors 105 34 71 Editors 70 23 47 Head of Area 54 11 43 Center Table 16 5 11 Editors-in-chief 4 0 4 Business units surveyed: AGEA Tacuarí, CMI, and LVI. NOTE 25 All the data below includes part-time and full-time employees. Employee Training in 2024 Average Hours of Training Total hours of training Number of Employees Training by Employee 6.18 25,613 4,142 Breakdown by Gender Training by Women 7.78 10,608 1,363 Training by Men 5.40 15,005 2,779 Breakdown by Job Category Directors, General Managers and Managers 14.44 1,676 116 Middle Management 11.72 9,412 803 Analysts and Administrative Staff 7.13 10,820 1,517 Technical Staff 3.60 2,731 759 Other 1.03 975 947 Business units surveyed: AGEA Tacuarí - Cúspide - Carburando - ARTEAR Canal 13 - Canal 12 - CMI - Gestión Compartida – LVI - Radio Mitre - TyC Sports - Grupo Clarín. Training hours delivered in 2024 out of the total active employees as of 12/31/2024 for each category. 93 NOTE 26 Performance Assessment 2024 Percentage Employees Assessed Number of Employees Number of Employees who Received a Regular Performance Assessment 34.26% 1,419 4,142 Breakdown by Gender Number of Employees who Received a Regular Performance Assessment - Women 43.65% 595 1,363 Number of Employees who Received a Regular Performance Assessment - Men 29.65% 824 2,779 Breakdown by Job Category Directors, General Managers and Managers 31.03% 36 116 Middle Management 45.33% 364 803 Analysts and Administrative Staff 56.43% 856 1,517 Technical Staff 9.88% 75 759 Other 9.29% 88 947 Business units surveyed: AGEA Tacuarí - Cúspide - Carburando - ARTEAR Canal 13 - Canal 12 - CMI - Gestión Compartida – LVI - Radio Mitre - TyC Sports - Grupo Clarín. NOTE 27 Energy Intensity 2023 2024 Intensity Ratio 26.99 24.85 (1) (1) Business units surveyed: AGEA Tacuarí, AGEA Zepita, ARTEAR Canal 13, Canal 12, Gestión Compartida, LVI, Carburando, Radio Mitre, and TyC Sports. Calculated based on electricity consumed / total employees as of 12-31-2024. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 1 - GRUPO CLARÍN S.A. CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 PRESENTED ON A COMPARATIVE BASIS GLOSSARY OF TERMS AFIP or ARCA ............................................ Argentine Federal Revenue Service (Administración Federal de Ingresos Públicos, which changed its name to Agencia de Recaudación y Control Aduanero, ARCA, for its Spanish acronym) AGEA .......................................................... Arte Gráfico Editorial Argentino S.A. AGL ............................................................. Artes Gráficas del Litoral S.A. ARTEAR ...................................................... Arte Radiotelevisivo Argentino S.A. BCBA .......................................................... Buenos Aires Stock Exchange (Bolsa de Comercio de Buenos Aires). BIMO .......................................................... Tech Bimo S.A.U. Cablevisión Holding ................................ Cablevisión Holding S.A. Canal Rural ................................................ Canal Rural Satelital S.A. CIMECO ..................................................... Compañía Inversora en Medios de Comunicación (CIMECO) S.A. IFRIC ........................................................... International Financial Reporting Interpretations Committee CMI ............................................................. Comercializadora de Medios del Interior S.A. CNV ............................................................ Argentine Securities Commission (Comisión Nacional de Valores) DLA ............................................................. Diario Los Andes Hnos. Calle S.A. Adjusted EBITDA ...................................... Revenues less cost of sales and selling and administrative expenses (excluding depreciation and amortization). Exponenciar .............................................. Exponenciar S.A. FACPCE ..................................................... Argentine Federation of Professional Councils in Economic Sciences (Federación Argentina de Consejos Profesionales de Ciencias Económicas) FPP .............................................................. Frecuencia Producciones Publicitarias S.A. GCGC ......................................................... GC Gestión Compartida S.A. GCSA Investments ................................... GCSA Investments, S.A.U. GC Minor ................................................... GC Minor S.A.U. GDS ............................................................ Global Depositary Shares Grupo Clarín, or the Company ............... Grupo Clarín S.A. IASB ............................................................ International Accounting Standards Board IESA ............................................................ Inversora de Eventos S.A. IGJ ............................................................... Argentine Superintendency of Legal Entities (Inspección General de Justicia) Impripost.................................................... Impripost Tecnologías S.A. INDEC ........................................................ National Institute of Statistics and Census (Instituto Nacional de Estadística y Censos) VAT ............................................................. Value Added Tax LSE .............................................................. London Stock Exchange LVI ............................................................... La Voz del Interior S.A. IAS ............................................................... International Accounting Standards IFRS ............................................................. International Financial Reporting Standards Papel Prensa .............................................. Papel Prensa S.A.I.C.F. y de M. Patagonik ................................................... Patagonik Film Group S.A. Pol-Ka ......................................................... Pol-Ka Producciones S.A. Radio Mitre ................................................ Radio Mitre S.A. Gain (Loss) on Net Monetary Position ... Results from changes in the purchasing power of the currency (“RECPAM”, for its Spanish acronym) Ríos de Tinta .............................................. Ríos de Tinta S.A de C.V. RIUNOR ...................................................... RIUNOR S.A.U. (formerly, Unir S.A.U) Telecom ..................................................... Telecom Argentina S.A. Telecor ....................................................... Telecor S.A.C.I. TRISA .......................................................... Tele Red Imagen S.A. URBANO .................................................... Urbano Express Argentina S.A. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 JORGE CARLOS RENDO Chair of the Supervisory Committee Chair - 2 - GRUPO CLARÍN S.A. CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 PRESENTED ON A COMPARATIVE BASIS In Argentine Pesos ($) – Notes 2.1 and 2.12 to the Consolidated Financial Statements and Notes 2.1 and 2.8 to the Separate Financial Statements. Registered office: Piedras 1743, Buenos Aires, Argentina Main corporate business: Investing and financing Date of incorporation: July 16, 1999 Date of registration with the Public Registry of Commerce: - Of the by-laws: August 30, 1999 - Of the latest amendment: November 08, 2022 Registration number with the IGJ: 1,669,733 Expiration of Articles of Incorporation: August 29, 2098 Information on Controlling Company: Name: GC Dominio S.A. Registered office: Piedras 1743, Buenos Aires, Argentina Information on the subsidiaries in Note 2.4 to the Consolidated Financial Statements and Note 4.4 to the Separate Financial Statements. CAPITAL STRUCTURE (See Note 12 to the Separate Financial Statements) Type Number of votes per share Capital Subscribed, Registered and Paid-in Class “A” Common shares, with nominal value of $ 1 5 28,226,683 Class “B” Common shares, with nominal value of $ 1 1 69,203,544 Class “C” Common shares, with nominal value of $ 1 1 9,345,777 Total as of December 31, 2024 106,776,004 Total as of December 31, 2023 106,776,004 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 JORGE CARLOS RENDO Chair of the Supervisory Committee Dr. R. Sergio Cravero Chair Certified Public Accountant (UCA) C.P.C.E.C.A.B.A. Vol. 265 Fol. 92 - 3 - GRUPO CLARÍN S.A. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (Amounts stated in Argentine Pesos – Note 2.1.1) Notes December 31, 2024 December 31, 2023 Revenues 6.1 353,849,843,823 471,389,684,016 Cost of Sales (1) 6.2 (225,273,840,138) (312,948,757,605) Subtotal - Gross Profit 128,576,003,685 158,440,926,411 Selling Expenses (1) 6.3 (46,429,135,707) (58,192,648,933) Administrative Expenses (1) 6.3 (65,870,761,112) (82,821,843,131) Other Income and Expenses, net 6.6 2,418,617,922 2,239,687,961 Gain (Loss) on Net Monetary Position 3,226,494,542 (34,024,100,560) Financial Expenses on Debt 6.4 (12,473,820,255) (31,216,699,952) Other Financial Results, net 6.5 2,609,854,811 12,627,239,435 Financial Results (6,637,470,902) (52,613,561,077) Equity in Earnings from Associates 5.5 (1,271,634,601) (1,043,084,008) Income (Loss) before Income Tax 10,785,619,285 (33,990,522,777) Income Tax 7 (13,860,780,401) 9,249,182,375 Loss for the year (3,075,161,116) (24,741,340,402) Other Comprehensive Income Items which can be reclassified to Net Income (Loss) Equity in Comprehensive Earnings from Associates 38,497,604 (298,384,781) Variation in Translation Differences of Foreign Operations (10,127,000,795) 4,323,525,415 Other Comprehensive Income (Loss) for the Year (10,088,503,191) 4,025,140,634 TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR (13,163,664,307) (20,716,199,768) (Loss) Income Attributable to: Shareholders of the Controlling Company (4,023,141,336) (22,967,442,089) Non-Controlling Interests 947,980,220 (1,773,898,313) Total Comprehensive Income (Loss) Attributable to: Shareholders of the Controlling Company (14,111,644,527) (18,942,301,455) Non-Controlling Interests 14 947,980,220 (1,773,898,313) Basic and Diluted Net Income (Loss) per Share - Total 16 (37.68) (215.01) (1) Includes amortization of intangible assets and film library, right-of-use assets and depreciation of property, plant and equipment and investment properties in the amount of $ 17,084,938,318 and $ 20,239,418,275 for the years ended December 31, 2024 and 2023, respectively. The accompanying notes are an integral part of these Consolidated Financial Statements. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 JORGE CARLOS RENDO Chair of the Supervisory Committee Dr. R. Sergio Cravero Chair Certified Public Accountant (UCA) C.P.C.E.C.A.B.A. Vol. 265 Fol. 92 - 4 - GRUPO CLARÍN S.A. CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2024 AND 2023 (Amounts stated in Argentine Pesos – Note 2.1.1) Notes December 31, 2024 December 31, 2023 ASSETS NON-CURRENT ASSETS Property, Plant, and Equipment 5.1 111,617,049,240 119,853,064,806 Intangible Assets 5.2 10,012,089,971 10,115,813,048 Goodwill 5.4 363,129,224 363,129,224 Investment Properties 5.3 14,194,230,412 12,390,661,511 Net Deferred Tax Assets 7 13,032,336,769 20,287,364,631 Right-of-Use Assets 5.17 1,737,680,003 1,044,219,794 Investments in Associates 5.5 58,743,546,827 63,672,548,259 Other Investments 5.6 2,656,623,672 4,505,910,913 Inventories 5.7 441,860,027 388,036,409 Other Assets 5.8 438,338,923 807,720,685 Other Receivables 5.9 1,531,965,774 1,496,651,625 Total Non-Current Assets 214,768,850,842 234,925,120,905 CURRENT ASSETS Inventories 5.7 12,389,471,390 16,330,943,429 Other Assets 5.8 1,869,899,249 6,185,714,314 Other Receivables 5.9 15,660,401,385 19,908,588,477 Trade Receivables 5.10 101,545,527,469 78,673,621,401 Other Investments 5.6 26,197,667,089 36,723,568,931 Cash and Banks 5.11 15,339,585,344 31,794,979,877 Total Current Assets 173,002,551,926 189,617,416,429 Total Assets 387,771,402,768 424,542,537,334 EQUITY (as per the corresponding statement) Attributable to Shareholders of the Controlling Company Shareholders’ Contribution 224,247,815,988 242,795,002,699 Other Items (6,522,037,750) 2,923,685,626 Retained Earnings 25,112,100,342 11,230,834,782 Total Attributable to Shareholders of the Controlling Company 242,837,878,580 256,949,523,107 Attributable to Non-Controlling Interests 14 469,965,000 (404,468,711) Total Equity 243,307,843,580 256,545,054,396 LIABILITIES NON-CURRENT LIABILITIES Provisions and Other Charges 5.12 12,185,562,254 14,235,953,665 Financial Debt 5.13 10,900,640,790 5,420,837,505 Lease Liabilities 5.17 656,975,107 140,034,597 Deferred Tax Liabilities 7 9,481,349,755 3,928,313,248 Taxes Payable 5.14 5,754,196 33,523,781 Other Liabilities 5.15 6,202,258,421 5,415,234,097 Trade and Other Payables 5.16 156,515,654 335,859,901 Total Non-Current Liabilities 39,589,056,177 29,509,756,794 CURRENT LIABILITIES Financial Debt 5.13 6,586,242,406 24,577,262,995 Lease Liabilities 5.17 830,413,477 580,734,781 Taxes Payable 5.14 2,962,698,859 4,577,826,458 Other Liabilities 5.15 9,385,550,222 16,625,714,863 Trade and Other Payables 5.16 85,109,598,047 92,126,187,047 Total Current Liabilities 104,874,503,011 138,487,726,144 Total Liabilities 144,463,559,188 167,997,482,938 Total Equity and Liabilities 387,771,402,768 424,542,537,334 The accompanying notes are an integral part of these Consolidated Financial Statements. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 JORGE CARLOS RENDO Chair of the Supervisory Committee Dr. R. Sergio Cravero Chair Certified Public Accountant (UCA) C.P.C.E.C.A.B.A. Vol. 265 Fol. 92 - 5 - GRUPO CLARÍN S.A. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (Amounts stated in Argentine Pesos – Note 2.1.1) Equity attributable to Shareholders of the Controlling Company Shareholders’ Contribution Other Items Retained Earnings Total Equity of Controlling Company Equity Attributable to Non- Controlling Interests Total Equity Capital Stock Inflation Adjustment on Capital Stock Additional Paid- in Capital Subtotal Other Comprehensive Income Other Reserves Legal Reserve Voluntary Reserves (1) Retained Earnings Balances as of December 31, 2022 106,776,004 101,881,707,784 140,806,518,911 242,795,002,699 2,967,128,224 (3,425,803,417) 13,725,305,909 29,778,021,493 (9,305,050,531) 276,534,604,377 1,498,786,897 278,033,391,274 Reversal of Legal Reserve (Note 13.a.) - - - - - - (9,305,050,531) - 9,305,050,531 - - - Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - - (126,700,775) (126,700,775) Acquisition of a Minority Interest (Note 12.3.a) - - - - - (642,779,815) - - - (642,779,815) (2,656,520) (645,436,335) Loss for the year - - - - - - - - (22,967,442,089) (22,967,442,089) (1,773,898,313) (24,741,340,402) Other Comprehensive Income: Changes in Other Comprehensive Income - - - - 4,025,140,634 - - - - 4,025,140,634 - 4,025,140,634 Balances as of December 31, 2023 106,776,004 101,881,707,784 140,806,518,911 242,795,002,699 6,992,268,858 (4,068,583,232) 4,420,255,378 29,778,021,493 (22,967,442,089) 256,949,523,107 (404,468,711) 256,545,054,396 Reversal of Legal Reserve and Additional Paid-in capital (Note 13.a) - - (18,547,186,711) (18,547,186,711) - - (4,420,255,378) - 22,967,442,089 - - - Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - - (73,546,509) (73,546,509) Reversal of Other Reserves for Sale of Controlled Company (Note 12.3.b) - - - - - 642,779,815 - - (642,779,815) - - - Loss for the year - - - - - - - - (4,023,141,336) (4,023,141,336) 947,980,220 (3,075,161,116) Other Comprehensive Income: Changes in Other Comprehensive Income - - - - (10,088,503,191) - - - - (10,088,503,191) - (10,088,503,191) Balances as of December 31, 2024 106,776,004 101,881,707,784 122,259,332,200 224,247,815,988 (3,096,234,333) (3,425,803,417) - 29,778,021,493 (4,665,921,151) 242,837,878,580 469,965,000 243,307,843,580 (1) Corresponds to Judicial Reserve for Future Dividends Distribution The accompanying notes are an integral part of these Consolidated Financial Statements. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 JORGE CARLOS RENDO Chair of the Supervisory Committee Dr. R. Sergio Cravero Chair Certified Public Accountant (UCA) C.P.C.E.C.A.B.A. Vol. 265 Fol. 92 - 6 - GRUPO CLARÍN S.A. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (Amounts stated in Argentine Pesos – Note 2.1.1) December 31, 2024 December 31, 2023 CASH FLOWS PROVIDED BY OPERATING ACTIVITIES Loss for the year (3,075,161,116) (24,741,340,402) Income Tax 13,860,780,401 (9,249,182,375) Accrued Interest, net 6,840,362,417 2,794,061,206 Adjustments to reconcile net loss for the year to cash (used in) / provided by operating activities: Depreciation of Property, Plant and Equipment 12,770,467,127 14,483,854,790 Amortization of Intangible Assets and Film Library 2,558,594,486 4,008,454,135 Amortization of Right-of-Use Assets 1,484,722,606 1,506,384,523 Depreciation of Investment Properties 271,154,099 240,724,827 Net Allowances 5,182,032,433 9,583,679,417 Financial Income, except Interest (1,154,534,745) 7,341,961,386 Equity in Earnings from Associates 1,271,634,601 1,043,084,008 Impairment of Goodwill - 76,775,700 Gain (Loss) on Net Monetary Position (3,226,494,542) 34,024,100,560 Other Income and Expenses, net (640,020,669) (252,327,976) Changes in Assets and Liabilities: Trade Receivables (87,112,478,541) (85,798,544,270) Other Receivables (10,545,230,691) (12,885,046,856) Inventories 67,312,170 12,312,235,422 Other Assets 4,619,948,049 (2,859,452,158) Trade and Other Payables 51,677,657,221 85,535,645,387 Taxes Payable (7,905,723) 795,149,875 Other Liabilities 4,945,898,882 3,600,997,874 Provisions (2,894,232,904) (7,158,551,430) Payments of Income tax (402,394,908) (1,585,355,601) Net Cash Flows (used in) provided by Operating Activities (3,507,889,347) 32,817,308,042 CASH FLOWS PROVIDED BY INVESTING ACTIVITIES Payments for Acquisition of Property, Plant and Equipment (8,529,852,803) (13,775,697,486) Payments for Acquisition of Intangible Assets (3,406,761,784) (3,800,700,409) Proceeds from Sale of Property, Plant and Equipment and Intangible Assets 169,218,635 556,420,736 Dividends Collected from Investments in Unconsolidated Affiliates 1,012,525,109 622,048,130 (Acquisition) / Sale of Government and Corporate Securities and Other Investments (3,412,100,098) 5,661,507,837 Proceeds from Disposal of Unconsolidated Affiliates 1,326,921,188 1,348,114 Payment of capital contributions (175,416,029) (3,149,385) Transactions with Securities, Bonds and Other Placements, Net 1,912,948,146 (6,304,380,254) Net Cash Flows (used in) Investing Activities (11,102,517,636) (17,042,602,717) CASH FLOWS PROVIDED BY FINANCING ACTIVITIES Loans Obtained 32,359,105,600 24,484,071,700 Payment of Financial Debt (23,647,194,801) (11,899,179,202) Payment of Interest (6,171,795,042) (10,399,350,166) Payment of Counter Guarantee (Note 17.d) - (500,117,791) Payment of Lease Liabilities (1,188,224,872) (1,151,067,850) Payments to Non-Controlling Interests, net - (106,134,584) Net Cash Flows provided by Financing Activities 1,351,890,885 428,222,107 (Decrease) / Increase in cash flow, net (13,258,516,098) 16,202,927,432 Cash and Cash Equivalents at the Beginning of the Year 68,518,548,808 52,522,534,627 FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND CASH EQUIVALENTS (13,923,792,935) (206,913,251) Decrease in Cash Due to Deconsolidation of Subsidiaries (314,885,381) - Cash and Cash Equivalents at the Closing of the Year (Note 2.25) 41,021,354,394 68,518,548,808 The accompanying notes are an integral part of these Consolidated Financial Statements. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 7 - INDEX OF THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. GENERAL INFORMATION 2. BASIS FOR THE PREPARATION AND PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS. 3. ACCOUNTING ESTIMATES AND JUDGMENTS 4. SEGMENT INFORMATION 5. BREAKDOWN OF THE MAIN ITEMS OF THE STATEMENT OF FINANCIAL POSITION 6. BREAKDOWN OF THE MAIN ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME 7. INCOME TAX 8. PROVISIONS AND OTHER CONTINGENCIES 9. REGULATORY FRAMEWORK 10. CALL OPTIONS 11. FINANCIAL INSTRUMENTS 12. EQUITY INTERESTS IN OTHER ENTITIES AND OTHER RELEVANT EVENTS ABOUT CONTROLLED COMPANIES 13. RESERVES, RETAINED EARNINGS, AND DIVIDENDS 14. NON-CONTROLLING INTEREST 15. BALANCES AND TRANSACTIONS WITH RELATED PARTIES 16. EARNINGS PER SHARE 17. COVENANTS, SURETIES AND GUARANTEES PROVIDED 18. LONG-TERM SAVINGS PLAN FOR EMPLOYEES 19. OPERATING LEASES 20. LAW No. 26,831 CAPITAL MARKETS 21. APPROVAL OF FINANCIAL STATEMENTS GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 8 - GRUPO CLARÍN S.A. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2024, PRESENTED ON A COMPARATIVE BASIS (Amounts stated in Argentine Pesos – Note 2.1.1) NOTE 1 – GENERAL INFORMATION Grupo Clarín is a holding company that operates in the Media industry. Its operating income and cash flows derive from the operations of its subsidiaries in which it participates directly or indirectly. Its operations include newspaper and other printing, publishing and advertising activities, broadcast television, radio operations and television content production, on-line and new media services, and other media related activities. A substantial portion of its revenues is generated in Argentina. Through its subsidiaries, it is engaged primarily in the following business segments as of December 31, 2024: − Print and Digital Publications, consisting of national and regional newspapers, a sports daily, magazine publishing, editing and distribution, and commercial printing. Diario Clarín, the flagship national newspaper, is the newspaper with the second largest circulation in the Spanish-speaking world. The sports daily Olé is the only newspaper of its kind in the Argentine market. The children’s magazine Genios is the children’s magazine with the highest circulation in Argentina. − Broadcasting and Programming, consisting of Canal 13, one of the two broadcast television stations with the highest audience share in Argentina, AM (Amplitude Modulation) /FM (Frequency Modulation) radio broadcast stations (Radio Mitre and La 100), and the production of television, film and radio programming content, including cable television signals and organization and broadcasting of sporting events. − Other, consisting mainly of the operations of its subsidiary GCGC, its shared service center. NOTE 2 - BASIS FOR THE PREPARATION AND PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS. 2.1 Basis for the preparation Through General Resolutions No. 562/09 and No. 576/10, the Argentine Securities Commission (“CNV”, for its Spanish acronym) provided for the application of Technical Resolutions (“TR”) No. 26 and No. 29 issued by the Argentine Federation of Professional Councils of Economic Sciences (“FACPCE”, for its Spanish acronym), which adopt the IFRS Accounting Standards (International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) (IFRS) for entities subject to the public offering regime governed by Law No. 26,831, whether on account of their equity or their notes, or which have requested authorization to be subject to such regime. The FACPCE issues Adoption Communications in order to implement IASB resolutions in Argentina. These Consolidated Financial Statements of Grupo Clarín for the year ended December 31, 2024, presented on a comparative basis, have been prepared in accordance with IFRS. Certain additional matters were included as required by the Argentine General Associations Law and/or CNV regulations, including the supplementary information provided under the last paragraph of Section 1, Chapter III, Title IV of General Resolution No. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 9 - 622/13. That information is included in the Notes to these Consolidated Financial Statements, as provided under IFRS and CNV rules. These Consolidated Financial Statements have been prepared based on restated historical cost, as mentioned in Note 2.1.1, except for the valuation of financial instruments (see Note 2.22). In general, the historical cost is based on the fair value of the consideration granted in exchange for the assets. Certain figures reported in the financial statements presented on a comparative basis were reclassified in order to maintain the consistency in the disclosure of the figures corresponding to this year. The attached consolidated information, approved by the Board of Directors at the meeting held on March 10, 2025, is presented in Argentine Pesos ($), the Argentine legal tender, and arises from accounting records kept by Grupo Clarín S.A. and its subsidiaries. 2.1.1 Application of IAS 29 (Financial Reporting in Hyperinflationary Economies) IAS 29 -Financial Reporting in Hyperinflationary Economies requires that the financial statements of an entity that reports in the currency of a highly inflationary economy shall be stated in terms of the measuring unit current at the closing date of the reporting year / period, regardless of whether they are based on a historical cost approach or a current cost approach. To this end, in general terms, the inflation rate must be computed in the non-monetary items as from the acquisition date or the revaluation date, as applicable. These requirements also comprise the comparative information of the financial statements. To determine the existence of a highly inflationary economy under the terms of IAS 29, the standard details a series of factors to consider, including a cumulative inflation rate over three years that is close to or exceeds 100%. This is why, in accordance with IAS 29, Argentine economy should be considered as a highly inflationary economy as from July 1, 2018. In addition, Law No. 27,468, published in the Official Gazette on December 4, 2018, amended Section 10 of Law No. 23,928, as amended, providing that the repeal of all the laws and regulations that establish or authorize price indexation, currency restatement, cost variance, and any other form of restatement of debts, taxes, prices or fees related to property, works or services, does not apply to financial statements, which remain subject to Section 62 in fine of the General Associations Law (as restated in 1984), as amended. In addition, it repealed Decree No. 1,269/2002 dated July 16, 2002, as amended, and delegated on the Executive Branch, through its oversight agencies, the power to set the date as from which those regulations will come into effect with respect to financial statements. On December 28, 2018, through General Resolution No. 777/2018, the CNV provided that issuers under its oversight must apply the method to restate annual, interim and special financial statements in constant currency, as established by IAS 29, for fiscal years ended on or after December 31, 2018. Therefore, these Consolidated Financial Statements have been restated in constant currency as of December 31, 2024. According to IAS 29, the financial statements of an entity that reports in the currency of a highly inflationary economy shall be stated in terms of the measuring unit current at the closing date of the financial statements. The inflation adjustment was calculated taking into consideration the indexes established by the FACPCE based on the price indexes published by INDEC. The following table shows the evolution of those indexes over the last three fiscal years, according to official statistics (INDEC) in accordance with the guidelines described under Resolution No. 539/18: GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 10 - As of December 31, 2022 As of December 31, 2023 As of December 31, 2024 General Price Index (December 2016=100) 1,134.59 3,533.19 7,694.01 Variation of Prices Annual 94.8% 211.4% 117.8% Accumulated over 3 years 300.3% 815.6% 1,221.0% The main procedures applied for the above-mentioned inflation adjustment were the following: - The monetary assets and liabilities recorded at the currency unit of the financial statement are not restated because they are already stated in terms of the measuring unit current at the closing date of the financial statements. - The non-monetary assets and liabilities recorded at cost at the date of the financial statement, and the equity items, are restated by applying the corresponding adjustment coefficients. - All the elements of the Statement of comprehensive income are adjusted by applying the corresponding adjustment coefficients. - The effect of inflation on the Company's net monetary position is included in the Statement of comprehensive income under the item “Gain (Loss) on Net Monetary Position”. - The comparative figures have been restated for inflation following the same procedure explained above and after that, they were restated as of the date of these Financial Statements. The following is a description of the application of the inflation adjustment in the most relevant equity accounts: - The capital stock was restated since the date of subscription or since the date of the last inflation adjustment for accounting purposes, whichever occurred later. The difference between the nominal value of the capital stock and its value restated for inflation is disclosed under “Inflation Adjustment on Capital Stock.” - The paid-in capital was restated since the date of subscription or since the date of the last inflation adjustment for accounting purposes, whichever occurs later. - Other comprehensive income was restated since each date of the accounting entry. - The other reserves were restated since January 1, 2017, which was the first day of the comparative year at the time of the initial application of the adjustment for inflation. 2.2 Standards and Interpretations issued but not adopted to date As of the date of these Consolidated Financial Statements, no new standards have been issued that apply to the Company for the fiscal year that began on January 1, 2025 and/or in subsequent years. 2.3 Standards and Interpretations issued and adopted to date As of the date of these Consolidated Financial Statements, no new standards have been issued that apply to the Company for this year. 2.4 Basis for Consolidation These Consolidated Financial Statements incorporate the financial statements of the Company and of the subsidiaries and joint ventures (“Interests in Joint Operations”, Note 2.7) controlled by the Company. Control is presumed to exist when the Company has a right to variable returns from its interest in a subsidiary and has the ability to affect those returns through its power over the subsidiary. This power is presumed to exist when evidenced by the votes, be it that the Company has the majority of voting rights or potential rights currently GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 11 - exercised. The subsidiaries are consolidated from the date on which the Company assumes control over them and are excluded from consolidation on the date control ceases. For consolidation purposes, the intercompany transactions and the balances between the Company and the consolidated subsidiaries have been eliminated. Unrealized income has also been eliminated. Below is a detail of the most significant consolidated subsidiaries, together with the interest percentages held directly or indirectly in each subsidiary’s capital stock and votes, as of each date indicated below: . Direct or Indirect Interest in the Capital Stock and Votes (%) Companies December 31, 2024 December 31, 2023 AGEA 100.0% 100.0% CIMECO 100.0% 100.0% ARTEAR (1) 99.3% 99.3% IESA 100.0% 100.0% Radio Mitre 100.0% 100.0% GCGC 100.0% 100.0% (1) Interest in votes amounts to 99.7%. The subsidiaries’ financial statements used for consolidation purposes bear the same closing date as these Consolidated Financial Statements, comprise the same periods and have been prepared under exactly the same accounting policies as those used by the Company, which are described in the notes to the Consolidated Financial Statements or, as the case may be, adjusted as applicable. 2.4.1 Changes in the Company’s Interests in Existing Subsidiaries The changes in the Company’s interests in subsidiaries that do not generate a loss of control are recorded under equity. The book value of the Company’s interests and non-controlling interests is adjusted to reflect the changes in the relative interest in the subsidiary. Any difference between the amount for which non-controlling interests were adjusted and the fair value of the consideration paid or received is directly recognized in equity and attributed to the shareholders of the controlling company. In case of loss of control, any residual interest in the issuing company is measured at its fair value at the date on which control was lost, allocating the change in the recorded value with an impact on net income. The fair value is the initial amount recognized for such investments for the purpose of the subsequent valuation for the interest retained as associate, joint operation or financial instrument. Additionally, any amount previously recognized under Other Comprehensive Income regarding such investments is recognized as if Grupo Clarín had disposed of the related assets and liabilities. Consequently, the amounts previously recognized under Other Comprehensive Income may be reclassified to the statement of income. 2.5 Business Combinations The Company applies the acquisition method of accounting for business combinations. The consideration for each acquisition is measured at fair value (on the date of exchange) of the assets acquired, the liabilities incurred or assumed and the GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 12 - equity instruments issued by the Company in exchange for the control of the acquired company. The costs related to the acquisition are expensed as incurred. The consideration for the acquisition, if any, includes any asset or liability arising from a contingent consideration arrangement, measured at fair value at the acquisition date. Subsequent changes to such fair value, identified during the measurement period, are adjusted against the acquisition cost. The measurement period is the effective period that begins on the acquisition date and ends on the date on which the Company obtains all the information about the facts and circumstances existing on the acquisition date, which may not extend beyond one year after the acquisition date. All other changes in the fair value of the contingent consideration classified as assets or liabilities, outside the measurement period, are recognized in the statement of income. The changes in the fair value of the contingent consideration classified as equity are not recognized. In the cases of business combinations conducted in stages, the Company’s equity interest in the acquiree is remeasured at fair value on its acquisition date (i.e., the date on which the Company obtained control) and the resulting gain or loss, if any, is recognized in the statement of income or in other comprehensive income, as appropriate according to the source of the variation. In the periods preceding the reporting periods, the Company may have recognized under other comprehensive income the changes in the value of the interest in the capital stock of the acquired company. In that case, the amount recognized under other comprehensive income is recognized on the same basis that would have been required if the Company had directly disposed of the previously-held equity interest. The identifiable assets, liabilities and contingent liabilities of the acquired company that meet the conditions for recognition under IFRS 3 (2008) are recognized at fair value at the acquisition date, except for certain particular cases provided by such standard. Any excess of the acquisition cost (including the interest previously held, if any, and the non-controlling interest) over the net fair value of the subsidiary’s or associate’s identifiable assets, liabilities and contingent liabilities measured at the acquisition date is recognized as goodwill. Any excess of the net fair value of the identifiable assets, liabilities and contingent liabilities over the acquisition cost is immediately recognized in the statement of income. The acquisition cost comprises the consideration transferred, the amount of any non-controlling interest and the acquisition-date fair value of the acquirer's previously-held equity interest in the acquiree, if any. The Company initially recognizes any non-controlling interest as per its share in the amounts recognized for the net identifiable assets of the acquired company. 2.6 Investments in Associates An associate is an entity over which the Company has significant influence, without exercising control, generally accompanied by equity holdings of between 20% and 50% of voting rights. The associates’ net income and their assets and liabilities are disclosed in the Consolidated Financial Statements using the equity method, except when the investment is classified as held for sale, in which case it is accounted for under IFRS 5 “Non-Current Assets Held for Sale and Discontinued Operations”. Under the GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 13 - equity method, the investment in an associate is to be initially recorded at cost and the book value will be increased or decreased to recognize the investor’s share in the comprehensive income (loss) for the year or in other comprehensive income obtained by the associate, after the acquisition date. The distributions received from the associate will reduce the book value of the investment. Any excess of the acquisition cost over the Company’s share in the net fair value of the associate’s identifiable assets, liabilities and contingent liabilities measured at the acquisition date is recognized as goodwill. Goodwill is included in the book value of the investment and tested for impairment as part of the investment. Any excess of the Company’s share in the net fair value of the identifiable assets, liabilities and contingent liabilities over the acquisition cost, after its measurement at fair value, is immediately recognized in the statement of income. Unrealized gains or losses on transactions between the Company (and its subsidiaries) and associates are eliminated considering the Company’s interest in the associates. Adjustments were made, where necessary, to the associates’ financial statements so that their accounting policies are consistent with those used by the Company. Investments in companies in which the company does not have control or significant influence have been valued at cost, as established by IAS 39, restated as mentioned in Note 2.1.1. In the cases where non-controlling shareholders hold put options whereby they may force the Company to acquire shares of subsidiaries, and the Company reasonably estimates that such put options will be duly exercised, the Company discloses the present value of the corresponding future payments under Other Liabilities. 2.7 Interests in Joint Operations A joint operation is a contractual arrangement whereby the Company and other parties undertake an economic activity that is subject to joint control, i.e., when the financial strategy and the operating decisions related to the company’s activities require the unanimous consent of the parties sharing control. Joint venture arrangements that entail the establishment of an independent entity in which each company holds an interest are called jointly controlled entities. The Company, in accordance with IFRS 11 "Joint Arrangements”, has applied the equity method to measure its holding in the jointly controlled entity and discloses its holdings in such entities under Investments in unconsolidated affiliates. The Consolidated Financial Statements as of December 31, 2024 do not include balances from interests in joint ventures. 2.8 Goodwill Goodwill arises from the acquisition of subsidiaries and refers to the excess of the cost of acquisition over the net fair value at the date of acquisition of the identifiable assets acquired and liabilities assumed. The Company initially recognizes any non-controlling interest as per its share in the amounts recognized for the net identifiable assets of the acquired company. If, after the fair value measurement, the Company's share in the fair value of the net identifiable assets of the acquiree exceeds the amount of the transferred consideration, the amount of any non-controlling interest in such company and the fair value of the interest previously held by the acquirer in the acquiree (if any), that GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 14 - excess is immediately recognized in the statement of comprehensive income as income from purchase in very profitable terms. Goodwill is not amortized, but tested for impairment on an annual basis. For the purposes of impairment testing, goodwill is allocated to each of the Company's cash-generating units expected to render benefits from the synergies of the respective business combination. Those cash-generating units to which goodwill is allocated are tested for impairment on an annual basis, or more frequently, when there is any indication of impairment. If the recoverable value of the cash-generating unit, i.e. the higher of the value in use or the fair value net of selling expenses, is lower than the value of the net assets allocated to that unit, including goodwill, the impairment loss is first allocated to reduce the goodwill allocated to the unit and then to the other assets of the unit, on a pro rata basis, based on the valuation of each asset in the unit. The impairment loss recognized against the valuation of goodwill is not reversed under any circumstance. In case of a loss of control in a subsidiary, the amount attributable to goodwill is included in the calculation of the gain or loss for retirement. 2.9 Revenue Recognition Revenues are recognized when the amount of revenues may be reliably estimated, when future economic benefits are likely to be obtained by the Company, and when specific criteria are met for each of Grupo Clarín's activities, as described below. Revenues for each of the main business segments identified by the Company are recognized when the following conditions are met: - Print and Digital Publications Advertising sales are determined by the prices achieved per single column centimeter and the number of advertising centimeters sold in the relevant period. Circulation sales include the price received from the sale of newspapers, magazines and other publications. Printing services sales consist mainly of fees received from the printing of magazines, books, brochures and related products. Those revenues are calculated taking into consideration the estimated amount of any discount, benefit or price reduction that the Company and its subsidiaries may grant. Advertising sales from newspapers and magazines are recognized when advertising is published. Revenues from the sale of newspaper and magazines are recognized upon passing control to the buyers. Revenues from the sale of newspaper and magazines are recognized upon passing control to the buyers. The Company records the estimated impact of returns, calculated based on historical trends, as a deduction from revenues. Revenues from printing services are recognized upon completion of the services, delivery of the related products and customer acceptance. Digital advertising revenues are recorded according to the price set for each site and section where advertising is served, considering its placement and format. Revenues from online advertising for sponsorship or fixed positions are recognized over the term set for the ad, while revenues from online advertising for served print ads are recognized based on the number of times the ad was displayed on the web. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 15 - - Broadcasting and Programming television and radio advertising sales revenues are recognized when advertising is broadcast. Revenues from programming and distribution of television content are recognized when the programming services are provided. Advertising revenues are calculated taking into consideration the estimated amount of any discount, benefit or price reduction that the Company and its subsidiaries may grant. 2.10 Barter Transactions The Company, through its subsidiaries, sells a small portion of its advertising spaces in exchange for goods or services received. Revenues are recorded when the advertisement is made, valued at the fair value of the goods or services received, in the case of goods and other services advertising barter transactions, or delivered, in the case of advertising-for-advertising barter transactions. Goods or services are recorded at the time goods are received or services are rendered. The goods or services to be received in consideration for the advertisements made are recorded as Trade Receivables. The advertisements to be made in exchange for the goods and services received are recorded as Trade and Other Payables. 2.11 Leases Leases are classified as financial leases when the terms of the lease transfer to the lessee substantially all the risks and benefits inherent to the property. All other leases are classified as operating leases. The assets held under financial leases are recognized at the lower of the fair value of the Company’s leased assets at the beginning of the lease term, or the present value of the minimum lease payments. The liability held with the lessor is included in the statement of financial position as an obligation under financial leases recorded under lease liabilities. Lease payments are apportioned between the finance charge and the reduction of the liabilities under the lease so as to achieve a constant interest rate on the outstanding balance. The finance charge is expensed over the lease term. The assets held under financial leases are depreciated over the shorter of the useful life of the assets or the lease term. Until December 31, 2018, the rentals under operating leases were charged to income on a straight-line basis over the corresponding lease term. As from January 1, 2019, the Company has applied IFRS 16 regarding operating lease agreements. 2.12 Foreign Currency and Functional Currency The financial statements of each of the entities consolidated by the Company are prepared in the currency of the primary economic environment in which the entity operates (its functional currency). For the purposes of the Consolidated Financial Statements, the net income and the financial position of each entity are stated in Argentine Pesos (Argentina’s legal tender for all companies domiciled in Argentina), which is the Company’s functional currency, and the reporting currency of the Consolidated Financial Statements. The functional currency of the indirectly controlled Uruguayan companies is the Uruguayan Peso. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 16 - In preparing the financial statements of the individual entities, the transactions in currencies other than the entity’s functional currency (foreign currency) are recorded at the exchange rates prevailing on the dates on which transactions are carried out. At the end of each reporting year, the monetary items denominated in foreign currency are retranslated at the exchange rates prevailing on such date. The exchange differences were charged to income (loss) for the period in which they were generated. In preparing the Company’s Consolidated Financial Statements, asset and liability balances of the entities which functional currency is not the Argentine peso, expressed in their own functional currency (Uruguayan Peso) are translated into Argentine pesos at the exchange rate prevailing at the end of the year, while net income is translated at the exchange rate prevailing on the transaction date. Translation differences are recognized under other comprehensive income as “Variation in Translation Differences of Foreign Operations”. 2.13 Financial Expenses on Debt Financial expenses on debt directly attributable to the acquisition, construction or production of assets that require a substantial period of time to prepare for their intended use or sale (“qualifying assets”), are capitalized as part of the cost of these assets until they are ready for their intended use or sale, according to IAS 23 ("Borrowing Costs"). The income, if any, on the temporary investment of the specific borrowings incurred to finance qualifying assets is deducted from the financial expenses on debt to be capitalized. All other financial expenses on debt were charged to income (loss) for the period in which they were generated. 2.14 Taxes 2.14.1 Current and Deferred Income Tax for the year The income tax charge reflects the sum of current income tax and deferred income tax. Current and deferred taxes are recognized as expense or income (loss) for the year, except when they are related to entries debited or credited to other comprehensive income or equity, in which cases taxes are also recognized under other comprehensive income or directly in equity, respectively. In the case of a business combination, the tax effect is taken into consideration in the calculation of goodwill or in the determination of the excess of acquirer's interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities over the cost of the business combination. 2.14.1.1 Current Income Tax Current tax payable is based on the taxable income recorded during the year. Taxable income and net income reported in the Consolidated Statement of Comprehensive Income differ due to revenue or expense items that are taxable or deductible in other fiscal years and items that are never taxable or deductible. The current tax liability is calculated using the tax rate in effect as of the date of these Consolidated Financial Statements. Current tax charge is calculated based on the tax rules effective in the countries in which the consolidated entities operate. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 17 - Law No. 27,630, published in the Official Gazette on June 16, 2021, provided for a tiered tax rate structure based on the taxable income of each taxpayer: The amounts established for each bracket will be adjusted once a year as from 2022 based on the National IPC corresponding to October of the year prior to the year in which the adjustment is made compared to the same month of the previous year. The current brackets for fiscal year 2023 are the following: 25% for annual taxable income of up to $14.3 million; 30% for annual taxable income exceeding $14.3 million up to $143 million; and 35% for annual taxable income exceeding $ 143 million. The current brackets for fiscal year 2024 are the following: 25% for annual taxable income of up to $34.7 million; 30% for annual taxable income exceeding $34.7 million up to $347 million; and 35% for annual taxable income exceeding $ 347 million. Income Tax Inflation Adjustment Pursuant to the provisions of the Income Tax Law that are in effect, the Company applies the inflation adjustment set forth under Title VI of the income tax law as from 2019 because, starting that year, the percentage changes in the IPC index reached the levels set forth in the law. In addition, said laws provide that in order to calculate inflation adjustments corresponding to the first and second fiscal year beginning as from January 1, 2019, one-sixth of the inflation adjustment shall be allocated to that fiscal year, and the remaining five-sixths shall be allocated in equal parts, to each of the five immediately following fiscal periods. The adjustment for inflation corresponding to fiscal years beginning on or after January 1, 2021 is fully recognized in this fiscal year. Acquisitions or investments made in fiscal years beginning on or after January 1, 2018 are restated for inflation based on the percentage variations of the Consumer Price Index (IPC, for its Spanish acronym) published by the National Institute of Statistics and Census. Such adjustment will increase deductible amortization and tax cost in the event of a sale. 2.14.1.2 Deferred Income Tax Deferred tax is recognized on temporary differences between the book value of the assets and liabilities included in these Financial Statements and the corresponding tax basis used to determine taxable income. Deferred tax liabilities are generally recognized for all temporary fiscal differences. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that future taxable income will be available against which those deductible temporary differences can be charged. These assets and liabilities are not recognized if the temporary differences arise from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable income nor the accounting income. The book value of a deferred tax asset is reviewed at each reporting year and reduced to the extent that it is no longer probable that sufficient taxable income will be available in the future to allow for the recovery of all or part of the asset. Deferred tax is recognized on temporary differences arising from investments in foreign subsidiaries. Deferred tax assets and liabilities are measured at the tax rates that are expected to be applicable in the year in which the asset is realized or the liability is settled, based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the entity expects, at the end of the reporting year, to recover or settle the book value of its assets and liabilities. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 18 - Deferred tax assets are offset against deferred tax liabilities if effective regulations allow to offset, before the tax authorities, the amounts recognized in those items; and if the deferred tax assets and liabilities arise from income taxes levied by the same tax authority and the Company intends to settle its assets and liabilities on a net basis. Under the IFRS, deferred income tax assets and liabilities are classified as non-current assets and liabilities, respectively. 2.14.2 Value Added Tax Through Decree No. 1,094/18, the Executive Branch enacted Law No. 27,467, which established the following provisions regarding value-added tax ("VAT"): (i) Allocation of Social Security Contributions: Entities may allocate employer’s contributions on the payroll as a tax credit against VAT. These contributions must have been accrued in the fiscal period and effectively paid at the moment of submitting the VAT return. Qualifying entities are those engaged in the following activities: broadcast television or physical link and/or radio electric link subscription television services, audio broadcasting, cable television signals, newspaper, magazine or periodical publishing companies or companies engaged in digital journalism, and the distributors of those publishing companies. In case the payment of that amount is made after the time provided, entities may allocate employer’s contributions on the payroll as a tax credit against VAT in the tax return for the fiscal period in which social contributions were paid. As provided above, when the salaries that give rise to the employer’s contributions that may be allocated as a tax credit against VAT are also related to other activities outside the scope of this benefit, the amounts of those contributions will be allocated pro rata for the sole purpose of calculating the ratable portion that qualifies for the benefit. The amounts of such employer’s contributions shall be counted as a VAT credit up to the amount of the output tax for the relevant period, before allocating the other tax credits. (ii) VAT Exemption: The sales, leases related to the development, construction or manufacturing of chattel at the request of a third party, imports and leases and services relating to the following items, are exempted from VAT: books, brochures and similar printed products, including book series or loose leaves that make up the whole work or part of it, and newspapers, magazines and similar periodic printed publications, as well as subscriptions to digital periodic editions of online information, throughout the entire marketing and distribution chain, in all cases irrespective of the support or means used for their dissemination. The distribution, classification, delivery and/or return of newspapers, magazines, and periodical publications provided to entities engaged in editorial production do not qualify for VAT exemption. (iii) Special Treatment. Tax Credit related to newspapers, magazines, digital editions and books: The entities engaged in editorial printing and/or production of books, brochures and similar printed publications, or of newspapers, magazines and periodical publications, as well as digital journalistic editions of online information and their distributors, to the extent all of them qualify for the tax exemption under the VAT Law, may allocate the tax credit generated by transactions that qualify for the above-mentioned exemption against the output tax generated by other transactions subject to VAT. Any unused balance can be credited against other taxes controlled by AFIP, or be returned or transferred to responsible third parties in the manner, terms and conditions established by the AFIP to such end. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 19 - 2.15 - Property, Plant and Equipment Property, plant and equipment held for use in the production or supply of goods and services, or for administrative purposes, are recorded at cost, restated as mentioned in Note 2.1.1, less accumulated depreciation and any accumulated impairment loss. Depreciation of property, plant and equipment in use is recognized on a straight-line basis over its estimated useful life. The estimated useful life, residual value and depreciation method are reviewed at each year-end, with the effect of any changes in estimates accounted for on a prospective basis. Land is not depreciated. Works in process are recorded at cost, restated as mentioned in Note 2.1.1, less any recognized impairment loss. The cost includes professional fees and, in the case of qualifying assets, capitalized financial expenses on debt in accordance with the Company’s accounting policy (Note 2.13). Depreciation of these assets, as well as in the case of other property, plant and equipment, begins when the assets are ready for their use. Assets held under financial leases are depreciated over the shorter of their estimated useful life, which is equal to the rest of the other similar assets, or over the lease term. Repair and maintenance expenses are expensed as incurred. The gain or loss arising from the retirement or disposal of an item of property, plant and equipment is calculated as the difference between income from the sale of the asset and the asset’s book value, and recognized under “Other Income and Expenses, net” in the Statement of Comprehensive Income. The residual value of an asset is written down to its recoverable value, if the asset’s restated residual value exceeds its estimated recoverable value (see Note 2.18). 2.16 Intangible Assets Intangible assets include trademarks and patents, exclusivity agreements, licenses, software and other rights, the purchase value of the subscriber portfolio, projects in-progress (mainly related to software development) and other intangible assets. The accounting policies regarding the recognition and measurement of such intangible assets are described below. 2.16.1 Intangible Assets Acquired Separately Intangible assets acquired separately are valued at cost, restated as mentioned in Note 2.1.1, net of the corresponding accumulated amortization and impairment losses. Amortization is calculated on a straight-line basis over the estimated useful life of the intangible assets. The Company reviews the useful lives applied, the residual value and the amortization method at each year-end, and accounts the effect of any changes in estimates on a prospective basis. Assets held under financial leases are depreciated over the shorter of their estimated useful life, which is equal to the rest of the other similar assets, or over the lease term. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 20 - 2.16.2 Intangible Assets Acquired in a Business Combination Intangible assets acquired in a business combination are identified and recognized separately regarding goodwill when they meet the definition of intangible assets and their fair value can be measured reliably. Such intangible assets are recognized at fair value at acquisition date. After the initial recognition, intangible assets acquired in a business combination are valued at cost, restated as mentioned in Note 2.1.1, net of accumulated amortization and impairment losses, with the same basis as intangible assets acquired separately. 2.16.3 Internally Generated Intangible Assets Internally generated intangible assets arising from the development phase of an internal project are recognized if certain conditions are met, among them, technical feasibility to complete the development of the intangible asset and the intent to complete such development. The amount initially recognized for internally generated intangible assets comprises all the expenses incurred as from the moment all the intangible assets meet the above-mentioned recognition criteria. Where it is not possible to recognize an internally generated intangible asset, the development expenses are recognized in the Statement of Comprehensive Income in the year in which they are incurred. After the initial recognition, internally developed intangible assets are valued at cost, restated as mentioned in Note 2.1.1, net of accumulated amortization and impairment losses, with the same basis as intangible assets acquired separately. Such assets are included under software and projects in-progress. 2.17 Investment Properties Investment property comprises Property intended for leasing to a third party instead of being used for the provision of services or for administrative purposes. It is recorded at cost, restated as mentioned in Note 2.1.1, less accumulated depreciation and any accumulated impairment loss. The depreciation of the property classified as investment property is recognized on a straight-line basis over its estimated useful life. The estimated useful life, residual value and depreciation method are reviewed at each year-end, with the effect of any changes in estimates accounted for on a prospective basis. The gain or loss arising from the retirement or disposal of an item of investment property is calculated as the difference between income from the sale of the asset and the asset’s book value, and recognized under “Other Income and Expenses, net” in the Consolidated Statement of Comprehensive Income. The residual value of an asset is written down to its recoverable value, if the asset’s residual value exceeds its estimated recoverable value. The fair value of the investment property is determined by a renowned professional appraiser with experience in the location in which the property is located. It amounts to approximately $ 61,000 million as of December 31, 2024. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 21 - 2.18 Impairment of Non-Financial Assets, Except Goodwill At the end of each financial statement, the Company reviews the book value of its non-financial assets with definite useful life to determine the existence of any evidence indicating that these assets could be impaired. If there is any indication of impairment, the recoverable value of these assets is estimated for the purposes of determining the amount of the impairment loss (in case the recoverable value is lower than the book value). Where it is not possible to estimate the recoverable value of an individual asset, the Company estimates the recoverable value of the cash-generating unit ("CGU") to which such asset belongs. Where a consistent and reasonable allocation base can be identified, corporate assets are also allocated to an individual cash- generating unit or, otherwise, to the smallest group of cash-generating units for which a consistent allocation base can be identified. The recoverable value of an asset is the higher of the fair value less selling expenses or its value in use. In measuring value in use, estimated future cash flows are discounted at their present value using a pre-tax discount rate, which reflects the current market assessments of the time value of money and, if any, the risks specific to the asset for which estimated future cash flows have not been adjusted. Assets with an indefinite useful life (for example, non-financial assets unavailable for use) are not amortized, but are tested for impairment on an annual basis. Non-financial assets, except for goodwill, for which an impairment loss was recorded, are reviewed at each closing date for a possible reversal of the impairment loss. 2.19 Inventories Inventories are valued at the lower of acquisition cost and/or production cost, restated as mentioned in Note 2.1.1, or the net realizable value. The cost is determined under the weighted average price method. The production cost is determined under the cost absorption method, which comprises raw materials, labor and other costs directly related to the production of goods. The net realizable value represents the estimated selling price in the ordinary course of business less the estimated costs necessary to make such sale. The criterion followed to expense each of these inventory items is as follows: − Film Rights (series, soap operas and films) and programs purchased: The cost of series, soap operas and programs purchased to be shown on broadcast television is mainly expensed against the cost of sales on the exhibition date or upon expiration of exhibition rights. Rights related to these programs acquired in perpetuity, if any, are amortized over their estimated useful life (eight years, with a grace period of three years and are subsequently amortized on a straight-line basis over the next five years). Films are expensed against the cost of sales on a decreasing basis, based on the number of showings granted by the respective rights or upon expiration of exhibition rights. Film rights acquired in perpetuity are amortized over their estimated useful life (seven years, with a grace period of four years. They are subsequently amortized on a decreasing basis over the next three years). − In-house production programs and co-productions: GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 22 - The cost of in-house production programs and co-productions is mainly expensed against the cost of sales after broadcasting of the chapter or program. Rights related to in-house production programs and co-productions acquired in perpetuity, if any, are amortized over their estimated useful life (eight years, with a grace period of three years and are subsequently amortized on a straight-line basis over the next five years). − Events: The cost of events is fully expensed against the cost of sales at the time of broadcasting. The allowance for impairment is calculated based on the recoverability analysis conducted at the closing of each year. The values thus obtained do not exceed their respective recoverable values estimated at the closing of each year. 2.20 Other Assets The assets included in this item have been valued at acquisition cost. Investments denominated in foreign currency subject to restrictions on disposition under financial covenants have been valued at face value plus interest accrued as of each year-end. 2.21 Provisions and Other Charges Provisions for Lawsuits and Contingencies and the accrual for asset retirement are recognized when the Company has a present obligation (be it legal or constructive) as a result of a past event, when it is probable that an outflow of resources will be required to settle the obligation and when the amount of the obligation can be reliably estimated. The amount recognized as a provision is the best estimate of the expenditure required to settle the present obligation at the end of the reporting year, taking into consideration the corresponding risks and uncertainties. Where a provision is measured using the estimated cash flow to settle the present obligation, its book value represents the present value of such cash flow. In estimating its obligations, the Company has taken into consideration the opinion of its legal advisors, if any. 2.22 Financial Instruments Financial assets and liabilities, on initial recognition, are measured at transaction price as of the acquisition date. Financial assets are derecognized in the financial statement when the rights to receive cash flows from them have expired or have been transferred and the Company has transferred substantially all the risks and benefits of ownership. 2.22.1 Financial Assets Upon initial recognition, in accordance with IFRS 9, financial assets are subsequently measured at either amortized cost, or fair value, on the basis of: (a) the Company’s business model for managing the financial assets; and (b) the contractual cash flow characteristics of the financial asset. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 23 - A financial asset shall be measured at amortized cost if both of the following conditions are met: (a) the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and (b) the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset that is not measured at amortized cost according to the paragraphs above is measured at fair value. Financial assets include: Cash and Cash Equivalents Cash and cash equivalents includes Cash and banks and short-term and highly liquid investments that are readily convertible into cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed three months. Cash and cash equivalents are recorded, according to their nature, at fair value or amortized cost. Investments in mutual funds are carried at fair value. Gains and losses are included in Other Financial Results, net. Investments in Government Securities were valued at amortized cost or at fair value, according to the business model established by the Company. Balances in foreign currency have been valued as mentioned above, at the exchange rates effective at the closing of each year. The exchange differences were charged to income for each year. Trade and Other Receivables Trade and other receivables classified as either current or non-current assets are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less allowances for uncollectibility. Interest income is recognized using the effective interest rate method, except for short-term balances for which the recognition of interest is not significant. Balances in foreign currency have been valued as mentioned above, at the exchange rates effective at the closing of each year. The exchange differences were charged to income for each year. Investments Depending on the business model adopted by Management, Securities and Bonds may be valued at amortized cost or at fair value and its results are recognized under Other Financial Results, net. Balances in foreign currency have been valued as mentioned above, at the exchange rates effective at the closing of each year. The exchange differences were charged to income for each year. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 24 - Impairment of Financial Assets At the time of initial recognition of financial assets (and at each closing), the Company estimates the expected losses, with an early recognition of a provision, pursuant to IFRS 9. In the case of trade receivables, as from January 1, 2018, the Company measures the allowance for bad debts in an amount equal to the lifetime expected credit losses. The expected losses to be recognized are calculated based on a percentage of uncollectibility per maturity ranges of each financial credit. For such purposes, the Company analyzes the performance of the financial assets grouped by type of market. Said historical percentage must contemplate the future collectibility expectations regarding those credits and, therefore, those estimated changes in performance. Given the nature of Other receivables, the Company conducts an uncollectibility analysis for each case in particular. Derecognition of Financial Assets The Company derecognizes a financial asset when the contractual rights to the cash flows of such assets expire or when it transfers the financial asset and, therefore, all the risks and benefits inherent to the ownership of the financial asset are transferred to another entity. If the Company retains substantially all the risks and benefits inherent to the ownership of the transferred asset, it will continue to recognize it and will recognize a liability for the amounts received. 2.22.2 Financial Liabilities Financial liabilities comprise trade and other payables, financial debt, and certain liabilities included in Other Liabilities. Financial liabilities are initially recognized at fair value and subsequently measured at amortized cost. Amortized cost represents the initial amount net of principal repayments made, adjusted by the amortization of any differences between the initial amount and the maturity amount using the effective interest method. Balances in foreign currency have been valued as mentioned above, at the exchange rates effective at the closing of each year. The exchange differences were charged to income for each year. Derecognition of Financial Liabilities The Company shall derecognize a financial liability (or part of it) when it has been extinguished, i.e., when the obligation specified in the corresponding agreement is discharged, canceled or expires. 2.22.3 Derivatives Derivatives, if any, are initially recognized at fair value at the date of execution of the related contract and subsequently measured at fair value at the end of the reporting year. The resulting gain or loss is immediately recognized in the statement of income unless the derivate is designated as a hedging instrument, in which case the timing for its recognition will depend on the nature of the hedging relationship. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 25 - 2.23 Other Liabilities Advances from customers involving obligations to deliver assets that have not yet been produced have been valued at the higher of the amounts received or the share in the estimated value of the related assets. The other liabilities have been valued at nominal value. 2.24 Assets and Liabilities Held for Distribution to Shareholders Non-current assets and liabilities (or disposal groups) are classified as assets and liabilities held for distribution to shareholders when an entity undertakes to distribute them to its shareholders, to the extent such distribution is highly likely to occur and they are available for immediate distribution in their then current conditions. 2.25 Consolidated Statement of Cash Flows For the purposes of preparing the Consolidated Statement of Cash Flows, the item “Cash and Cash Equivalents” includes cash and bank balances, certain high liquidity short-term investments (with original maturities shorter than 90 days). Bank overdrafts payable on demand, if any, are deducted to the extent they are part of the Company’s cash management. Bank overdrafts are classified as “Financial Debt” in the Consolidated Statement of Financial Position. Cash and cash equivalents at each year-end, as disclosed in the Consolidated Statement of Cash Flows, may be reconciled against the items related to the Consolidated Statement of Financial Position as follows: December 31, 2024 December 31, 2023 Cash and Banks 15,339,585,344 31,794,979,877 Short-term investments with original maturities shorter than 90 days (1) 25,681,769,050 36,723,568,931 Total 41,021,354,394 68,518,548,808 (1) As of December 31, 2024, it does not include $203 million in financial instruments and $313 million in government bonds. In the years ended December 31, 2024 and 2023, the following significant transactions were carried out, which did not have an impact on cash and cash equivalents: December 31, 2024 December 31, 2023 New right-of-use assets owed 2,178,182,815 2,007,482,054 Settlement of Dividends to Minority Interests through Settlement of Debt 73,546,509 126,700,775 Settlement of debt through transfer of property 151,793,638 - Capital Contributions in Associates through Capitalization of Loans 291,235,877 - Settlement of trade payables with government bonds 2,896,202,093 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 26 - 2.26 Distribution of Dividends The distribution of dividends to the Company’s shareholders is recognized as a liability in the financial statements for the year in which the distribution of dividends is approved at the Shareholders’ Meeting. NOTE 3 - ACCOUNTING ESTIMATES AND JUDGMENTS In applying the accounting policies described in Note 2, the Company has to make judgments and prepare accounting estimates of the value of the assets and liabilities that may not be otherwise obtained. The estimates and related assumptions are based on historical experience and other pertinent factors. Actual results may differ from these estimates. The underlying estimates and assumptions are continually reviewed. The effects of the reviews of accounting estimates are recognized for the year in which estimates are reviewed. These estimates basically refer to: Allowance for Bad Debts The Company calculates the allowance for bad debts for debt instruments that are not valued at fair value, taking into account the uncollectibility history, the opinion of its legal advisors, if any, and other circumstances known at the time of calculation. In addition, and in accordance with IFRS 9, for the calculation of the allowance for bad debts on trade receivables the Company considers the expected credit losses over their total useful life. Impairment of Goodwill The Company assesses goodwill for impairment on an annual basis. In determining if there is impairment of goodwill, the Company calculates the value in use of the cash-generating units to which it has been allocated. The calculation of the value in use requires the determination by the entity of the future cash flows that should arise from the cash-generating units and an appropriate discount rate to calculate the present value. Recognition and Measurement of Deferred Income Tax Items Deferred tax assets are only recognized for temporary differences to the extent that it is probable that each entity, on an individual basis, will have enough future taxable income against which the deferred tax assets can be used. Tax loss carryforwards from prior years are only recognized when it is probable that each entity will have enough future taxable income against which they can be used. Pursuant to effective regulations, the use of the subsidiaries’ tax credits is based on a projection analysis of future income. The Company examines the recoverable value of deferred tax assets based on its business plans and books a valuation allowance, if appropriate, so that the net position of the deferred tax asset will reflect the probable recoverable value. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 27 - Provisions for Lawsuits and Contingencies The elements taken into consideration for the calculation of the Provision for Lawsuits and Contingencies are determined based on the present value of the estimated costs arising from the lawsuits brought against the Company, taking into consideration the opinion of its legal advisors. Determination of the Useful Lives of Property, Plant and Equipment and Intangible Assets The Company reviews the estimated useful life of property, plant and equipment and intangible assets at each year-end. Measurement of the fair value of certain financial instruments The fair value of a financial instrument is the amount at which the instrument could be purchased or sold between knowledgeable, willing parties in an arm’s length transaction. If there is a quoted market price available for an instrument in an active market, the fair value is calculated based on that price. If there is no quoted market price available for a financial instrument, its fair value is estimated based on the price established in recent transactions involving the same or similar instruments and, otherwise, based on valuation techniques regularly used in financial markets. The Company uses its judgment to select a variety of methods and makes assumptions based on market conditions at closing. Impairment losses of certain assets other than accounts receivable (including property, plant and equipment, intangible assets, and investment properties) Certain assets, including property, plant and equipment, intangible assets, and investment properties are subject to impairment testing. The Company records impairment losses when it estimates that there is objective evidence of such losses or when the cost of such losses will not be recovered through future cash flows. The evaluation of what constitutes impairment is a matter of significant judgment. The impairment of non-financial assets is dealt with in more depth in Note 2.18. NOTE 4 – SEGMENT INFORMATION The Company is mainly engaged in media and entertainment activities, which are carried out through the companies in which it holds a participating interest. Based on the nature, clients, and risks involved, the following business segments have been identified, which are directly related to the way in which the Company assesses its business performance: − The segment Print and Digital Publications mainly comprises the operations of its subsidiary AGEA and its subsidiary Cúspide, the printing business of OSA, CIMECO, and their respective subsidiaries. − Broadcasting and Programming: mainly comprises the operations of its subsidiaries ARTEAR, IESA and Radio Mitre, and their respective subsidiaries, including Telecor, Pol-Ka, and Carburando. − Other: mainly comprises the operations of its controlled company GCGC. Additionally, this segment includes the Company’s own operations (typical of a holding company). The Company has adopted IFRS 8 - Segment Information, which defines operating segments as those identified based on internal reports with respect to the components of the company regularly reviewed by the Board of Directors, the main operating decisions maker, to allocate resources and assess their performance. The GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 28 - Company uses adjusted EBITDA to measure its performance. The Company believes that adjusted EBITDA is a significant performance measure of its businesses, since it is commonly used in the industry to analyze and compare media companies based on operating performance, indebtedness and liquidity. However, adjusted EBITDA does not measure net income or cash flows generated by operations and should not be considered as an alternative to net income, an indication of the Company’s financial performance, an alternative to cash flows generated by operating activities or a measure of liquidity. Since adjusted EBITDA is not defined by IFRS, it is possible that other companies may calculate it differently. Therefore, the adjusted EBITDA reported by other companies may not be comparable to the Company’s reported adjusted EBITDA. The following information as of December 31, 2024 and 2023 was prepared in accordance with IFRS, except for the non-application of IAS 29, due to the fact that the Board of Directors analyzes the information in historical currency for the business segments identified by the Company. Note 1 to these Consolidated Financial Statements includes additional information about the Company’s businesses. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 29 - Information arising from Consolidated Income Statements as of December 31, 2024 Print and Digital Publications in Historical Currency Print and Digital Publications restated in Constant Currency Broadcasting and programming in historical currency Broadcasting and programming restated in constant currency Other in Historical Currency Other restated in constant currency Eliminations (1) Total consolidated results restated in constant currency Net Sales to Third Parties (2) 137,599,752,846 165,257,290,087 146,301,154,135 173,011,554,133 12,822,830,311 15,580,999,603 - 353,849,843,823 Intersegment Sales 143,061,429 207,053,485 1,245,638,730 1,505,627,641 7,541,973,698 9,151,331,290 (10,864,012,416) - Net Sales 137,742,814,275 165,464,343,572 147,546,792,865 174,517,181,774 20,364,804,009 24,732,330,893 (10,864,012,416) 353,849,843,823 Cost of sales -excluding depreciation and amortization (81,662,394,158) (98,111,059,255) (80,516,991,176) (97,255,953,477) (13,145,805,213) (15,891,351,469) 28,639,267 (211,229,724,934) Subtotal 56,080,420,117 67,353,284,317 67,029,801,689 77,261,228,297 7,218,998,796 8,840,979,424 (10,835,373,149) 142,620,118,889 Expenses - excluding depreciation and amortization Selling Expenses (30,898,688,912) (37,190,983,175) (7,496,490,335) (8,997,332,842) (707,049,767) (843,312,923) 1,645,547,860 (45,386,081,080) Administrative Expenses (24,798,560,793) (29,939,991,196) (26,869,958,491) (32,047,156,327) (9,200,738,637) (11,075,670,391) 9,189,825,289 (63,872,992,625) Adjusted EBITDA 383,170,412 222,309,946 32,663,352,863 36,216,739,128 (2,688,789,608) (3,078,003,890) - 33,361,045,184 Depreciation of Property, Plant and Equipment (12,770,467,127) Amortization of Intangible Assets and Film Library (3) (2,558,594,486) Amortization of Right-of-Use Assets (1,484,722,606) Depreciation of Investment Properties (271,154,099) Other Income and Expenses, net 2,418,617,922 Financial Expenses on Debt (12,473,820,255) Gain (Loss) on Net Monetary Position 3,226,494,542 Other Financial Results, net 2,609,854,811 Financial Results (6,637,470,902) Equity in Earnings from Associates (1,271,634,601) Income Tax (13,860,780,401) Net Income (Loss) for the Year (3,075,161,116) Additional consolidated information as of December 31, 2024 Payments for Acquisition of Property, Plant and Equipment 1,653,782,589 1,913,431,626 5,532,017,934 6,506,344,545 94,650,028 110,076,632 - 8,529,852,803 Payments for Acquisition of Intangible Assets 1,802,200,826 2,161,018,327 965,905,553 1,222,304,846 21,110,516 23,438,611 - 3,406,761,784 (1) Eliminations are related to Grupo Clarín’s intercompany operations. (2) Includes also sales to unconsolidated companies. (3) Amortization of film rights acquired in perpetuity, mentioned in Note 2.19. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 30 - Information arising from Consolidated Income Statements as of December 31, 2023 Print and Digital Publications in Historical Currency Print and Digital Publications restated in Constant Currency Broadcasting and programming in historical currency Broadcasting and programming restated in constant currency Other in Historical Currency Other restated in constant currency Eliminations (1) Total consolidated results restated in constant currency Net Sales to Third Parties (2) 60,396,633,453 235,286,071,905 55,800,359,279 217,380,449,786 4,806,132,224 18,723,162,325 - 471,389,684,016 Intersegment Sales 98,227,355 382,662,530 565,771,385 2,204,065,345 3,651,642,211 14,225,636,477 (16,812,364,352) - Net Sales 60,494,860,808 235,668,734,435 56,366,130,664 219,584,515,131 8,457,774,435 32,948,798,802 (16,812,364,352) 471,389,684,016 Cost of sales -excluding depreciation and amortization (34,576,380,200) (134,698,578,595) (36,217,841,832) (141,093,190,968) (5,539,866,340) (21,581,557,043) 546,312,658 (296,827,013,948) Subtotal 25,918,480,608 100,970,155,840 20,148,288,832 78,491,324,163 2,917,908,095 11,367,241,759 (16,266,051,694) 174,562,670,068 Expenses - excluding depreciation and amortization Selling Expenses (12,565,138,379) (48,949,782,184) (2,466,384,908) (9,608,251,050) (235,651,611) (918,023,718) 2,550,664,175 (56,925,392,777) Administrative Expenses (9,715,170,072) (37,847,212,228) (12,475,629,765) (44,477,775,589) (2,916,517,482) (11,361,824,371) 13,715,387,519 (79,971,424,669) Adjusted EBITDA 3,638,172,157 14,173,161,428 5,206,274,159 24,405,297,524 (234,260,998) (912,606,330) - 37,665,852,622 Depreciation of Property, Plant and Equipment (14,483,854,790) Amortization of Intangible Assets and Film Library (3) (4,008,454,135) Amortization of Right-of-Use Assets (1,506,384,523) Depreciation of Investment Properties (240,724,827) Other Income and Expenses, net 2,239,687,961 Financial Expenses on Debt (31,216,699,952) Gain (Loss) on Net Monetary Position (34,024,100,560) Other Financial Results, net 12,627,239,435 Financial Results (52,613,561,077) Equity in Earnings from Associates (1,043,084,008) Income Tax 9,249,182,375 Net Income (Loss) for the Year (24,741,340,402) Additional consolidated information as of December 31, 2023 Payments for Acquisition of Property, Plant and Equipment 810,231,211 3,156,403,068 2,713,675,575 10,571,616,827 12,238,574 47,677,591 - 13,775,697,486 Payments for Acquisition of Intangible Assets 612,782,397 2,387,205,296 285,593,841 1,112,582,756 77,242,538 300,912,357 - 3,800,700,409 (1) Eliminations are related to Grupo Clarín’s intercompany operations. (2) Includes also sales to unconsolidated companies. (3) Amortization of film rights acquired in perpetuity, mentioned in Note 2.19. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 31 - The most significant item included in Cost of Sales (excluding depreciation and amortization), Administrative Expenses (excluding depreciation and amortization), and Selling Expenses (excluding depreciation and amortization) corresponds to "Salaries, Social Security, and Benefits to Personnel", which represents 40% and 38% of the total of those items as of December 31, 2024, and 2023, respectively. This item is detailed below for each business segment. Salaries, Social Security and Benefits to Personnel December 31, 2024 in Historical Currency December 31, 2024 restated in constant currency December 31, 2023 in Historical Currency December 31, 2023 restated in constant currency Print and digital publications 42,452,776,379 50,974,628,937 17,426,394,354 68,550,754,449 Broadcasting and Programming 49,076,207,863 58,590,707,951 18,628,342,420 71,690,804,016 Other 15,226,364,187 18,364,144,410 6,331,473,776 24,439,743,823 TOTAL 106,755,348,429 127,929,481,298 42,386,210,550 164,681,302,288 NOTE 5 - BREAKDOWN OF THE MAIN ITEMS OF THE STATEMENT OF FINANCIAL POSITION 5.1 Property, Plant, and Equipment Original value Main Account Balance at the Beginning of the Period Deconsolidation of companies (1) Additions Retirements Transfers Balances as of December 31, 2024 Real Property (1) 178,067,240,756 (4,358,678,984) - - (6,306,828,488) 167,401,733,284 Furniture and Fixtures 28,258,003,895 (2,316,406,547) 209,227,279 (215,213,024) (146,698,206) 25,788,913,397 Telecommunication, Audio and Video Equipment 111,970,265,476 (75,055,385) 370,941,540 (56,390,054) - 112,209,761,577 Computer Equipment 142,830,037,313 (3,022,698,946) 3,139,690,148 (339,914,489) 123,969,266 142,731,083,292 Technical Equipment 17,649,288,407 (356,376,723) 145,902,456 - 269,798,608 17,708,612,748 Workshop Machinery 87,165,645,915 - 528,167,634 (2,682,451) 126,948,958 87,818,080,056 Tools 25,753,858 - - - - 25,753,858 Spare Parts 5,460,984,432 - - - - 5,460,984,432 Installations 98,823,652,712 (12,599,368,198) 114,313,791 (1,235,712,089) (674,661,306) 84,428,224,910 Vehicles 4,790,522,526 (129,894,592) 30,259,504 (52,626,201) - 4,638,261,237 Works-In-Progress 9,309,885,410 - 3,819,020,152 - (1,039,314,027) 12,089,591,535 Leasehold Improvements 14,561,928,117 - 172,330,299 (2,433,392,713) 155,449 12,301,021,152 Allowance for Impairment of PPE and Obsolescence of Materials (Note 5.18) (21,352,553) - - - - (21,352,553) Total as of December 31, 2024 698,891,856,264 (22,858,479,375) 8,529,852,803 (4,335,931,021) (7,646,629,746) 672,580,668,925 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 32 - Accumulated Depreciation Main Account Balance at the Beginning of the Period Deconsolidation of companies (1) Retirements and Transfers For the year Balances as of December 31, 2024 Net Book Value as of December 31, 2024 Real Property (1) 92,720,240,811 (2,433,039,389) (5,084,442,159) 3,258,892,429 88,461,651,692 78,940,081,592 Furniture and Fixtures 26,874,948,444 (2,261,230,950) (357,847,764) 418,616,702 24,674,486,432 1,114,426,965 Telecommunication, Audio and Video Equipment 101,025,311,993 (73,015,417) (52,859,559) 3,244,561,918 104,143,998,935 8,065,762,642 Computer Equipment 138,168,796,752 (3,003,310,193) (329,249,930) 3,094,773,045 137,931,009,674 4,800,073,618 Technical Equipment 16,333,192,423 (350,845,075) - 637,454,181 16,619,801,529 1,088,811,219 Workshop Machinery 85,739,374,911 - (2,702,289) 684,086,334 86,420,758,956 1,397,321,100 Tools 24,523,653 - - 171,803 24,695,456 1,058,402 Spare Parts 5,358,858,231 - - - 5,358,858,231 102,126,201 Installations 94,617,037,270 (12,476,854,304) (1,806,336,445) 1,057,056,282 81,390,902,803 3,037,322,107 Vehicles 4,349,448,267 (129,894,592) (52,626,133) 184,436,963 4,351,364,505 286,896,732 Works-In-Progress - - - - 12,089,591,535 Leasehold Improvements 13,835,753,624 - (2,431,384,701) 190,417,470 11,594,786,393 706,234,759 Allowance for Impairment of PPE and Obsolescence of Materials (Note 5.18) (8,694,921) - - - (8,694,921) (12,657,632) Total as of December 31, 2024 579,038,791,458 (20,728,189,920) (10,117,448,980) 12,770,467,127 560,963,619,685 111,617,049,240 (1) Corresponds to the deconsolidation of DLA. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 33 - Original value Main Account Balance at the Beginning of the Period Deconsolidati on of companies (2) Additions Retirements Transfers Balances as of December 31, 2023 Real Property (1) 173,805,150,064 - 29,082,300 - 4,233,008,392 178,067,240,756 Furniture and Fixtures 27,859,353,604 - 399,665,773 (1,015,482) - 28,258,003,895 Telecommunication, Audio and Video Equipment 108,719,840,572 - 3,374,425,900 (124,000,996) - 111,970,265,476 Computer Equipment 139,666,435,475 - 3,241,770,060 (82,051,970) 3,883,748 142,830,037,313 Technical Equipment 17,443,573,987 - 205,714,420 - - 17,649,288,407 Workshop Machinery 89,959,939,548 - 507,712,553 (3,302,006,186) - 87,165,645,915 Tools 25,753,858 - - - - 25,753,858 Spare Parts 5,460,984,432 - - - 5,460,984,432 Installations 98,601,996,978 - 221,655,734 - - 98,823,652,712 Vehicles 4,786,474,285 14,065,557 (10,017,316) - 4,790,522,526 Works-In-Progress 7,955,342,979 - 5,615,131,338 - (4,260,588,907) 9,309,885,410 Leasehold Improvements 14,395,454,266 - 166,473,851 - - 14,561,928,117 Allowance for Impairment of PPE and Obsolescence of Materials (Note 5.18) (21,352,553) - - - - (21,352,553) Total as of December 31, 2023 688,658,947,495 - 13,775,697,486 (3,519,091,950) (23,696,767) 698,891,856,264 Accumulated Depreciation Main Account Balance at the Beginning of the Period Deconsolidati on of Subsidiaries (1) Retirements and Transfers For the year Balances as of December 31, 2023 Net Book Value as of December 31, 2023 Real Property 89,489,589,265 - - 3,230,651,546.00 92,720,240,811 85,346,999,945 Furniture and Fixtures 26,435,238,525 - (425,896) 440,135,815 26,874,948,444 1,383,055,451 Telecommunication, Audio and Video Equipment 97,880,166,943 - (86,797,631) 3,231,942,681 101,025,311,993 10,944,953,483 Computer Equipment 134,059,039,055 - (35,810,310) 4,145,568,007 138,168,796,752 4,661,240,561 Technical Equipment 15,594,090,093 - - 739,102,330 16,333,192,423 1,316,095,984 Workshop Machinery 88,287,828,805 - (3,069,129,012) 520,675,118 85,739,374,911 1,426,271,004 Tools 24,331,755 - - 191,898 24,523,653 1,230,205 Spare Parts 5,358,858,057 - - 174 5,358,858,231 102,126,201 Installations 93,019,055,610 - (11,038) 1,597,992,698 94,617,037,270 4,206,615,442 Vehicles 4,151,837,712 - - 197,610,555 4,349,448,267 441,074,259 Works-In-Progress - - - - - 9,309,885,410 Leasehold Improvements 13,455,769,656 - - 379,983,968 13,835,753,624 726,174,493 Allowance for Impairment of PPE and Obsolescence of Materials (Note 5.18) (8,694,921) - - - (8,694,921) (12,657,632) Total as of December 31, 2023 567,747,110,555 - (3,192,173,887) 14,483,854,790 579,038,791,458 119,853,064,806 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 34 - The following table details the average years of useful life of the items comprising Property, Plant and Equipment: Item Average Useful Life (in years) Real Property 50 Furniture and Fixtures 10 Telecommunication, Audio and Video Equipment between 3 and 4 External Network and Broadcasting Equipment between 3 and 20 Computer Equipment 3 Technical Equipment between 4 and 10 Workshop Machinery 10 Tools 5 Spare Parts 5 Installations between 3 and 10 Vehicles 5 Leasehold Improvements between 3 and 10 5.2 Intangible Assets Original value Main Account Balance at the Beginning of the Period Deconsolidation of companies (1) Additions Retirements Transfers Balances as of December 31, 2024 Exploitation Rights and Licenses 3,512,998,458 - - - - 3,512,998,458 Exclusivity Agreements 4,837,295,847 - - - 4,837,295,847 Other Rights 17,678,257,927 - 1,184,507,933 - - 18,862,765,860 Software 57,308,628,792 (2,647,713,634) 672,055,660 (1,125,109,263) 368,055,850 54,575,917,405 Trademarks and Patents 2,522,584,718 - 56,821,227 (14,596,598) - 2,564,809,347 Projects in-Progress 7,912,493,857 (89,521,919) 1,493,376,964 - (279,453,169) 9,036,895,733 Deferred Charges and Other 15,934,269,389 - - (1,871) - 15,934,267,518 Allowance for Impairment of Intangible Assets (Note 5.18) (3,375,945,030) - - - - (3,375,945,030) Total as of December 31, 2024 106,330,583,958 (2,737,235,553) 3,406,761,784 (1,139,707,732) 88,602,681 105,949,005,138 Accumulated Depreciation Main Account Balance at the Beginning of the Period Retirements and Transfers For the year Deconsolidation of Subsidiaries (1) Balances as of December 31, 2024 Net Book Value as of December 31, 2024 Exploitation Rights and Licenses 3,461,304,709 - - - 3,461,304,709 51,693,749 Exclusivity Agreements 4,815,551,876 - 10,441,335 - 4,825,993,211 11,302,636 Other Rights 16,575,510,463 - 595,073,294 - 17,170,583,757 1,692,182,103 Software 54,941,697,540 (190,290,072) 1,428,615,094 (2,631,636,789) 53,548,385,773 1,027,531,632 Trademarks and Patents 2,205,960,132 (14,431,667) 64,444,755 - 2,255,973,220 308,836,127 Projects in-Progress - - - 9,036,895,733 Deferred Charges and Other 14,298,611,477 - 459,928,307 - 14,758,539,784 1,175,727,734 Allowance for Impairment of Intangible Assets (Note 5.18) (83,865,287) - - (83,865,287) (3,292,079,743) Total as of December 31, 2024 96,214,770,910 (204,721,739) 2,558,502,785 (2,631,636,789) 95,936,915,167 10,012,089,971 (1) Corresponds to the deconsolidation of DLA. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 35 - Original value Main Account Balance at the Beginning of the Period Cumulative translation adjustment Additions Retirements Transfers Balances as of December 31, 2023 Exploitation Rights and Licenses 3,512,998,458 - - - - 3,512,998,458 Exclusivity Agreements 4,837,295,847 - - - - 4,837,295,847 Other Rights 16,599,508,716 - 1,078,749,211 - - 17,678,257,927 Software 55,569,741,555 - 458,473,529 (47,075,662) 1,327,489,370 57,308,628,792 Trademarks and Patents 3,033,585,998 75,419,793 43,911,147 (630,332,220) - 2,522,584,718 Projects in-Progress 6,996,719,938 - 2,219,566,522 - (1,303,792,603) 7,912,493,857 Other 15,934,269,389 - - - - 15,934,269,389 Allowance for Impairment of Intangible Assets (Note 5.18) (3,375,945,030) - - - - (3,375,945,030) Total as of December 31, 2023 103,108,174,871 75,419,793 3,800,700,409 (677,407,882) 23,696,767 106,330,583,958 Accumulated Depreciation Main Account Balance at the Beginning of the Period Cumulative translation adjustment Retirements and Transfers For the year Balances as of December 31, 2023 Net Book Value as of December 31, 2023 Exploitation Rights and Licenses 3,461,304,709 - - - 3,461,304,709 51,693,749 Exclusivity Agreements 4,692,001,866 - - 123,550,010 4,815,551,876 21,743,971 Other Rights 16,205,980,894 - - 369,529,569 16,575,510,463 1,102,747,464 Software 51,676,555,857 - - 3,265,141,683 54,941,697,540 2,366,931,252 Trademarks and Patents 2,665,451,749 75,419,793 (630,332,220) 95,420,810 2,205,960,132 316,624,586 Projects in-Progress - - - - - 7,912,493,857 Other 14,144,497,368 - - 154,114,109 14,298,611,477 1,635,657,912 Allowance for Impairment of Intangible Assets (Note 5.18) (83,865,287) - - - (83,865,287) (3,292,079,743) Total as of December 31, 2023 92,761,927,156 75,419,793 (630,332,220) 4,007,756,181 96,214,770,910 10,115,813,048 The following is a detail of the average number of years over which intangible assets items are amortized: Item Amortization Period (in years) Exploitation Rights and Licenses between 2 and 20 Exclusivity Agreements between 5 and 15 Other Rights between 5 and 20 Software between 3 and 5 Trademarks and Patents between 3 and 10 Other between 3 and 20 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 36 - 5.3 Investment Properties Original value Main Account Balance at the Beginning of the Period Additions Retirements Transfers Balances as of December 31, 2024 Real Property 21,423,586,256 389,683,555 - 7,558,027,065 29,371,296,876 Total as of December 31, 2024 21,423,586,256 389,683,555 - 7,558,027,065 29,371,296,876 Accumulated Depreciation Main Account Balance at the Beginning of the Period Transfers For the year Balances as of December 31, 2024 Net Book Value as of December 31, 2024 Real Property 9,032,924,745 5,872,987,620 271,154,099 15,177,066,464 14,194,230,412 Total as of December 31, 2024 9,032,924,745 5,872,987,620 271,154,099 15,177,066,464 14,194,230,412 Original value Main Account Balance at the Beginning of the Period Additions Retirements Transfers Balances as of December 31, 2023 Real Property 21,423,586,256 - - - 21,423,586,256 Total as of December 31, 2023 21,423,586,256 - - - 21,423,586,256 Accumulated Depreciation Main Account Balance at the Beginning of the Period Retirements and Transfers For the year Balances as of December 31, 2023 Net Book Value as of December 31, 2023 Real Property 8,792,199,918 - 240,724,827 9,032,924,745 12,390,661,511 Total as of December 31, 2023 8,792,199,918 - 240,724,827 9,032,924,745 12,390,661,511 The following table details the average years of useful life of the item Investment Properties: Item Average Useful Life (in years) Real Property 50 5.4 Goodwill The Company assesses the recoverability of goodwill considering each company for which it records goodwill as a different cash-generating unit (“CGU”). The recoverable amount of each CGU has been determined as per its value in use, calculated based on operating cash flows estimated in the financial budgets approved by Management, which comprise a period ranging from one to three years. Cash flows not included in those periods are projected using a growth rate, assessed based on statistical data and historical indicators of Argentina, which does not exceed the long- term average growth of each business. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 37 - The gross margin used in each case for the calculation of the value in use allocated to each CGU arises from budgets prepared by each business for the period under consideration, which are in line with the historical data and the expectations regarding market development and evolution of the respective businesses. The discount rate used in each case for the calculation of the value in use allocated to each CGU takes into account the risk-free rate, the country risk premium and the premium for risks specific to each business, and the indebtedness structure of each CGU. In particular, the annual real discount rate applied to the projections of Impripost’s and Patagonik's cash flows is of approximately 12.31% and 12.90%, respectively. The goodwill of those companies corresponds to interests in joint ventures, which are disclosed under “Investments in Unconsolidated Affiliates” (Note 5.5). Main Account Net Balances As of December 31, 2024 Net balances as of December 31, 2023 Other 363,129,224 363,129,224 Total 363,129,224 363,129,224 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 38 - 5.5. Investments in Unconsolidated Affiliates Main Business Activity Country Interest (%) (1) Value Recorded as of December 31, 2024 Value Recorded as of December 31, 2023 Included in assets Interest in Associates Papel Prensa Manufacturing of Newsprint Argentina 49.00 38,722,375,840 38,348,786,625 Urbano Postal services Argentina 30.00 3,314,101,462 2,338,787,219 Other Investments 84,671,361 664,155,613 Interests in Joint Ventures TRISA Production and exploitation of sports events, advertising agency and financial and investing operations Argentina 50.00 7,490,368,692 11,354,241,482 Canal Rural Audiovisual production and sale of advertising Argentina 64.99 1,545,677,296 1,917,288,720 Impripost Variable printing Argentina 50.00 1,342,442,836 1,509,761,337 AGL Printing Argentina 50.00 1,054,836,416 878,198,860 Quanix Software technology services for the management of people, payroll and benefits for the employee community, electronic and digital signature services, and other digital services for the development of financial solutions. Argentina 50.00 848,362,287 - Exponenciar Organization, holding, production and commercial exploitation of exhibitions and events, and/or promotion and/or advertising for the purposes of promoting various Argentina 50.00 536,580,373 1,275,603,419 Ríos de Tinta Editorial activities Mexico 50.00 2,382,746,388 4,434,291,783 Patagonik Film producer Argentina 33.33 1,421,383,876 950,970,508 Other Interests in Joint Operations - 462,693 58,743,546,827 63,672,548,259 (1) Equity participation in capital and votes. Equity in Earnings from Associates December 31, 2024 December 31, 2023 Papel Prensa 335,096,436 3,550,243,477 TRISA (3,863,872,790) (6,526,381,660) AGL 176,637,556 (62,168,180) Canal Rural 177,744,044 832,945,764 Ríos de Tinta 320,371,879 555,052,212 Impripost (167,318,501) (175,320,264) URBANO 975,314,243 474,835,907 Other Companies 774,392,532 307,708,736 (1,271,634,601) (1,043,084,008) GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 39 - The following is a detail of certain supplementary information required by IFRS about interests in associates (amounts stated in millions of Argentine pesos): December 31, 2024 December 31, 2023 Dividends received - 72 Summarized financial information: Current Assets 33,027 40,284 Non-Current Assets 12,185 10,128 Current Liabilities 32,964 40,567 Non-Current Liabilities 574 1,333 Revenues 109,310 116,475 Net Income (Loss) from Continuing Operations 3,470 1,731 Total Comprehensive (Loss) / Income 3,470 1,731 The following is a detail of certain supplementary information required by IFRS about interests in joint operations (amounts stated in millions of Argentine pesos): December 31, 2024 December 31, 2023 Dividends received 1,127 601 Summarized financial information: Assets Cash and Cash Equivalents 18,355 34,675 Other Current Assets 41,428 41,092 Current Assets 59,783 75,767 Non-Current Assets 29,412 20,751 Liabilities Current Financial Debt 1,598 3,510 Other Current Liabilities 47,261 41,190 Current Liabilities 48,859 44,700 Non-Current Financial Debt 4,319 8,491 Other Non-Current Liabilities 5,925 1,605 Non-Current Liabilities 10,244 10,096 Revenues 113,567 119,814 Depreciation and Amortization (1,665) (1,971) Interest Income 920 949 Interest on Financial Debt (1,361) (588) Income Tax 7,397 (1,805) Net Income (Loss) from Continuing Operations (6,386) (9,656) Total Comprehensive (Loss) / Income (6,386) (9,656) GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 40 - 5.6 Other Investments December 31, 2024 December 31, 2023 Non-Current Financial Instruments 2,656,623,672 4,505,910,913 2,656,623,672 4,505,910,913 Current Financial Instruments 17,895,047,483 14,407,474,443 Securities 313,363,908 7,338,622,768 Mutual Funds 7,989,255,698 14,977,471,720 26,197,667,089 36,723,568,931 5.7 Inventories December 31, 2024 December 31, 2023 Non-Current Film Products and Rights 441,860,027 388,036,409 441,860,027 388,036,409 Current Raw Materials and Supplies 9,084,684,554 8,432,374,605 Finished Goods 2,462,112,354 5,364,832,468 Film Products and Rights 1,013,393,833 3,042,099,606 Subtotal 12,560,190,741 16,839,306,679 Less: Allowance for Impairment of Inventories (Note 5.18) (170,719,351) (508,363,250) 12,389,471,390 16,330,943,429 5.8 Other Assets December 31, 2024 December 31, 2023 Non-Current Works of Art 22,057,366 86,200,928 Other 416,281,557 721,519,757 438,338,923 807,720,685 Current Other 1,869,899,249 6,185,714,314 1,869,899,249 6,185,714,314 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 41 - 5.9. Other Receivables December 31, 2024 December 31, 2023 Non-Current Tax Credits 1,483,545,885 1,496,328,701 Deposits in Guarantee 26,540,853 5,670,894 Prepaid Expenses 23,967,500 - Advances 1,125,762 2,451,500 Related Parties (Note 15) 4,200 9,146 Other 1,415,273 2,281,895 Allowance for Other Bad Debts (Note 5.18) (4,633,699) (10,090,511) 1,531,965,774 1,496,651,625 Current Tax Credits 9,558,910,035 11,981,405,303 Court-ordered and Guarantee Deposits 39,172,103 327,463,877 Prepaid Expenses 1,663,604,175 1,227,628,426 Advances 2,940,897,504 4,515,735,807 Related Parties (Note 15) 24,790,496 380,997,842 Other Receivables 512,458,478 746,822,588 Other 1,128,633,398 1,206,066,993 Allowance for Other Bad Debts (Note 5.18) (208,064,804) (477,532,359) 15,660,401,385 19,908,588,477 5.10 – Trade Receivables December 31, 2024 December 31, 2023 Current Trade Credits 95,938,282,858 76,908,695,690 Related Parties (Note 15) 8,213,962,899 5,457,396,051 Allowance for Bad Debts (Note 5.18) (2,606,718,288) (3,692,470,340) 101,545,527,469 78,673,621,401 5.11 Cash and Banks December 31, 2024 December 31, 2023 Cash and Imprest Funds 639,667,517 327,533,653 Banks 14,699,917,827 31,467,446,224 15,339,585,344 31,794,979,877 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 42 - 5.12 Provisions and Other Charges December 31, 2024 December 31, 2023 Non-Current Provisions for Lawsuits and Contingencies (Note 5.18) 11,889,956,998 13,427,040,480 Accrual for Asset Retirement (Note 5.18) 295,605,256 808,913,185 12,185,562,254 14,235,953,665 5.13 Debt December 31, 2024 December 31, 2023 Non-Current Financial Debt 10,900,640,790 5,420,837,505 10,900,640,790 5,420,837,505 Current Bank Overdraft 1,769,970,600 3,146,102,883 Financial Debt 4,643,268,861 20,799,109,441 For Acquisition of Equipment - 5,969,559 Interest and Restatement 173,002,945 626,081,112 6,586,242,406 24,577,262,995 The following table details the changes in loans and indebtedness for the years ended December 31, 2024 and 2023: 2024 2023 Balances as of January 1 29,998,100,500 23,728,238,765 New Loans and Financing(1) 32,359,105,600 24,484,071,700 Accrued Interest 8,267,688,127 11,420,285,009 Exchange rate fluctuations 3,115,943,901 19,102,840,248 Inflation Adjustment, Cumulative Translation Adjustment and Other Movements (23,442,204,571) (26,438,805,854) Deconsolidation of Subsidiaries - Note 12.3.b) (2,994,100,355) - Payment of Interest (6,170,455,205) (10,399,350,166) Payment of Principal (23,647,194,801) (11,899,179,202) Balances as of December 31 17,486,883,196 29,998,100,500 (1) Mostly loans for the payment of debt with upcoming maturity, and for the purchase of capital assets and inventories. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 43 - The following table summarizes the maturities of consolidated loans (undiscounted values) at year-end: Due Non-Current Financial Debt From 1 to 2 years From 2 to 3 years From 3 to 4 years Total Non- Current Financial Debt 9,583,420,400 1,317,220,390 - 10,900,640,790 Total as of December 31, 2024 9,583,420,400 1,317,220,390 - 10,900,640,790 Due Current Financial Debt Up to 3 months From 3 to 6 months From 6 to 9 months From 9 months to 1 year Total Current Bank Overdraft 1,769,970,600 - - - 1,769,970,600 Financial Debt 4,370,418,234 163,898,239 41,250,000 67,702,388 4,643,268,861 Loans - Interest and Restatement 173,002,945 - - - 173,002,945 Total as of December 31, 2024 6,313,391,779 163,898,239 41,250,000 67,702,388 6,586,242,406 The following are the main items of the Company's financial debt: 5.13.1 AGEA and subsidiaries As of December 31, 2024, AGEA and its subsidiaries held the following overdraft agreements with banking institutions: (i) AGEA for an aggregate amount of up to $ 410,000, which accrues interest at a fixed nominal rate of 49.75%, (ii) OSA for an aggregate amount of up to $ 66 million, which accrues interest at a fixed nominal annual rate of between 50% and 52%, (iii) CIMECO for an aggregate amount of up to $ 70 million, which accrues interest at a fixed nominal annual rate of between 50% and 52%, and (iv) LVI for an aggregate amount of up to $ 400 million, which accrues interest at a fixed nominal annual rate of 50%. AGEA, OSA, and LVI hold repos as collateral for $1,164.6 million, $1,507.3 million, and $95.9 million respectively. These short- term transactions accrued interest at an annual average rate of 35.1% as of that date. On September 05, 2019, LVI executed a loan agreement with JP Morgan Chase Bank, NA (“JPM”) for US$ 4.5 million due on July 31, 2022. As of December 31, 2024, JPM made a disbursement of US$ 4 million under the loan. Said loan accrued interest at an annual rate equivalent to LIBOR plus 0.9% on the outstanding amount of the loan, payable on a quarterly basis. During August 2022, LVI and JPM agreed to amend the conditions of loan, establishing that interest will be accrued at a SOF rate plus 1.25% per year as from the date of the amendment and changing the maturity date to July 31, 2024. On such date, LVI entered into a loan agreement with JPM for US$ 5 million, which accrues interest at an annual rate equivalent to SOFR plus 1.85% on outstanding balances, payable on a quarterly basis. Principal will be repaid at maturity, i.e. on July 31, 2026. On August 15, 2024, JPM disbursed US$ 4 million. On the same date, LVI repaid all principal disbursed and interest accrued until the payment date under the loan granted by JPM on September 5, 2015, which amounted to US$ 4 million and US$ 33,000, respectively. On October 22, 2019, AGEA executed a loan agreement with JPM for US$ 4.5 million due on July 31, 2022. During fiscal year 2019, JPM disbursed the full loan amount. Said loan accrued interest at an annual rate equivalent to LIBOR plus 0.9% on the outstanding amount of the loan, payable on a quarterly basis. As of December 31, 2021, AGEA prepaid principal in the amount of US$ 444,000. During August 2022, AGEA and JPM agreed to amend the conditions of loan, establishing that interest will be accrued at a SOF rate plus GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 44 - 1.25% per year as from the date of the amendment and changing the maturity date to July 31, 2024. On July 31, 2024, AGEA entered into a new loan agreement with JPM for US$ 4.5 million, which accrues interest at an annual rate equivalent to SOFR plus 1.85% on the outstanding amount of the loan, payable on a quarterly basis. Principal will be repaid at maturity, i.e. on July 31, 2026. On August 14, 2024, JPM disbursed US$ 4.056 million. On the same date, AGEA repaid the outstanding principal under the loan granted by JPM on October 22, 2019 for US$ 4.056 million and settled all outstanding interest thereon as of the repayment date, which amounted to US$ 33,000. On December 11, 2024, the Company repaid the total principal amount and the accrued interest up to the date of repayment, which amounted to US$4,056 million and US$52.6 thousand, respectively. On December 19, 2019, LVI executed a loan agreement with JPM for US$ 1.5 million due on December 31, 2022. As of that date, JPM made a disbursement of US$ 1 million under the loan. Said loan accrued interest at an annual rate equivalent to LIBOR plus 0.9% on the outstanding amount of the loan, payable on a quarterly basis. During December 2022, LVI and JPM agreed to amend the conditions of loan, establishing that interest will be accrued at a SOF rate plus 1.25% per year as from the date of the amendment and changing the maturity date to December 31, 2024. On the same date, LVI received US$ 1 million from JPM, which was the remaining balance under an agreement executed on July 31, 2024 between LVI and JPM for US$ 5 million, of which only US$ 4 million had been disbursed. On December 31, 2024, LVI repaid the disbursement made by JPM under the agreement executed on December 19, 2019 for US$ 1 million and, on January 3, 2025, LVI settled the accrued interest, which amounted to US$ 15,000. On February 4, 2020, DLA executed a loan agreement with JPM for US$ 0.9 million due on July 31, 2022. During fiscal year 2020, JPM disbursed the full loan amount. Said loan accrued interest at an annual rate equivalent to LIBOR plus 0.9% on the outstanding amount of the loan, payable on a quarterly basis. During August 2022, DLA and JPM agreed to amend the conditions of loan, establishing that interest will be accrued at a SOF rate plus 1.25% per year as from the date of the amendment and changing the maturity date to July 31, 2024. On December 21, 2023, DLA executed another loan agreement with JPM for US$ 1.2 million due on September 30, 2025. On December 21, 2023, JPM disbursed the full loan amount. This loan accrues interest at a SOFR rate plus 1.75% annually from the date of disbursement. On June 4, 2024, DLA repaid the loans granted by JPM on February 4, 2020 and December 21, 2023 for US$ 0.9 million and US$ 1.2 million, respectively. On September 30, 2021, AGEA executed a loan agreement with First Overseas Bank Limited (“FOBAL”) for US$ 1.6 million due on December 30, 2027. The loan accrues interest at an annual rate of 8% on the outstanding amount of the loan, which shall be paid at maturity As of December 31, 2024, the Company had paid off four principal installments totaling US$ 1.179 million, with three equal and consecutive installments remaining, each due on December 30 of each year. On February 16, 2024, AGEA obtained a new loan from FOBAL in the amount of US$ 196,000 for a term of 185 days. Principal and interest are payable in 4 consecutive equal monthly installments. The first installment was due in May 2024. Interest accrues on the outstanding balances at an annual rate of 8%. As of December 31, 2024, all principal installments were settled as well as interest thereof, which totaled US$ 6,000. At the end of April 2024, DLA initiated an operational reorganization plan to optimize its workforce and adapt the company's structure to the radical technological changes that have been occurring for years in the media industry. As part of the financing of the restructuring plan cost, on May 2, 2024, DLA collected $ 450 million under a loan agreement that accrues interest at the lending rate of Banco de la Nación Argentina for its 30- day discount operations. The due date for the repayment of principal and interest was September 30, 2024. On May 10, 2024, JPM granted a loan to CIMECO for US$ 1.5 million, due on April 30, 2027. Said loan will accrue interest at an annual rate equivalent to SOFR plus 1.80% on the outstanding amount of the loan, GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 45 - payable on a quarterly basis. On December 11, 2024, CIMECO prepaid principal in the amount of US$ 350,000 and interest in the amount of US$ 4,000. 5.13.2 GCGC and Subsidiaries During June 2022, GCGC and Banco Itaú Argentina S.A. entered into a lease-purchase agreement for computing equipment for $ 10.6 million. Such loan accrues interest at an annual nominal rate of 41.75% on the outstanding balances, and is payable in 25 consecutive installments. Such loan was repaid in full during this year. 5.13.3 IESA and Subsidiaries On August 23, 2024, Carburando S.A.U. executed a loan agreement with the bank BBVA for $ 33,600,000, due on September 1, 2025. Said loan accrues interest at a rate of 42% plus taxes, payable in 12 monthly installments as from October 2024. On December 26, 2024, Carburando S.A.U. executed a loan agreement with the bank Mariva for $ 330,000,000, due on December 28, 2026. Said loan accrues interest at a rate of 40% plus taxes, payable in 12 monthly installments as from January 2025. 5.13.4 Radio Mitre As of December 31, 2024, Radio Mitre holds two loan agreements with JP Morgan Chase Bank NA, under which it received US$ 1.5 million, due on December 15, 2025, and US$ 4 million, due on April 30, 2026. These loans accrue interest at a SOF rate plus 1.75% and 1.85% (applicable margin), respectively. Interest is calculated on outstanding balances and is payable on a quarterly basis. As of December 31, 2024, Radio Mitre holds bank overdraft facility agreements for $ 1,599 million, which accrue interest at an annual nominal rate of 42%. 5.14 Taxes Payable December 31, 2024 December 31, 2023 Non-Current Taxes Payable on a National Level 5,754,196 33,523,781 5,754,196 33,523,781 Current Taxes Payable on a National Level 2,876,581,557 4,406,548,830 Taxes Payable on a Provincial Level 44,259,179 111,580,504 Taxes Payable on a Municipal Level 41,858,123 59,697,124 2,962,698,859 4,577,826,458 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 46 - 5.15 Other Liabilities December 31, 2024 December 31, 2023 Non-Current Advances from Customers - 158,561,160 Deposits in Guarantee 2,066,000 3,525,375 Related Parties (Note 15) 2,631,600,000 4,489,300,618 Call Options (Note 10) 3,096,000,000 - Other 472,592,421 763,846,944 6,202,258,421 5,415,234,097 Current Advances from Customers 1,843,242,875 1,992,919,621 Related Parties (Note 15) 527,798,682 855,706,497 Call Options (Note 10) - 5,281,530,139 Revenues to be Accrued 4,689,776,900 4,272,739,625 Other 2,324,731,765 4,222,818,981 9,385,550,222 16,625,714,863 5.16 Trade and Other Payables December 31, 2024 December 31, 2023 Non-Current Employer’s Contributions 156,515,654 335,859,901 156,515,654 335,859,901 Current Suppliers and Trade Provisions 50,922,131,228 63,037,247,840 Related Parties (Note 15) 4,685,606,449 2,034,267,847 Employer’s Contributions 29,501,860,370 27,054,671,360 85,109,598,047 92,126,187,047 5.17 Right-of-Use Assets and Lease Liabilities Certain controlled companies have real property lease agreements pursuant to IFRS 16. The Company recognized the right-of-use assets at an amount equal to the lease liability as of the date of execution of the agreement (equal to the present value as of that date of the remaining lease payments, which were discounted at a borrowing rate). Right-of-use assets and lease liabilities related to the above-mentioned agreements are disclosed in a separate item of Assets and Liabilities, respectively, in the Consolidated Statement of Financial Position. The amortization of those assets is disclosed under Amortization of Right-of-Use Assets. The following table shows the changes in the item right-of-use assets: GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 47 - 2024 2023 Balances as of January 1 1,044,219,794 543,122,263 Additions 2,178,182,815 2,007,482,054 Amortization (1,484,722,606) (1,506,384,523) Balances as of December 31 1,737,680,003 1,044,219,794 The following is the evolution of Lease Liabilities: 2024 2023 Balances as of January 1 720,769,378 476,990,375 Interest (1) 1,090,188,227 693,574,695 Additions (2) 2,178,182,815 2,007,482,054 Gain (Loss) on Net Monetary Position (1,313,526,964) (1,306,209,896) Payments (1,188,224,872) (1,151,067,850) Balances as of December 31 1,487,388,584 720,769,378 (1) Included under financial expenses on debt in the Consolidated Statement of Comprehensive Income. (2) Discounted at a borrowing rate of between 29% and 101% for agreements denominated in Argentine pesos. 5.18 Changes in Provisions and Allowances Items Balance at the Beginning of the Period Deconsolidation of Subsidiaries Increases Decreases (6) Balances as of December 31, 2024 Balances as of December 31, 2023 Deducted from Assets For Bad Debts and Other Uncollectible Receivables 4,180,093,210 (78,714,840) 1,186,777,331 (1) (2,468,738,910) (1) 2,819,416,791 4,180,093,210 Allowance for Impairment of Inventories 508,363,250 - 59,804,562 (2) (397,448,461) 170,719,351 508,363,250 Allowance for Impairment of Property, Plant and Equipment and Obsolescence of Materials 12,657,632 - - - 12,657,632 12,657,632 Allowance for Impairment of Intangible Assets 3,292,079,743 - - - 3,292,079,743 3,292,079,743 Valuation Allowance on Tax Loss Carryforwards (5) 885,252,728 - 1,846,081,639 (478,732,714) (3) 2,252,601,653 885,252,728 Total 8,878,446,563 (78,714,840) 3,092,663,532 (3,344,920,085) 8,547,475,170 8,878,446,563 Included in liabilities Provisions for Lawsuits and Contingencies 13,427,040,480 (85,854,954) 10,190,177,207 (4) (11,641,405,735) (4) 11,889,956,998 13,427,040,480 Accrual for Asset Retirements 808,913,185 - - (4) (513,307,929) (4) 295,605,256 808,913,185 Total 14,235,953,665 (85,854,954) 10,190,177,207 (12,154,713,664) 12,185,562,254 14,235,953,665 (1) Includes net increases of $ 1,147 million which have been charged to Selling expenses (see Note 6.3). (2) Charged to Impairment of Inventories and Obsolescence of Materials under Production Expenses (see Note 6.3). (3) Charged to Income Tax (4) Includes $ 4,103 million corresponding to net increases which were charged to Contingencies (see Note 6.3) and $ 6,357 million to Other Financial Results, net. (5) Includes Valuation Allowance for Deferred Tax Assets, net. (6) Includes the effect of the Gain (Loss) on Net Monetary Position. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 48 - (7) Charged to Other Income and Expenses NOTE 6 - BREAKDOWN OF THE MAIN ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME 6.1 Revenues December 31, 2024 December 31, 2023 Advertising Sales 156,673,820,762 202,952,493,513 Circulation Sales 108,127,339,441 144,419,120,330 Printing Services Sales 9,216,852,130 25,447,828,284 Television Signals Sales 54,964,758,555 69,125,171,846 Sales of Logistics Services 8,145,673,937 8,814,782,998 Other Sales 16,721,398,998 20,630,287,045 Total (1) 353,849,843,823 471,389,684,016 (1) Includes sales executed through barter transactions as of December 31, 2024 and 2023 for $ 186 million and $ 442 million, respectively. 6.2 Cost of Sales December 31, 2024 December 31, 2023 Inventories at the beginning of the year 17,227,343,088 35,874,200,747 Purchases for the year 46,372,981,344 68,151,059,124 Deconsolidation of companies (1) (113,633,960) - Production and Services Expenses (Note 6.3) 174,789,200,434 226,150,840,822 Less: Inventory at year-end (Note 5.7) (13,002,050,768) (17,227,343,088) Cost of Sales 225,273,840,138 312,948,757,605 (1) Corresponds to the deconsolidation of DLA as of December 31, 2024. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 49 - 6.3. Production and Services, Selling and Administrative Expenses Item Production and Services Expenses Selling Expenses Administrative Expenses Total as of December 31, 2024 Total December 31, 2023 Fees for Services 18,003,467,181 6,702,766,753 9,579,381,913 34,285,615,847 39,363,868,774 Salaries, Social Security and Benefits to Personnel (1) 76,966,092,596 14,225,137,125 36,738,251,577 127,929,481,298 164,681,302,288 Advertising and Promotion Expenses - 7,973,600,883 18,733,414 7,992,334,297 9,497,603,201 Taxes, Duties and Contributions 3,047,940,408 1,192,688,570 3,390,665,825 7,631,294,803 9,353,332,954 Bad Debt Expenses - 1,146,649,413 - 1,146,649,413 1,064,700,733 Travel Expenses 6,584,811,583 619,214,099 989,844,567 8,193,870,249 9,277,831,754 Maintenance Expenses 12,984,654,669 454,103,028 2,996,682,319 16,435,440,016 17,375,772,905 Distribution Expenses 272,178,751 11,637,997,678 - 11,910,176,429 16,271,364,187 Communication Expenses 1,776,493,159 105,131,377 570,492,203 2,452,116,739 2,262,775,194 Contingencies - - 4,103,036,642 4,103,036,642 8,071,171,250 Stationery and Office Supplies 522,448,469 11,347,728 214,605,954 748,402,151 743,704,838 Commissions - 394,295,506 - 394,295,506 514,434,942 Productions and Co-Productions 11,216,301,485 - - 11,216,301,485 18,333,243,831 Printing Expenses 15,697,044,215 - - 15,697,044,215 20,497,926,795 Rights 176,299,206 - - 176,299,206 493,618,782 Services and Satellites 4,907,462,644 95,791,612 2,615,487,357 7,618,741,613 7,731,415,574 Severance Payments 1,627,537,523 400,947,636 777,798,539 2,806,283,698 9,699,352,516 Non-Computable VAT 1,191,456,887 - - 1,191,456,887 1,120,978,785 Leases 4,459,841,014 8,858,787 126,238,566 4,594,938,367 5,878,411,289 Amortization of Intangible Assets 1,296,392,962 226,242,951 1,035,866,872 2,558,502,785 4,007,756,181 Amortization of Film Library 91,701 - - 91,701 697,954 Amortization of Right-of-Use Assets 1,484,722,606 - - 1,484,722,606 1,506,384,523 Depreciation of Property, Plant and Equipment 11,262,907,935 816,811,676 690,747,516 12,770,467,127 14,483,854,790 Depreciation of Investment Properties - - 271,154,099 271,154,099 240,724,827 Impairment of Inventories and Obsolescence of Materials (67,653,622) - - (67,653,622) 447,807,434 Other Expenses 1,378,709,062 417,550,885 1,751,773,749 3,548,033,696 4,245,296,585 Total as of December 31, 2024 174,789,200,434 46,429,135,707 65,870,761,112 287,089,097,253 Total as of December 31, 2023 226,150,840,822 58,192,648,933 82,821,843,131 367,165,332,886 (1) As of December 31, 2024 and 2023, it includes a recovery corresponding to the allocation of employer's contributions as a tax credit against VAT by certain subsidiaries, for approximately $ 12,012 million and $ 16,132 million, respectively. 6.4 Financial Expenses on Debt December 31, 2024 December 31, 2023 Interest (9,357,876,354) (12,113,859,704) Exchange Differences (3,115,943,901) (19,102,840,248) Total (12,473,820,255) (31,216,699,952) 6.5 Other Financial Results, net December 31, 2024 December 31, 2023 Exchange Differences, net 2,038,372,327 12,516,943,874 Interest 2,517,513,937 9,319,798,498 Financial Discounts on Assets and Liabilities (170,910) (17,448,298) Other Taxes and Expenses (3,858,808,689) (5,350,554,412) Results from Operations with Notes and Bonds 1,912,948,146 (3,841,500,227) Total 2,609,854,811 12,627,239,435 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 50 - 6.6 Other Income and Expenses, net December 31, 2024 December 31, 2023 Income from Sale of Property, Plant and Equipment and Intangible Assets (74,529,913) (260,006,679) Impairment of Goodwill - (76,775,700) Income (loss) from sale or impairment of equity interests, net 778,755,962 - Other 1,714,391,873 2,576,470,340 Total 2,418,617,922 2,239,687,961 NOTE 7 - INCOME TAX The following table shows the reconciliation between the consolidated income tax charged to net income (loss) for the years ended December 31, 2024 and 2023 and the income tax liability that would result from applying the current tax rate on consolidated income (loss) before income tax and tax on assets and the income tax liability assessed for each year (amounts stated in thousands of Argentine Pesos): December 31, 2024 December 31, 2023 Income (Loss) before Income Tax 10,785,619 (33,990,523) Rate 31% 33% Income Tax Assessed at the Current Tax Rate on Income (Loss) before Income Tax (3,379,386) 11,256,679 Permanent Differences: Equity in Earnings from Associates (239,556) (78,955) Gain (Loss) on Net Monetary Position (6,404,602) (9,645,629) Non-Deductible Expenses (772,937) 6,419,284 Effect of the change in the tax rate (1) (1,373,325) 752,164 Other 155,108 5,892 Subtotal (12,014,698) 8,709,435 Unrecognized Deferred Tax Assets (2) (1,846,082) 539,747 Total Income Tax (13,860,780) 9,249,182 Deferred Tax (13,509,476) 12,898,789 Current Tax (351,304) (3,649,607) Total (13,860,780) 9,249,182 (1) Corresponding to the effect of applying the changes in the income tax rates to deferred tax assets and liabilities according to the year in which they are expected to be realized. (2) As of December 31, 2024, it corresponds to net recoveries of Deferred Tax Assets not recognized in previous fiscal years. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 51 - Breakdown of Consolidated Deferred Tax (in thousands of Argentine pesos): December 31, 2024 December 31, 2023 Changes Deferred Tax Assets Tax Loss Carryforwards 10,398,442 24,417,803 (14,019,361) Provisions and Other Charges 4,164,118 4,658,275 (494,157) Trade Receivables 1,154,209 1,505,637 (351,428) Deferral of the Inflation Adjustment for Tax Purposes 249,699 377,432 (127,733) Other Liabilities 1,896,328 3,332,404 (1,436,076) Accounts Payable 1,557,403 1,106,568 450,835 19,420,199 35,398,119 (15,977,920) Deferred Tax Liabilities Property, Plant, and Equipment (12,284,928) (14,398,504) 2,113,576 Intangible Assets (75,420) (213,021) 137,601 Inventories (951,076) (873,260) (77,816) Other Investments (116,427) (2,221,886) 2,105,459 Other Assets (188,759) (447,143) 258,384 Subtotal (13,616,610) (18,153,814) 4,537,204 Valuation Allowance on Tax Loss Carryforwards - (Note 5.18) (2,252,602) (885,253) (1,367,349) (15,869,212) (19,039,067) 3,169,855 Total Net Deferred Tax Assets 3,550,987 16,359,052 (12,808,065) (1) (1) Includes $ 701 million corresponding to changes in deconsolidation of subsidiaries. The following is a detail of net deferred tax assets taking into consideration the deferred tax position of each legal entity (in thousands of pesos): December 31, 2024 December 31, 2023 Deferred Tax Assets 13,032,337 20,287,365 Deferred Tax Liabilities (9,481,350) (3,928,313) Total Net Deferred Tax Assets 3,550,987 16,359,052 As of December 31, 2024, the Company’s and its subsidiaries’ accumulated consolidated tax loss carryforwards amounted to approximately $ 33,556 million, which calculated at the tax rate that will be in effect at the time each company expects it will use them amount to $ 10,398 million. The following table shows the expiration date of the accumulated tax loss carryforwards pursuant to statutes of limitations (amounts stated in thousands of Argentine Pesos): Expiration year Tax Loss Carryforwards 2025 778,871 2026 968,830 2027 1,351,242 2028 14,365,724 2029 16,091,311 The Company estimates that the tax loss carryforwards are recoverable for the net amounts disclosed. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 52 - NOTE 8 - PROVISIONS AND OTHER CONTINGENCIES 8.1 Claims and Disputes with Governmental Agencies a. In August 2013, the Company was served notice of a nullification claim brought by Argentina’s National Social Security Administration relating to the Annual Ordinary Shareholders' Meeting held on April 28, 2011 whereby it requested the nullity of all the decisions made at such meeting and, as a default argument, the nullity of the decisions made on points 2, 4 and 7 of that meeting's agenda, as well as the nullity of the decisions made at the Extraordinary Meetings of Class A, B and A and B Shareholders. As of the date of these consolidated financial statements, the final statements have been submitted and the file is pending the Court’s decision. On September 17, 2013, the Company was served notice of a nullification claim brought by Argentina’s National Social Security Administration relating to the Annual Ordinary Shareholders' Meeting held on April 26, 2012 whereby it requested the nullity of all the decisions made at such meeting and, as a default argument, the nullity of the decisions made on points 8 and 4 of that meeting's agenda, as well as the nullity of the decisions made at the Extraordinary Meetings of Class A, B and A and B Shareholders. As of the date of these consolidated financial statements, the final statements have been submitted and the file is pending the Court’s decision. On March 21, 2014, the Company was served notice of a claim brought by Argentina’s National Social Security Administration in re “National Social Security Administration v. GRUPO CLARÍN S.A. on Ordinary Proceeding” File No. 74,429, pending before the National Court of First Instance on Commercial Matters No. 17, Clerk’s Office No. 34. This claim seeks to nullify and challenge the corporate decisions made at the Shareholders' Meeting held on April 25, 2013 and those made at the Board of Directors’ Meeting held on April 26, 2013. As of the date of these consolidated financial statements, the final statements have been submitted and the file is pending the Court’s decision. On September 16, 2014, the Company received a communication from its controlling shareholder, GC Dominio S.A., whereby that company informed that it had been summoned to court as a third party in re “National Social Security Administration v. Grupo Clarín S.A. on Ordinary Proceeding”, pending before the National Court of First Instance on Commercial Matters No. 17, Clerk’s Office No. 33. As of the date of these consolidated financial statements and as informed by GC Dominio S.A., that company has filed a response to the above-mentioned claim, the final statements have been submitted and the file is pending the Court’s decision. On November 10, 2016, the Company was served notice of a claim brought by Argentina’s National Social Security Administration in re “National Government - Ministry of Economy and Finance v. GRUPO CLARÍN S.A. on Ordinary Proceeding” File -22,658/2015, pending before the National Court of First Instance on Commercial Matters No. 17, Clerk’s Office No. 34. This claim seeks to nullify and challenge the corporate decisions made at the Shareholders' Meeting held on April 28, 2015. As of the date of these consolidated financial statements, the Company has filed a response and produced evidence. The final statements have been submitted and the file is pending the Court’s decision. On April 03, 2017, the Company was served notice of a claim brought by Argentina’s National Social Security Administration in re “National Government - Ministry of Economy and Finance v. GRUPO CLARÍN S.A. on Ordinary Proceeding” File -22,832/2014, pending before the National Court of First Instance on Commercial Matters No. 17, Clerk’s Office No. 34. This claim seeks to nullify and challenge the corporate decisions made at the Shareholders' Meeting held on April 29, 2014. As of the date of these consolidated financial statements, the Company has filed a response and produced evidence. The final statements have been submitted and the file is pending the Court’s decision. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 53 - According to the Company and its legal advisors, the outstanding claims requesting the nullification of the Shareholders’ Meetings have no legal grounds. Therefore, they believe that the Company will not have to face adverse economic results in this regard. b. The Argentine Federal Revenue Service (“AFIP”) served the subsidiary CIMECO with a notice challenging its income tax assessment for fiscal years 2000, 2001 and 2002. In such notice, the AFIP challenged mainly the deduction of interest and exchange differences in the tax returns filed for those years. If AFIP’s position prevails, CIMECO’s maximum contingency as of December 31, 2024 would amount to approximately $ 12.3 million for taxes and $ 96 million for interest. CIMECO filed a response, which was dismissed by the tax authorities. The tax authorities issued their own official assessment and imposed penalties. CIMECO appealed the tax authorities’ resolution before the National Tax Court on August 15, 2007. During the year ended December 31, 2010, CIMECO received a pro forma income tax assessment from the AFIP for fiscal periods 2003 through 2007, as a consequence of AFIP’s challenge to CIMECO’s income tax assessments for the periods 2000 through 2002 mentioned above. CIMECO filed a response before AFIP, rejecting such assessment and requesting the suspension of administrative proceedings until the Federal Tax Court renders its decision on the merits. During 2011, the AFIP served CIMECO with a notice stating the income tax charges assessed for years 2003 through 2007 and ordering the initiation of summary proceedings. The AFIP’s assessment shows a difference in its favor in the Income Tax liability for the periods indicated above for an amount in excess of the amount that had been estimated originally, as a result of the method used to calculate certain deductions. CIMECO responded to the assessment rejecting all of the adjustments and requesting that the proceedings be rendered without effect and filed, with no further actions to be taken. On April 26, 2012, the AFIP issued a new official assessment comprising the fiscal years 2003 through 2007, in which it applied the same method for the calculation as that used for the administrative settlement, claiming a total liability of $ 120 million. On May 21, 2012, an appeal was filed with the Federal Tax Court. On December 18, 2017, the company was served notice of Resolution No. 132/2017 (DV MRRI) which imposed on CIMECO a fine of approximately $ 33 million in historical currency as of that date for an alleged omission of income tax for fiscal periods 2003-2007, pursuant to Section 45 of Law No. 11,683. CIMECO and its legal and tax advisors believe CIMECO has strong grounds to defend the criteria adopted in its tax returns. Such criteria would also provide a reasonable basis to hold that the fine imposed was illegitimate. Therefore, CIMECO considers that AFIP’s claims will not prosper before a judicial court. Accordingly, CIMECO has not booked an allowance in connection with the effects such challenges may have. c. Through the Joint Confidential Resolution dated October 30, 2017 (No. RRFCO-2017-12-APN-DIR-CNV), subsequently supplemented with the Joint Confidential Resolution dated November 24, 2017 (No. RRFC- 2017-16-APN-DIR, served on the Company on December 4, 2017, the CNV decided to initiate summary proceedings against the Company and the members of its Board of Directors, Supervisory Committee and Audit Committee as of the date of the alleged breach for alleged infringement of their duty to disclose the execution of an irrevocable contribution agreement with the Company’s subsidiary AGEA on June 24, 2014, as a relevant fact, pursuant to Section 1, 2 and 3, subsection 16), Chapter I, Title XII of the Rules. The subsidiary of the Company, AGEA, as well as its directors and syndics are also subject to GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 54 - summary proceedings. Each of them filed their respective responses in due time and form. On April 25, 2018, the preliminary hearing was held and the proceedings moved on to the presentation of evidence. On October 9, 2018, the parties to the summary proceeding submitted the corresponding legal brief. On January 25, 2021, the Company was notified of the appointment of an expert accountant to perform an accounting expert review as a measure to furnish additional evidence. AGEA requested the recusation of said expert accountant on grounds of bias, appointed its own expert accountant, and added new items subject to expert review. On February 08, 2021, AGEA was notified of a decision rendered on February 05, 2021, whereby, among other issues, the expert accountant was served notice of the request for recusation. The expert accountant had to state whether she fell within the grounds for recusation provided under Article 17 of the Argentine Code of Civil and Commercial Procedure. On May 5, 2021, the CNV served notice to AGEA of its decision dated April 30, 2021, whereby the CNV dismissed the objections filed against the decision served on January 25, 2021, dismissed the recusation of the expert accountant appointed by the CNV, appointed the CPA Silvina Contini as party-appointed technical advisor, and admitted the new items subject to expert review that had been proposed by those subject to the summary proceedings. On June 7 and 14, 2021, CNV Accountant M. Masotto and Accountant Contini, respectively, filed their accounting expert reviews. AGEA did not challenge the expert review of the expert accountant appointed by the CNV. On July 28, 2021, AGEA was served with a Decision rendered by the CNV on July 19, 2021, whereby the CNV requested AGEA to provide the supplement to the Legal Brief on the accounting expert reviews it had filed. On August 18, 2021, AGEA filed the supplement to the Legal Brief relating to the accounting expert review. On December 22, 2022, the CNV notified the Company, the permanent members of the Supervisory Committee and directors that, regarding the summary proceedings, it had decided i) to declare that Messrs. Héctor H. Magnetto, Lucio R. Pagliaro, José A. Aranda, and Ralph Harman Booth II, could not be sued by the claimant for the charges brought regarding the execution of the agreement dated June 24, 2014, ii) to admit the exception brought by Messrs. Jorge I. Oria and Martín G. Etchevers stating that they could not be sued by the claimant for the charges brought regarding the execution of the agreement dated January 1, 2014, iii) to acquit AGEA and its permanent directors in office at the time of the occurrence of the events that motivated the proceedings, Messrs. Alejandro A. Urricelqui, Héctor M. Aranda, and Jorge C. Rendo for the alleged failure to comply with Article 3, subsection 16), Section II, Chapter I, Title XII of the Regulations (TR 2013, as amended), iv) to acquit the permanent members of AGEA's Supervisory Committee in office at the time of the occurrence of the events that motivated the proceedings, Messrs. Carlos A. P. DI Candia, Raúl A. Morán, and Hugo E. López, for the alleged failure to comply with Article 294, subsection 1) of Law No. 19,550, and v) to impose fines in the amount of $500,000 and $800,000 on AGEA and Grupo Clarín, respectively, and to the permanent members of the Supervisory Committee and directors in office at the time of the occurrence of the events that motivated the proceedings. On February 10, 2023, appeals were filed by those subject to the summary proceedings against such decision. The appeals are pending before Chamber I of the National Court of Appeals on Federal Civil and Commercial Matters, under file No. 2180/2023, in re Arte Gráfico Editorial Argentino S.A. and other v. Argentine Securities Commission on appeal against the decision rendered by the Argentine Securities Commission. On March 22, 2023, the Chamber acknowledged the filing of the appeals and ordered the claimants to pay the court costs, and the bono de derecho fijo [a mandatory fee to support Argentina’s Bar Association's activities]. On May 23, 2023, the Company complied with such payments. On August 1, 2023, the appellant requested the Chamber to render a decision. On September 18, 2023, following the Prosecutor's Opinion, the case was moved to judgment. On May 6, 2024, AGEA was notified of the decision rendered by Chamber I, which dismissed the extraordinary appeal filed by CNV, with court costs to be borne by the appellant. The CNV filed a direct appeal before the Supreme Court of Argentina against the decision rendered by the Court of Appeals that dismissed the extraordinary appeal. As of the date of these financial statements, the appeal is pending before the Supreme Court of Argentina. The direct appeal does not suspend the effects of the decision, which remains in effect. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 55 - In addition, through the Joint Confidential Resolution No. RRFCO-2017-11-APN-DIR#CNV dated October 30, 2017 served on December 1, 2017, the CNV decided to initiate summary proceedings against the Company and the members of its Board of Directors, Supervisory Committee and Audit Committee and the Market Relations Officer as of the date of the alleged breach for alleged infringement of their duty to disclose the appeal filed against the injunction issued on December 20, 2011 in re “Supercanal S.A. vs. Cablevisión S.A. and Other on Complaint for the protection of constitutional rights, Injunction”, and the dismissal of the appeal by the Federal Court of Appeals of Mendoza, as a relevant fact, pursuant to Section 1, 2 and 3, subsection 16), Chapter I, Title XII of the Rules. Cablevisión, as well as its directors and members of the Supervisory Committee and the Market Relations Officer as of the date of the alleged breach are also subject to the summary proceedings. Each of them filed their respective responses in due time and form. On April 25, 2018, the preliminary hearing was held and the proceedings moved on to the presentation of evidence. On October 9, 2018, the parties to the summary proceeding submitted the corresponding legal brief. On January 25, 2021, the Company was served with Resolution RRFCO-2020-140-APN-DIRCNV, whereby the CNV imposed fines in the amount of $100,000 and $200,000 to Cablevisión and Grupo Clarín, respectively. On February 17, 2021, they filed the respective appeals, which are pending before Chamber No. I of the National Court of Appeals on Federal Civil and Commercial Matters, in re: SATTER, MUNEER AND OTHER VS. ARGENTINE SECURITIES COMMISSION ON APPEAL AGAINST ADMINISTRATIVE DECISION. On August 31, 2022, the Chamber acknowledged the appeals and ordered the payment of court costs. On September 26, 2022, the CNV filed a response regarding those appeals. On February 03, 2023, the Company was notified of the decision rendered by Chamber I, whereby it ratified Resolution No. RRFCO-2020-140-APN-DIRCNV. On February 09, 2023, a filing was made requesting that the decision be deemed to have been complied with by Grupo Clarín S.A., the permanent Members of the Supervisory Committee and directors through the payment made by Mr. Lopez Carnabucci on February 08, 2022. On February 15, 2023, Telecom, surviving company after the merger with Cablevisión S.A., settled the fine and requested the closing of the proceeding, and on February 28, 2023, the payment made by Telecom was acknowledged. On June 9, 2023, the Chamber returned to the CNV the case file "Cablevisión S.A. and others vs. National Securities Commission on Appeal of administrative resolution" in paper format. d. The subsidiary AGEA received several inspections from the AFIP aimed at verifying compliance with the so-called competitiveness plans implemented by the National Executive Branch. After several reports issued by the AFIP and the corresponding Resolutions issued by the Ministry of Economy, such agencies allege that certain acts performed by AGEA during 2002 lead to the nullity of some of the benefits granted under said plans for an estimated total amount of $ 115 million in historical currency as of that date, including adjustments and accessory amounts. In April 2013, AGEA was served notice of AFIP Resolution No. 03/13, whereby such agency decided to exclude AGEA from the Registry of Beneficiaries of the Competitiveness and Employment Generation Agreements under the Cultural Sector Agreement, as from March 4, 2002. The AFIP ordered the restatement of the tax returns and the deposit of the corresponding amounts. AGEA filed an appeal against such resolution. Notwithstanding the foregoing, in re “AEDBA and Other v. Ministry of Economy Resolution No. 58/10”, the Federal Court on Administrative Matters No. 6 issued an injunction ordering AFIP to refrain from initiating and/or continuing with the administrative proceeding/s and/or any act that would entail the enforcement of the amounts payable under Resolution No. 3/13, until a final decision is rendered. Notwithstanding the foregoing, AGEA cannot assure that the appeal will be resolved in its favor. Subsequent to the issuance of the injunction mentioned above, the National Government requested that the injunction be declared expired due to the application of the time limitations provided under article 5 of Law No. 26,854. The intervening court lifted the injunction. AGEA filed an appeal against such decision but the appeal was dismissed on June 4, 2019. On November 28, 2018, upon new requests made by the AFIP, the Company requested a new injunction in the case, requesting that AFIP be ordered to suspend the debt assessment procedures initiated by that agency. On May 21, 2019, the Company requested an interim injunction ordering the suspension of the effects of AFIP Resolutions Nos. 24/19 and 25/19 under which AGEA was GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 56 - demanded to pay, as well as the suspension of any existing deadlines and any other activity by AFIP seeking to assess debt or to collect any amounts in connection with the tax benefits, the expiration of which had been challenged. Such injunction was issued on May 23, 2019, and on May 28, 2019, the court rendered a decision whereby it clarified that the suspension of the effects included the calculation of the deadlines to file an appeal with the National Tax Court. The AFIP requested the revocation of the new injunction requested in November 2018 and the immediate lifting of the interim injunction. On July 18, 2019, the Court of Appeals revoked the interim injunction. As a result, AGEA has filed an appeal with the National Tax Court. On July 19, 2019, the Court of Appeals decided that the case was ready for resolution in connection with the injunction requested in November 2018. AGEA’s legal advisors believe that there are reasonable possibilities that the outcome will be favorable. e. On February 27, 2013, the AFIP served IESA with a notice stating the income tax and value added tax charges assessed for fiscal period 2008 and ordering the initiation of summary proceedings for alleged omitted taxes. The AFIP mainly challenged the deduction of certain expenses and fees, as well as the calculation of the corresponding tax credit. IESA filed an appeal in connection with such order, which is pending before the National Tax Court. The official assessment amounted to $ 1.4 million for income tax and late-payment interest and fines. The official value-added tax assessment amounted to $ 0.8 million for tax differences and late-payment interest and fines. On October 21, 2014, the AFIP served IESA with a notice stating the income tax and value added tax charges assessed for fiscal period 2009 and ordering the initiation of summary proceedings for alleged omitted taxes. The AFIP mainly challenged the deduction of fees, as well as the calculation of the corresponding tax credit. IESA filed an appeal in connection with such order, which is pending before the National Tax Court. The official assessment amounted to $ 1.9 million for income tax and late-payment interest and fines. The official value-added tax assessment amounted to $ 0.5 million for tax differences and late-payment interest and fines. Following the enactment of Law No. 27,743, which created an exceptional plan to regularize outstanding tax obligations, IESA subscribed to the plan in September 2024 for the periods claimed by the AFIP. This plan consists of three monthly installments. Among the benefits of the plan are the forgiveness of fines and the reduction of interest, based on the period on which the plan is subscribed. On September 5, 2024, IESA filed a request for the dismissal of the proceedings before the National Tax Court, on the grounds that it had subscribed to the plan created under Law No. 27,743. As of the date of these financial statements, said court has not yet rendered a decision regarding [IEASA´s] subscription to the plan and the dismissal of the proceedings. f. Pursuant to CNV Resolution No. 16,834 dated June 14, 2012 notified to the Company on June 27, 2012, the CNV ordered the initiation of summary proceedings against the Company and the members of its Board of Directors, Supervisory Committee and Audit Committee in office at the time of the occurrence of the events that motivated the proceedings (September 19, 2008) for alleged failure to comply with the duty to inform. Under said Resolution, the CNV argues that the Company allegedly failed to comply with the duty to disclose the filing of a claim against it entitled “Consumidores Financieros Asociación Civil para su defensa and other v. Grupo Clarín on/Ordinary”, which the CNV considers relevant. On July 25, 2012, Cablevisión filed a response petitioning that its defenses be sustained and that all charges against it be dismissed. On March 13, 2020, the Company was served with Resolution RRFCO-2020-112-APN- DIR#CNV, whereby the CNV imposed a fine of $300,000 on the Company and, on a joint and several GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 57 - basis, on its Directors and members of the Supervisory Committee. On June 11, 2020, the respective appeals were filed, which are pending before Chamber II of the Court of Appeals on Federal Civil and Commercial Matters in re “MENZANI, CARLOS A AND OTHER VS. CNV ON APPEAL AGAINST ADMINISTRATIVE RESOLUTION” File No. 2,224/2021. On July 13, 2022, the CNV filed a response regarding those appeals and, subsequently, the court costs were settled. On September 21, 2022, the court started reviewing the appeals to render a decision. On February 08, 2023, the Court notified the appellants of the rejection of the excusation of the Judge Alfredo Silverio Gusmán, a member of Chamber II. On April 27, 2023, Chamber II rendered a decision whereby it: i) granted the appeals filed by the claimants and, consequently, revoked the Joint Confidential Resolution No. RRFCO-2020-112-APN- DIR#CNV issued on March 11, 2020, whereby the CNV had imposed a fine on Grupo Clarín S.A. and, on a joint and several basis, on its Directors, members of the Audit Committee and members of the Supervisory Committee, in all cases referring to permanent members in office at the time of the occurrence of the events that motivated the proceedings, for having violated the guarantees of reasonable timeframe and due process protected by the Argentine National Constitution and the American Convention on Human Rights, and ii) awarded the costs of the appeal to the CNV. On May 22, 2023, the CNV filed an extraordinary appeal against the decision rendered on April 27, 2023. On July 14, 2023, the claimants answered the extraordinary appeal. On September 1, 2023, the Chamber dismissed the extraordinary appeal and, on September 12, 2023, the CNV filed a direct appeal, which is pending resolution as of the date of these financial statements. g. On December 29, 2020, GCGC was notified of a decision rendered by the Directorate-General of Revenues (“DGR”, for its Spanish acronym) of the Public Revenue Administration for the City of Buenos Aires, whereby said agency challenged the turnover tax returns corresponding to fiscal period 2014 of Compañía de Medios Digitales (CMD) S.A. (a company merged into GCGC effective as of January 01, 2019). Accordingly, said agency issued an official tax assessment. The DGR considered that the TV trivia games over text messages do not fall within the definition of Information and Communication Technologies (ICTs) activities, therefore, CMD is not entitled to the benefits granted by the Technological District (Law No. 2,972), which is contrary to the provisions of the enforcement authority of the above- mentioned law. The official tax assessment amounts to $ 8.8 million for turnover tax differences for fiscal period 2014, with an estimated $ 43 million in late-payment interest as of December 31, 2024. On that same date, GCGC was served with a decision rendered by the DGR, whereby it ordered the initiation of the official tax assessment procedure regarding turnover tax liabilities of CMD for fiscal periods 2015 and 2016. On February 03, 2021, GCGC filed an appeal with such agency regarding the official tax assessment for fiscal period 2014 and answered the order for the initiation of the official tax assessment for fiscal periods 2015 and 2016. On December 27, 2022, GCGC was notified of a decision challenging turnover tax returns for the periods 2015 and 2016. On January 31, 2023, an appeal was filed against that decision. The official tax assessment amounts to $ 20.1 million in tax differences, with an estimated $ 66 million in late-payment interest as of December 31, 2024. GCGC and its legal and tax advisors believe that it has strong grounds to defend the criterion adopted in its tax returns. Accordingly, it has not booked an allowance in connection with the effects that the above-mentioned situations may have. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 58 - h. The AFIP notified Pol-ka of the “Inspection Report on Social Security Contributions”, whereby said agency claimed differences in employer contributions for the periods June 2009 to May 2021. The AFIP claimed that Pol-ka did not qualify for the rate applicable to the industrial activity as provided by Decree No. 814/2001, and stated that the differences in employer contributions corresponding to these periods amounted to $ 79 million plus late-payment interest and infringements of the social security regime. On December 23, 2021, Pol-ka filed an appeal, challenging the above-mentioned “Inspection Report on Social Security Contributions”, claiming the nullity of the administrative actions, the qualification of Pol- ka's activities as industrial activities, and the expiration of the statutes of limitation regarding the AFIP's powers to assess and claim differences for the periods June 2009 to November 2011. Regarding the appeal filed by Pol-ka, on February 13, 2023, AFIP decided to partially grant the appeal, and to revoke the charges for the periods from June to October 2009, but confirmed the debt and fine assessed for the remaining periods. On April 11, 2023, Pol-Ka filed an appeal against the tax assessment. On June 12, 2023, the Tax Authorities submitted the file to Chamber 3 of the Federal Court of Appeals. Following the enactment of Law No. 27,743, which created an exceptional plan to regularize outstanding tax obligations, Pol-Ka subscribed to the plan in September 2024 for the periods claimed by the AFIP from November 2009 to May 2021, and for the periods that followed, from June 2021 to February 2024. This plan consists of three monthly installments. Among the benefits of the plan are the forgiveness of fines and the reduction of interest, based on the period on which the plan is subscribed. The Federal Court of Appeals on Social Security Matters will render a decision relating to [Pol-Ka´s] subscription to the plan and, if applicable, permit the withdrawal of the claim and order the closing of the proceedings. i. On January 13, 2023, ARTEAR was served notice of Resolution of No. 2023-8-APN-SC#MEC issued by the Secretariat of Trade on January 11, 2023, whereby ARTEAR and another company were imposed a single fine of $ 150 million for finding them responsible of engaging in abuse of dominant position in breach of Articles 1 and 3, subsections d) and h) of Law 27,442 and article 46 subsection b) of Law 25,156. On February 03, 2023, ARTEAR filed an appeal with the CNDC. On May 30, 2023, the file was submitted to Chamber II of the Court of Appeals on Federal Civil and Commercial Matters in re “ARTE RADIOTELEVISIVO ARGENTINO S.A. AND OTHER V. NATIONAL GOVERNMENT. MINISTRY OF ECONOMY. SECRETARIAT OF TRADE. CNDC ON APPEAL FILED AGAINST RESOLUTION ISSUED BY THE NATIONAL ANTITRUST COMMISSION” (file 7331/2023). On December 20, 2024, the Chamber granted the appeals filed by ARTEAR and Telecom against CNDC Resolution No. 8/23, declaring the nullity of the accounting expert’s opinion filed on July 15, 2022, and of all proceedings thereafter, including the sanction challenged (sections 3, 4, 5, and 6 of Resolution No. 8/23, in accordance with sections 168 and 172 of the Argentine Code of Criminal Procedure). The National Government filed an Extraordinary Appeal against such decision. Both ARTEAR and Telecom filed a response. The Court of Appeals will now have to decide on the admissibility of the Extraordinary Appeal. ARTEAR and its legal advisors believe that they have sound grounds to claim that the fine imposed is illegitimate. Therefore, ARTEAR believes that the grounds on which such resolution is based will not be admitted before a judicial court. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 59 - j. On September 5, 2023, ARTEAR was notified of the claim filed in re "ASOCIACION DE DEFENSA DEL ASEGURADO CONSUMIDORES Y USUARIOS-ADACU- ASOCIACIÓN CIVIL v. TELECOM ARGENTINA S.A. and OTHER on Ordinary Proceeding" File No. 003062/2023, pending before Clerk’s Office No. 51 of the National Court of First Instance on Commercial Matters No. 26. The claim is grounded on the fine imposed by the CNDC described in Note 8.1.i to these Separate Financial Statements. The claim brought by ADACU seeks the reimbursement to users who paid for service packs or plans that included PAY TELEVISION (either as one of the services included in the relevant plan or as a single service), in the relevant area of the Autonomous City of Buenos Aires, boroughs of the AMBA region (Metropolitan Area of Buenos Aires), the City of Rosario, and the City of Córdoba, from December 1, 2017 to July 31, 2021, of 1.21% as compensatory damages and 2% as punitive damages, for all amounts paid by consumers in the relevant area of the contested plans during the disputed period, plus interest, alleging that the fixing of prices qualifies as an anti-competitive practice. On September 26, 2023, a response was filed in due time and form. On April 5, 2024, the Court of First Instance granted the lack of jurisdiction plea filed by ARTEAR and Telecom, with court costs to be borne by the claimant. Said Court based its ruling on a Prosecutor's opinion and an advisory report issued by the Program for the Protection of Users and Consumers, which had established that the Court on Federal Civil and Commercial matters has jurisdiction over these proceedings. ADACU filed an appeal against said decision, and the file was submitted to the relevant Court of Appeals (Chamber C) for its consideration. On August 6, 2024, ARTEAR was served notice of the decision rendered by the Court of Appeals, which dismissed the appeal filed by ADACU against the First Instance ruling that had granted Telecom’s plea of lack of jurisdiction, with court costs to be borne by the appellant. Accordingly, it was determined that the Court on Federal Civil and Commercial matters has jurisdiction over these proceedings. It should be noted that if the decision rendered by Chamber II of the Court of Appeals on Federal Civil and Commercial Matters in re “ARTE RADIOTELEVISIVO ARGENTINO S.A. AND OTHER V. NATIONAL GOVERNMENT. MINISTRY OF ECONOMY. SECRETARIAT OF TRADE. CNDC ON APPEAL FILED AGAINST RESOLUTION ISSUED BY THE NATIONAL ANTITRUST COMMISSION” (file 7331/2023) is upheld, this proceeding will be devoid of legal grounds. ARTEAR and its legal advisors believe that they have sound grounds for the claim brought by ADACU to be dismissed, especially since ARTEAR does not have any subscribers who pay for any services; instead, users are subscribed to the services rendered by the cable operators. 8.2 Other Claims and Disputes a. On September 16, 2010 the Company was served notice of a claim brought against it by Consumidores Financieros Asociación Civil para su Defensa. The plaintiff claims a reimbursement of the difference between the value of the shares of the Company purchased at their initial public offering and the value of the shares at the time a decision is rendered in the case. The Company has duly responded to the claim and the intervening Court has deemed the claim responded. The proceeding is currently in the discovery stage. b. The shareholders of Pol-Ka approved a capital increase, whereby ARTEAR increased its equity interest in such company to 91.3%. ARTEAR paid in the full amount subscribed. Notwithstanding the foregoing, GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 60 - within the framework of a claim requesting the nullification of the decisions rendered at a Shareholders’ Meeting held on July 13, 2020, pending before the National Court of First Instance on Commercial Matters No. 3, Clerk’s Office No. 6 of the City of Buenos Aires, the effects of the above-mentioned capital increase were suspended by an injunction granted at the request of a minority shareholder of Pol-Ka. Accordingly, ARTEAR exercised its political and economic rights in Pol-ka for a number of shares representing 55% of the capital stock and votes of that company until June 14, 2022, the date on which the Court of Appeals on Commercial Matters revoked said injunction. Currently, the claim brought to request the nullification of the decisions rendered at the Shareholders’ Meeting held on July 13, 2020 is still pending resolution. In February 2023, Pol-Ka was notified of another claim brought by one of its minority shareholders requesting the nullification of the decisions rendered at a Shareholders’ Meeting held on July 13, 2020, pending before the National Court of First Instance on Commercial Matters No. 3, Clerk’s Office No. 6 of the City of Buenos Aires. Pol-Ka and its legal advisors believe that the claim lacks legal grounds and that Pol-Ka will not have to face adverse consequences in this regard. 8.3 Matters concerning Papel Prensa 1. Papel Prensa suspended its operations with related parties between March 9 and April 21, 2010 pursuant to an injunction issued on March 8, 2010 by Judge Malde. In his ruling, Judge Malde decided to suspend the Board of Directors’ resolution of December 23, 2009, which had approved the terms and conditions of transactions with related parties for the year 2010. On April 21, 2010, the Board of Directors of Papel Prensa, following a proposal made by the court-appointed supervisor (interventor) and co-administrator, approved the resumption of Papel Prensa’s transactions with related parties under provisional conditions for as long as the decision rendered by the Board on December 23, 2009 remained suspended and/or until Papel Prensa’s corporate bodies established a business practice to follow with related parties. Such approval involved suspending the application of volume discounts in connection with purchases made by related parties, which could be recognized in their favor, subject to the court’s decision on the appeal filed by Papel Prensa against Judge Malde’s injunction of March 8, 2010. As from April 21, 2010, transactions with related parties were resumed under the provisional conditions approved by the Board on April 21, 2010. At a meeting held on December 23, 2010, Papel Prensa’s Board of Directors approved new conditions that must be fulfilled for the recognition and payment of volume discounts that may be applicable to related parties in connection with purchases of paper made as from April 21, 2010. These new conditions are as follows: (i) the lifting of the provisional suspension of the resolutions adopted by the Board at the meeting of December 23, 2009, as explained in the previous paragraph, and (ii) the resolution or end, by any means, of any state of uncertainty that may eventually exist about the conditions approved by Papel Prensa’s Board in the first item of the agenda of the meeting held on April 21, 2010, as a consequence of the claim brought by the National Government in re “National Government – Secretariat of Domestic Trade – v./ Papel Prensa S.A.I.C.F. y de M. on/ Ordinary”, File No. 17,615/97,564, pending before Federal Commercial Court of First Instance No. 26, Clerk’s Office No. 52. Under this proceeding, the National Government sought to obtain, among other things, a declaratory judgment of nullity of the provisional conditions for the resumption of transactions with related parties in connection with the purchase and sale of paper that had been approved by the Board of Papel Prensa in the first item of the agenda of the above-mentioned meeting held on April 21, 2010. The court held that the claim became moot, as indicated in point 2 above. Furthermore, at this meeting held on December 23, 2010, Papel Prensa’s Board decided to maintain the approved sales policy, but to subject the accrual and enforceability, and, consequently, the recognition and GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 61 - payment to the clients, of the eventual volume discounts that may be applicable to them with respect to paper purchases made between January 1, 2011 and December 31, 2011, to a final favorable ruling in the claim brought by Papel Prensa against the constitutionality of SCI Resolution No. 1/2010, or to the final nullification of such Resolution No. 1/2010 in any other way or by any other legal means, whichever occurs first. In view of the decisions rendered in this case, the substantive claim, in this aspect, is now subject to the outcome of the claim brought by Papel Prensa against the constitutionality of Law No. 26,736. With respect to related parties, the Board of Directors of Papel Prensa approved the same sales policy and conditions as those approved for the other customers in general. In a meeting held on December 27, 2011, the Board of Directors of Papel Prensa decided to maintain for 2012 the same sales policy that had been approved for 2011 – under the same terms and conditions mentioned in the previous paragraph – for all of its customers in general (including related parties), which was maintained in subsequent years and, to date, no changes have been introduced. The commercial policy approved by Papel Prensa was affected by Law 26,736 –effective as from January 5, 2012– which declared that the production, sale and distribution of wood pulp and newsprint were matters of public interest and set forth the regulatory framework to be adopted by the producers, sellers, distributors and buyers of such inputs. Among other things, the Law set limits and established conditions applicable to Papel Prensa for the production, distribution and sale of newsprint (including a formula to determine the price of paper), and created the National Registry of Producers, Distributors and Sellers of Wood Pulp and Newsprint where all producers, sellers, distributors and buyers shall be registered as a mandatory requirement in order to produce, sell, distribute, and/or purchase newsprint and wood pulp. On February 10, 2012, AGEA registered with the National Registry of Producers, Distributors and Sellers of Wood Pulp and Newsprint (Record No. 63 under File No. S01:0052528/12), expressly stating for the record that such registration should not be construed as an acknowledgment or acceptance of the legitimacy of Law 26,736 and/or any other regulation issued in connection with such Law, since they seriously affect several rights and guarantees of AGEA. On January 10, 2019, Law No. 27,498 was published in the Official Gazette. This law repealed certain articles of Law No. 26,736, allowing companies to offer their customers discounts, benefits or promotions based on purchase volumes. On the other hand, said law establishes parameters for granting extensions of payment terms, and prohibits, for a term of 10 years, to make changes to the wood pulp and newsprint import duties currently in effect, which are set at zero percent (0%). Pursuant to Article 11 of Emergency Decree No. 70/2023, published in the Official Gazette of Argentina on December 21, 2023, the National Government repealed Law No. 26,736. 2. In March 2016, the Commercial Court of Appeals –Chamber C– summoned Papel Prensa, the CNV, and the shareholders, the National Government, S.A. La Nación CIMECO and AGEA to attend a hearing for conciliatory purposes and with the aim of finding a comprehensive solution to the conflict. At that hearing, held on June 3, 2016, Papel Prensa, AGEA and the other shareholders present at the hearing (the National Government, S.A. La Nación and CIMECO) requested that the procedural periods remain suspended in connection with the claims pending before that Court of Appeals, and also requested the court to order a shareholders’ meeting of Papel Prensa to address, basically, the issues included under subsections 1, 2 and 3 of Section 234 of Law No. 19,550, as amended, corresponding to fiscal years ended December 31, 2010, 2011, 2012, 2013, 2014 and 2015. On September 5, 2016, the Court of Appeals called for a Shareholders’ Meeting as requested and, at such meeting, the shareholders approved the financial statements of Papel Prensa for the years ended December 31, 2010, 2011, 2012, 2013, 2014 and 2015 and other accounting GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 62 - documentation under subsection 1, Section 234 of Law No. 19,550, as amended, appointed directors, statutory auditors and members of the supervisory committee for the year 2016, approved the capitalization of the capital adjustment for $ 123,293,385 in historical currency as of that date, issued a decision on the approval and disapproval of the performance of certain directors, statutory auditors and members of the supervisory committee during the full fiscal years under consideration, and unanimously appointed external auditors engaged with issuing an opinion on the financial statements of Papel Prensa as of December 31, 2016 and March 31, 2017. On October 4, 2017, the Court of Appeals on Commercial Matters rendered a decision on more than 90 proceedings declaring them moot as requested by Papel Prensa and revoking - among others- Resolutions Nos. 16,647, 16,671, and 16,691 issued by the CNV. Both decisions rendered by the Court of Appeals became final. Papel Prensa submitted the same request to the Court of First Instance on Commercial Matters regarding most of the proceedings pending before the court and that had not been submitted to the Court of Appeals, at the request of the Court. The Judge of the Court of First Instance issued a favorable decision on the request and declared moot all of the claims within the scope of that request. At the General Annual Ordinary Shareholders’ Meeting that approved the financial statements of Papel Prensa for the year ended December 31, 2016, the shareholders resolved not to approve the performance of the representatives appointed to the Board of Directors and the Supervisory Committee by the National Government who held office until February 2016, as well as the performance of the syndics who held office until the Shareholders’ Meeting of October 19, 2016, also representing the National Government, and decided to bring a corporate liability action (Section 276 of Law 19,550, as amended), which is currently pending before Federal Commercial Court of First Instance No. 26, Clerk’s Office No. 52. 3. On June 6, 2013, the Board of Directors of the CNV issued CNV Resolution No. 17,102, within the framework of the Administrative File No. 1,032/10, whereby it required that: (i) certain members of Papel Prensa's Supervisory Committee and statutory auditors be imposed a fine of $ 150,000 each in historical currency as of that date; and (ii) Papel Prensa, certain members of its Board of Directors, one member of its Supervisory Committee and the members of its Oversight Board (all of them representatives of Papel Prensa's private shareholders) be imposed a joint and several fine of $ 800,000 in historical currency as of that date. Papel Prensa and its other current and former officers filed an appeal against the fine in due time and form, which is pending to date. On June 28, 2013, the fine was paid under protest in order to prevent its coercive enforcement by the CNV; given that, under the new Capital Markets Law No. 26,831, appeals may be admitted without suspension of judgment. 4. On October 8, 2019, the Board of Directors of Papel Prensa approved the voluntary delisting of the Company subject to the approval of the shareholders at the General Extraordinary Shareholders' Meeting and to the pertinent regulatory approvals (CNV and BYMA). However, on November 20, 2019, in view of the imminent change of administration in the National Government, the Board of Directors decided to stay the delisting it had approved, thus suspending the Shareholders’ Meeting it had duly called. 5. AGEA has not recorded any impact in connection with the foregoing, since its effects shall depend on the final outcome. Such effects are not expected to be material to these financial statements. NOTE 9 - REGULATORY FRAMEWORK 9.1. Audiovisual Communication Services Law The subsidiaries of Grupo Clarín that render audiovisual communication services are holders of licenses that were originally awarded under the regime established by Law No. 22,285. Under Law No. 22,285 audiovisual communication service companies in Argentina were required a non-exclusive license from the COMFER in order to operate. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 63 - The Audiovisual Communication Services Law (Law No. 26,522, LSCA, for its Spanish acronym) was passed and enacted on October 10, 2009, with strong criticism about its content and enactment procedure. By the end of December 2015, the National Executive Branch issued Emergency Decree No. 267/15, published in the Official Gazette on January 4, 2016, whereby significant amendments were introduced to Laws Nos. 26,522 and 27,078 (the Digital Argentina Law, "LAD", for its Spanish acronym). The Emergency Decree was approved on April 6, 2016 by the Lower House of Congress. Therefore, it has full force and effect. 9.2. Enforcement Authority The Comité Federal de Radiodifusión (Federal Broadcasting Committee, “COMFER”, for its Spanish acronym) was the enforcement authority established by Law No. 22,285. Law No. 26,522 provided for the replacement of the COMFER by the Audiovisual Communication Services Law Federal Enforcement Authority (AFSCA, for its Spanish acronym) as a decentralized and autarchic agency under the jurisdiction of the Executive Branch, and vested the new agency with authority to enforce the law. The Emergency Decree created the ENACOM as a decentralized and autarchic agency under the jurisdiction of the Ministry of Communications and vested the new agency with authority to enforce Laws Nos. 26,522 and 27,078, as amended and regulated. The ENACOM has all the same powers and competences that had been vested in AFSCA and the Information and Communications Technology Federal Enforcement Authority (“AFTIC”, for its Spanish acronym) by Laws Nos. 26,522 and 27,078, respectively. Upon the issuance of Decrees Nos. 7/2019 and 50/2019, published in the Official Gazette on December 11, 2019 and on December 19, 2019, respectively, the ENACOM was under the jurisdiction of the Secretariat of Public Innovation under the Chief of the Cabinet of Ministers. Pursuant to Decree No. 111/2024 (which amended Decree No. 50/2019), published in the Official Gazette on February 2, 2024, the National Government modified the organizational structure of the National Public Administration. Consequently, the ENACOM is under the jurisdiction of the Chief of Cabinet of Ministers. Notwithstanding the foregoing, through Decree No. 89/2024, published in the Official Gazette on January 29, 2024, the National Government ordered the intervention of the ENACOM for a period of 180 days. Pursuant to said Decree, the powers established for the Enforcement Authority under Laws Nos. 26,522 and 27,078 are jointly assigned to the Intervenor and the Deputy Intervenors. Through Decree No. 675/2024, the term for the intervention of the Enforcement Authority was extended until July 7, 2025. 9.3. Multiple License Regime The multiple license regime established under Law No. 22,285 allowed licensees to hold at the national level up to twenty-four (24) sound or television broadcasting licenses . At the local level, one individual or legal entity could have up to one sound broadcasting license, one television license and one subscription television license. In this last case, FM broadcasting services were not included in this limit if they were broadcast from the same station and location as the AM broadcasting services. The LSCA introduced comprehensive amendments on the multiple license regime, against which the Company and some of its Subsidiaries filed an unconstitutionality claim. Eventually, that claim was dismissed. The original regime approved by the LSCA regarding broadcast services: i) restricted to 10 the number of audiovisual communication service licenses, plus a single broadcast signal for radio, broadcast TV and subscription television services that made use of the radioelectric spectrum; ii) set forth a further restriction on these services, which could not be provided to more than 35% of all inhabitants or subscribers nationwide; GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 64 - and iii) at the local level, the regime established the following limits: a) one (1) sound broadcasting license for amplitude modulation (AM); b) one (1) sound broadcasting license for frequency modulation (FM) or up to two (2) licenses when there are more than eight (8) licenses in the primary service area; c) one subscription television license, provided the applicant was not the holder of a broadcast television license; d) one (1) broadcast television license provided the applicant was not the holder of a subscription television license. Under no circumstances may the aggregate number of the licenses granted in the same primary service area or any group of highly overlapping service areas exceed three (3) licenses. Among the main amendments introduced by the Emergency Decree with respect to the LSCA, the most remarkable is the repeal of Section 161, which set forth the obligation to conform to the provisions of this law with respect to ownership conditions and the number of licenses. Section 45 of Law No. 26,522, which establishes the multiple license regime, has been significantly amended. As a result, the Company and its subsidiaries already conform to the new regulatory framework. As far as the Company is concerned, the Emergency Decree: i) eliminated the incompatibility to render in the same location broadcast television services and subscription television services; ii) increased the limit to 15 of broadcast (television and radio) service licenses that may be accumulated at national level; iii) eliminated the restriction to hold cable television signals; and iv) eliminated the restriction on broadcast services, which could not be provided to more than 35% of all inhabitants or subscribers nationwide. At the local level, it increased to 4 the number of licenses that could be accumulated. Subsequently, through Decree No. 70/2023 published in the Official Gazette on December 21, 2023, the National Government once again amended the multiple license regime, eliminating the limit of audiovisual communication services set at the national level (15 broadcast television and radio services). 9.4. Terms of the Licenses Law No. 22,285 provided that broadcasting licenses were granted for an initial period of 15 years, allowing for a one-time extension of 10 years. The extension of the license was subject to the approval of the COMFER, which would determine whether or not the licensee had met the terms and conditions under which the license had been granted. Some of the licenses exploited by the subsidiaries have already been extended for the above-mentioned 10-year term. On May 24, 2005, Decree No. 527/05 provided for a 10-year-suspension of the terms then effective of broadcasting licenses or their extensions. Calculation of the terms was automatically resumed upon expiration of the suspension term, subject to certain conditions. The Decree required that companies seeking to benefit from the extension submit to the COMFER’s approval, within 2 years from the date of the Decree, programming proposals that would contribute to the preservation of the national culture and the education of the population and a technology investment project to be implemented during the suspension term. COMFER Resolution No. 214/07 regulated the obligations established by Decree No. 527/05 in order to benefit from such suspension. The proposals then submitted were approved and, accordingly, the terms of the licenses originally awarded to the subsidiaries of Grupo Clarín were suspended for ten (10) years. Even though Law No. 26,522 respected the original expiration terms of the licenses effective at the time of its enactment, it set a 10-year limitation to the terms of licenses, with a one-time non-renewable extension. With regard to the term of the licenses for television and radio broadcast services, the Emergency Decree establishes two important changes: • It provides for a new system of extensions for audiovisual communication service licenses whereby the licensee may request a first extension for five (5) years, which will be automatic. Upon expiration of this GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 65 - term, licensees may request subsequent extensions of ten (10) years complying in that case with the provisions of the Law and applicable regulations to be eligible for each extension. However, this system of subsequent extensions may be interrupted upon the expiration of the last extension if the Ministry of Communications decides to call for a public bid for new licensees, for reasons of public interest, for the introduction of new technologies or in compliance with international agreements. In this case, prior licensees shall have no acquired rights regarding their licenses. • Section 20 of the Emergency Decree provides that the holders of licenses effective as of January 1, 2016 may request a ten (10) year extension, without it being necessary to wait until the expiration of the license that is currently effective. Such extension shall be considered as a first period that entitles the holder to the five (5) year automatic extension. Taking into consideration the advantages provided under the new legal framework with regard to the terms of the licenses, the direct and indirect subsidiaries of the Company that hold licenses for rendering broadcast television and sound broadcasting services made a filing with the ENACOM requesting the extension of the terms of their licenses pursuant to Article 20 of the Emergency Decree. The ENACOM issued Resolution No. 135/2017, whereby it deemed that ARTEAR had opted to request an extension under Section 20 of Decree No. 267/15 and stated that the term for the first period of TEN (10) years, with the right to an automatic extension for a term of FIVE (5) more years, shall be calculated as from January 2, 2017. Through Resolutions Nos. 1,890/2018 and 1,874/2018, the ENACOM deemed that the remaining subsidiaries of the Company had opted to request an extension under the regime provided by Article 20 of Decree No. 267/15, for the exploitation of broadcast television services (LU 81 TV Channel 7 of Bahía Blanca and LV 81 TV Channel 12 of Córdoba). The ENACOM issued Resolution No. 1,176/19, whereby it granted the extension requested by Radio Mitre for all of its licenses for the provision of sound broadcasting service and deemed that Radio Mitre had opted to request such extension under the regime provided by Article 20 of said Decree. The extension was granted for a term of 10 years, with the right to an automatic extension for a term of 5 more years. 9.5. Award of a Digital Channel Through Resolution No. 1,329/AFSCA/2014, which amended Resolution No. 1,047/AFSCA/2014, the AFSCA approved the National Standard for Terrestrial and Broadcast Digital Television Audiovisual Communication Services, and to Decree No. 2,456/2014, which approves the National Digital Audiovisual Communication Services Plan. Through this legal framework, which was subsequently supplemented by Resolutions No. 24/AFSCA/2015, 35/AFSCA/2015 and No. 39/AFSCA/2015 (among others), the rights of the current broadcast television licensees could be infringed. These rights should be preserved intact as established in Law No. 26,522, which has higher hierarchy. The main effect of these regulations, among their technical effects, is that the current broadcast television licensees that obtained their licenses pursuant to Law No. 22,285 will have to bear additional charges and obligations including, among other things, multiplexing and broadcasting under their own responsibility other broadcast television stations owned by third parties. Since the changes introduced under this regulatory framework have an impact on the responsibilities and rights of the companies involved, ARTEAR and TELECOR filed a claim before AFSCA in due time, requesting the revocation of Resolutions No. 1,329/AFSCA/2014, 24/AFSCA/2015, 35/AFSCA/2015 and 39/AFSCA/2015 to preserve their rights intact as direct or indirect broadcast television service licensees. They GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 66 - also filed a claim before the National Executive Branch requesting the repeal of Decree No. 2,456/2014. As of the date of these Financial Statements, the claim filed before AFSCA was dismissed. Therefore, ARTEAR challenged before the courts that agency’s decision to dismiss the claim. The claim filed before the National Executive Branch is still pending resolution. The subsidiaries of the Company that hold broadcast television licenses were awarded a digital channel to render terrestrial digital television services under the legal regime described above. The following are the Resolutions that determined the final award of each of the digital channels: • Resolution No. 10,090/ENACOM/2016 (as amended by Resolution No. 1631-ENACOM/2017) awarded Canal 33.1 to ARTEAR as holder of LS 85 TV CANAL 13 DE BUENOS AIRES • Resolution No. 35/AFSCA/2015 awarded Canal 27.1 to TELECOR S.A.C.I. as holder of LV81 TV CANAL 12 DE CÓRDOBA. • Resolution No. 236/AFSCA/2015 awarded Canal 28.1. to Teledifusora Bahiense S.A. as holder of LU81 TV CANAL 7 DE BAHÍA BLANCA 9.6. Decree No. 690/20 – Amendments to the LAD On August 22, 2020, the National Executive Branch issued Decree No. 690/2020, whereby it amended the Digital Argentina Act. Among the amendments that were introduced by Decree No. 690/2020, ICT Services – fixed and mobile telephony, subscription television and Internet – and the access to telecommunications networks for and between licensees are now deemed “essential and strategic public Services subject to competition”, and ENACOM shall guarantee their actual availability. The prices of essential and strategic public ICT Services subject to competition, the prices of the services provided under the Universal Service and of those determined by ENACOM based on reasons of public interest, shall be regulated by said agency. The Decree also provides that ENACOM shall establish, in the respective regulations, the Mandatory Universal Basic Provision of ICT Services. It also provided for the suspension of price increases or modifications established or announced from July 31, 2020 to December 31, 2020 by ICT licensees. The Decree was ratified by the Argentine Congress under the terms of Law No. 26,122 and was regulated through ENACOM Resolutions Nos. 1,466/2020 and 1,467/2020, published in the Official Gazette on December 21, 2020. Said Resolutions provide that ICT Services Licensees that hold registration for Internet Access Value Added Service (SVA-INT, for its Spanish acronym); subscription broadcasting services by physical and/or radio- electric link (SRSVFR, for its Spanish acronym) and audiovisual communication subscription services by satellite link (DTH); shall notify the Enforcement Authority about any and all changes in retail prices they intend to make to their plans, prices and commercial terms in effect, SIXTY (60) calendar days in advance of their implementation. Resolution No. 1467/2020 regulates the Mandatory Universal Basic Service set forth by Decree No. 690/2020 for the different services provided by ICT Services Licensees, establishing the price and characteristics of each plan. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 67 - Said Resolution also sets out the persons that are eligible to receive those services. It is important to highlight that some ICT service licensees that fall within the scope of the legal regime have been granted injunctions suspending its enforcement and, in some cases, courts of first instance have issued rulings declaring it unconstitutional. In fact, through Decree No. 89/2024, which orders the intervention of the ENACOM, the National Government commissioned the preparation of a report to analyze the consequences brought about by the issuance of Emergency Decree No. 690/20, as well as a proposal for the resolution of the issue. The National Government issued Decree No. 302/2024 on April 9, 2024, whereby it amended Article 48 of Law No. 27,078, establishing that ICT service licensees shall set their prices, which must be fair and reasonable, cover operating costs, and seek to maximize the efficiency of the delivery of these services with a reasonable operating margin, and also repealed Decree No. 690/2020. 9.7. General Rules Governing Physical and/or Radio Electric Link Subscription Broadcasting Services ENACOM Resolution No. 1,491/2020 issued on December 24, 2020 approved the new General Rules Governing Physical Radio-Electric and/or Satellite Link Subscription Broadcasting Services. Even though the new General Rules maintain the onerosity of all the broadcast television services and signals that fall within the scope of the “must carry” regime (signals and services subject to mandatory retransmission) by the providers of subscription television services, they introduce the concept of “fair, equitable and reasonable price” and implement a dispute resolution procedure in case of disagreement between signal holders and distributors (by physical, radio-electric or satellite link) to be brought before the ENACOM, whereby the parties are deemed to have voluntarily accepted to be subject to this procedure. In addition, the General Rules provide that in the event that signal holders and physical, radio-electric and/or satellite link subscription television licensees do not settle their dispute, distributors shall include the signal in the programming grid at the price set by ENACOM’s Board based on the information gathered during the proceeding. It should be noted that both the price and the settlement procedure are applicable to any signal, including those which are not subject to mandatory retransmission. In addition, the General Rules also provide that the commercialization of one signal may not be conditional on the acquisition of other signals and, in the case of sales of signal packages, the price must include a breakdown of the price of each of the signals included in the package. ARTEAR’s legal advisors believe that the ENACOM is not empowered to set the price of a signal, regardless of whether or not it is a signal subject to mandatory retransmission, and that it would be arbitrary and unconstitutional if the agency imposed a price on the owner of content that does not voluntarily agree to the settlement proceeding. Pursuant to ENACOM Resolution No. 1,094, published in the Official Gazette on October 23, 2024, that agency repealed the Rules that had been approved under ENACOM Resolution No. 1491/2020 and all of its subsequent amendments, including all provisions aimed at imposing a mandatory requirement for all subscription broadcasting service providers to retransmit various signals. The recitals of the Resolution refer to the need to repeal the requirements relating to the lineup and the order of the signals that made up the programming grid of broadcasting service providers, which had been imposed pursuant to the requirements of Article 65 of Law No. 26,522 and extended to apply to all subscription broadcasting service licensees in order to grant equal conditions in the broadcast of content signals and to apply the same obligations to all GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 68 - subscription broadcasting service providers. The repeal of the Rules also eliminated the settlement procedures between parties and the power of ENACOM to intervene and set prices. 9.8. Administrative Sanction Proceedings Through Resolution No. 2,882/ENACOM/2019, as amended by Resolution No. 2,984/2019, the ENACOM amended the Regime for the Grading of Penalties approved by Resolution No. 661/AFSCA/2014. The amendments resulted mainly in a reduction of the tax rates to be applied to the calculation of the penalties for infringement of Law No. 26,522, and a reduction of the fines imposed whenever infractions are committed in shows produced by producers that are duly registered in the Registro de Señales y Productoras (Registry of Signals and Producers), which will be charged with such infractions. NOTE 10 - CALL OPTIONS ARTEAR As of December 31, 2023, an irrevocable put option on 755,565 common, registered, non-endorsable shares, representing 14.815% of the capital stock and votes of Telecor (a company in which ARTEAR holds an 85.185% interest), agreed upon in favor of the sellers of the aforementioned shares of said company (Francisco A. Quiñonero (by succession of Mr. Aron Braver and Carmen V. Quiñonero)), and an irrevocable call option for the same number of shares and percentage of participation in the capital stock and votes, agreed upon in favor of ARTEAR, are in effect. Said put option was established for a term of 16 years starting from March 16, 2010, at a price of US$ 3,000,000, while the call option was established for a term of 26 years starting from March 16, 2000, at a price of US$ 4,801,680, and adjusted at an annual nominal rate of 5% starting from April 16, 2016. Subsequently, under an addendum to the original agreements, the beginning of the effectiveness of the irrevocable put option was modified on several occasions. The last addendum, dated February 26, 2024, set forth that the effectiveness of the irrevocable put option would begin on March 16, 2028. The balances arising from the put option mentioned above are disclosed under the item Other Non-Current Liabilities of the statement of financial position, with an offsetting entry under Other Reserves and Non- Controlling Interest under Equity. NOTE 11 – FINANCIAL INSTRUMENTS 11.1. Financial Risks Management (*) (*) The amounts included in this note are stated in millions of Argentine pesos. Grupo Clarín is a party to transactions involving financial instruments, which entail exposure to market, currency and interest rate risks. The management of these risks is based on the particular analysis of each situation, taking into account its own estimates and those made by third parties of the evolution of the respective factors. 11.1.1 Capital Risk Management Grupo Clarín manages its capital structure seeking to ensure its ability to continue as an ongoing concern, while maximizing the return to its shareholders through the optimization of financial debt and equity balances. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 69 - As part of this process, Grupo Clarín monitors its capital structure through the financial debt-to-equity ratio, which is equal to the quotient of its net financial debt (Financial Debt less Cash and Cash Equivalents) divided by its adjusted EBITDA. The financial debt-to-equity ratio for the reporting years is as follows: December 31, 2024 December 31, 2023 Financial Debt (i) 17,487 29,998 Less: Cash and Cash Equivalents Cash and Banks (15,340) (31,796) Other Current Investments (25,682) (36,724) Net Financial Debt (ii) (23,535) (38,522) Adjusted EBITDA 33,361 37,666 Debt-to-Equity Ratio (ii) (0.71) (1.02) (i) Long-term and short-term loans, including derivatives and financial guarantee agreements. (ii) As of December 31, 2024 and 2023, the cash and cash equivalents balance exceeds the amount of loans. The financial debt-to-equity ratio is reasonable compared to other industry players and considering the particular situation of Argentina and of the companies that make up Grupo Clarín. 11.1.2 Categories of Financial Instruments December 31, 2024 December 31, 2023 Financial Assets At amortized cost Cash and Banks 15,340 31,796 Other Investments 20,552 18,913 Receivables (1) (2) 116,928 98,113 At fair value with an impact on net income Other Investments 8,303 22,316 Total Financial Assets 161,123 171,138 Financial Liabilities At amortized cost Financial Debt 17,487 29,998 Accounts Payable and Other Liabilities (3) 83,678 94,078 Total Financial Liabilities 101,165 124,076 (1) Does not include the allowance for doubtful accounts of approximately $ 2,819 million and $ 2,205 million, respectively. (2) Includes receivables with related parties of approximately $ 8,239 and $ 2,269 million, respectively. (3) Includes debts with related parties of approximately $ 7,660 million and $ 2,655 million, respectively. 11.1.3 Objectives of Financial Risk Management Grupo Clarín monitors and manages the financial risks related to its operations; these risks include market risk (including exchange risk, interest rate risk and equity price risk), credit risk and liquidity risk. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 70 - Grupo Clarín does not enter into financial instruments for speculative purposes as common practice. 11.1.4 Exchange Risk Management Grupo Clarín enters into certain foreign currency transactions; therefore, it is exposed to exchange rate fluctuations. The following table shows the monetary assets and liabilities denominated in US dollars, the main foreign currency involved in Grupo Clarín’s transactions, at the closing of the years ended December 31, 2024 and 2023: (in millions (in millions of Argentine pesos) of Argentine pesos) December 31, 2024 December 31, 2023 ASSETS Other Receivables 1,147 1,901 Trade Receivables 6,965 11,435 Other Investments 17,790 26,828 Cash and Banks 7,342 28,414 Total assets 33,244 68,578 LIABILITIES Financial Debt 12,506 23,891 Other Liabilities 7,906 13,950 Trade and Other Payables 18,372 36,155 Total Liabilities 38,784 73,996 Bid/offered exchange rates (Banco de la Nación Argentina) as of December 31, 2024 and 2023 were of $ 1,029 and $ 1,032 and $ 805.45 and $ 808.45; respectively. 11.1.4.1 Foreign Exchange Sensitivity Analysis Grupo Clarín is exposed to exchange risk, mainly with respect to the US dollar. Taking into consideration the balances disclosed above, Grupo Clarín estimates that the impact of a 20% favorable/unfavorable fluctuation of the US dollar exchange rate would generate an income/loss before taxes of approximately $ 1,108 million and $ 1,084 million as of December 31, 2024 and 2023, respectively. The sensitivity analysis presented above is hypothetical since the quantified impact is not necessarily an indicator of the actual impact, because exposure levels may vary over time. Additionally, even though Grupo Clarín conducts its operations in Argentine pesos, an eventual devaluation of that currency may have an indirect impact on its operations, depending on the ability of the relevant suppliers to reflect that effect on their prices. 11.1.5. Interest Rate Risk Management As of December 31, 2024 and 2023, Grupo Clarín was exposed to interest rate risk mainly through AGEA (and its subsidiaries LVI and CIMECO), and Radio Mitre. This is due to the fact that those companies have taken loans at fixed and variable interest rates and have not entered into hedge agreements to mitigate these risks. If interest rates had eventually been 100 basis points higher and all the variables had remained constant, the additional estimated loss before taxes would have been of approximately $ 206 million and $ 153 million as of December 31, 2024 and 2023, respectively. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 71 - 11.1.6. Equity Price Risk Management Grupo Clarín is exposed to equity price risk in connection with its holdings of mutual funds, securities and bonds and foreign exchange agreements. Its sensitivity to the variation in the price of these instruments is detailed below: December 31, 2024 December 31, 2024 Investments valued at quoted prices at closing (Level 1) 8,303 22,316 The estimated impact of an eventual 10% favorable/unfavorable fluctuation of the quoted price of investments valued at closing, assuming that all the other variables remain constant, would generate an income/loss before taxes of approximately $ 830 million and $ 2,232 million as of December 31, 2024 and 2023, respectively. 11.1.7 Credit Risk Management Credit risk is defined as the risk that one of the parties may breach its contractual obligations, generating an eventual financial loss for Grupo Clarín. Credits of the Print and Digital Publications Segment The companies that operate in this segment conduct an analysis of the clients’ financial position at the beginning of the business relationship, through a credit risk report requested from several credit rating agencies. The credit amount granted to each client is monitored on a daily basis, with reports being submitted to the financial management. The credit risk affects cash and cash equivalents, deposits held at banks and financial institutions, as well as credit granted to clients. The maximum theoretical credit risk exposure of the companies operating in this segment is represented by the book value of net financial assets, disclosed in the consolidated statement of financial position. For the purposes of conducting an analysis of the suitability of the allowance for bad debts, these companies consider each client on a case-by-case basis, verifying, among other factors, if there is any record of delinquency, risk of bankruptcy, insolvency proceeding or other judicial proceeding. In addition, and in accordance with IFRS 9, for the calculation of the allowance for bad debts on trade receivables the Company considers the expected credit losses over their total useful life. Trade receivables comprise a significant number of clients and are internally classified among the following categories: Advertising, Official, Distribution, Internet and Subscriptions, among others. The companies that operate in this segment have recorded an allowance for doubtful accounts accounting for 2% and 5% of accounts receivable as of December 31, 2024 and 2023, respectively. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 72 - The companies that operate in this segment did not set up an allowance for bad debts for those amounts in which no significant change was recorded in the credit rating, considering such amounts as recoverable. The companies that operate in this segment have a wide range of clients, including individuals, businesses - medium-and-large-sized companies - and governmental agencies. Therefore, these companies’ receivables are not subject to credit risk concentration. Credits from the Broadcasting and Programming Segment Credit risk represents for the companies that operate in this segment the risk of incurring in losses arising from possible breaches of the contractual obligations assumed by business or financial counterparties. This risk may be due to economic or financial factors, or to particular circumstances of the counterparty, or to other economic, commercial or administrative factors. Credit risk affects cash and cash equivalents, deposits held at banks and financial institutions in a wide sense, and every form of credit granted to the companies that operate in this segment. The maximum exposure to credit risk is represented by the value of financial assets considered as a whole, recorded in the Consolidated Statement of Financial Position under Cash and Banks, Other Investments, Trade Receivables and Other Receivables. Financial instruments are executed with creditworthy banks and financial institutions renowned in the market and for terms not longer than three months. In this sense, the companies that operate in this segment have a policy of diversifying their investments among different banks and financial institutions, thus reducing the concentration risk in only one counterparty. As to the credit risk related to financial credit, the companies that operate in this segment evaluate the credit standing of the different counterparties to define their investment levels, based on their equity and credit rating. As to Trade Receivables, such companies have a wide range of clients, categorized depending on the type of business. These categories are: Advertising, Signals, Programming and other. Within this classification, clients can also be classified as advertising agencies, direct advertisers, distributors of cable TV, broadcast TV stations and other, each of them of a different magnitude. Due to this diversity of clients, there is not a significant credit risk concentration in this respect. The allowance for bad debts is set up upon conducting an analysis of the debtor portfolio, which is recorded as follows: − In the case of individual risks identified (risks of bankruptcy, insolvency proceedings or judicial proceedings pending with the company), for its total value. − The rest of the cases is decided based on the aging of the past due debt, the progress of the collection procedures, the solvency conditions and the variations observed in the clients’ settlement periods. − In addition, and in accordance with IFRS 9, for the calculation of the allowance for bad debts on trade receivables the Company considers the expected credit losses over their total useful life. 11.1.8. Liquidity Risk Management Liquidity risk is the risk that Grupo Clarín may not be able to fulfill its financial obligations at maturity. Grupo Clarín manages liquidity risk through the management of its capital structure and, if possible, the access to different capital markets. It also manages liquidity risk through a constant review of the estimated cash flows to ensure that it will have enough liquidity to fulfill its obligations. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 73 - 11.1.8.1 Interest Rate Risk and Liquidity Risk Table The following table shows the breakdown of financial liabilities by relevant groups of maturities based on the remaining period as from the date of the statement of financial position through the contractual maturity date. The amounts disclosed in this table represent undiscounted cash flows (principal plus contractual interest). Information as of December 31, 2024: Maturities Financial Debt Other Liabilities Matured - 19,616 Without any established term 3 7,815 First Quarter 2025 2,131 50,034 Second Quarter 2025 1,034 2,805 Third Quarter 2025 558 230 Fourth Quarter 2025 222 141 More than 1 year 14,255 6,395 18,203 87,036 Information as of December 31, 2023: Maturities Financial Debt Other Liabilities Matured - 12,650 Without any established term - 4,702 First Quarter 2024 23,094 62,553 Second Quarter 2024 1,095 4,105 Third Quarter 2024 9,118 346 Fourth Quarter 2024 1,614 144 More than 1 year 8,430 11,171 43,351 95,671 11.1.9. Financial Instruments at Fair Value The following table shows Grupo Clarín’s financial assets and liabilities measured at fair value at the closing of the reporting year: December 31, 2024 Quoted Prices (Level 1) Assets Current Investments 8,303 8,303 December 31, 2023 Quoted Prices (Level 1) Assets Current Investments 22,316 22,316 The financial assets and liabilities are valued using quoted prices for identical assets and liabilities (Level 1). At the closing of the reporting years, Grupo Clarín did not have any financial asset or liability valued at prices GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 74 - of similar instruments from information sources available in the market (Level 2) or for which a comparison had not been conducted against observable market data to determine their fair value (Level 3). 11.1.10. Fair Value of Financial Instruments The book value of cash, accounts receivable and current liabilities is similar to their fair value, due to the short- term maturities of these instruments. The book value of receivables with estimated collection periods that extend through time, is measured considering the estimated collection period, the time value of money and the specific risks of the transaction at the time of measurement and, therefore, such book value approximates their fair value. The fair value of non-current financial liabilities (Level 2) is measured based on the future cash flows of those liabilities, discounted at a representative market rate available to Grupo Clarín for liabilities with similar terms (currency and remaining term) prevailing at the time of measurement. The following table shows the estimated fair value of non-current financial liabilities: December 31, 2024 December 31, 2023 Book Value Fair Value Book Value Fair Value Non-Current Financial Debt 10,901 10,004 5,421 5,259 NOTE 12 - INTERESTS IN SUBSIDIARIES AND AFFILIATES 1- AGEA and Subsidiaries a) In October 2023, AGEA and GCGC incorporated the company Hiberus S.A., which has already been registered with the IGJ. The core purpose of this company is to provide services in the field of information technologies; the development of technological solutions; the purchase, sale, implementation, and distribution of hardware and software; among other activities related to said industry. In December 2023, AGEA sold 55,000 shares to Hiberus International Ventures S.L., which represent fifty-five percent (55%) of the capital stock and votes of HIBERUS S.A., for an amount of US$ 1,694 million. AGEA holds 25% equity interest, and GCGC, the remaining 20% equity interest in the new company. b) On February 7, 2024, PERPLEX S.A. was created. Its purpose is to provide services in the field of information technologies in various forms and platforms. That company’s capital stock is of $ 100,000, represented by 100,000 endorsable, registered, common shares with a nominal value of $ 1 each, entitled to one vote per share. At the time of its incorporation, AGEA subscribed 90,000 shares representing 90% of the capital stock, and the remaining 10% of the capital stock and votes was subscribed by Oportunidades S.A. The company was registered with the IGJ on February 28, 2024. On June 18, 2024, AGEA sold 53,000 shares representing 53% of the capital stock and votes of PERPLEX for $ 4,300,815, retaining a 37% equity interest. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 75 - 2- GCGC The company Quanix S.A. was incorporated in November 2023. Its registration with the IGJ was completed as of the date of these financial statements. The main purpose of the company is to provide outsourcing services for payroll, human resources technology for managing personnel, and to develop financial, insurance, health, and benefits solutions for employees. GCGC holds a 50% equity interest in said company. On April 29, 2024, GCGC made an irrevocable contribution in Quanix S.A. for $ 100 million. On the same date, the other shareholder contributed $100 million. These contributions were capitalized on June 7, 2024 Additionally, on June 7, 2024, the shareholders of Quanix resolved to increase its capital by $84,000, setting the additional paid-in capital at $12,719.10 per share. Said increase was fully subscribed by the other shareholder of Quanix, which undertook to contribute $1,068,488,400. Such amount had been fully paid in at the closing of the year. On the same date, the shareholders of Quanix resolved to capitalize a credit of $240,427,000 that GCGC held against Quanix, increasing Quanix's capital by $84,000 and setting the additional paid-in capital at $2,861.2262 per share. That equity increase was fully subscribed by GCGC. These equity increases do not alter the participations of the shareholders of Quanix. On January 20, 2025, the shareholders of Quanix resolved to increase its capital by $ 116,000, setting the additional paid-in capital at $ 11,657.40 per share. Said increase was fully subscribed by the other shareholder of Quanix, which undertook to contribute $ 1,352,374,400. At the date of these financial statements, 25% of said amount has been paid in. On February 18, 2025, the shareholders of Quanix resolved to increase its capital by $ 116,000, which was subscribed by GCGC and has been fully paid in as of the date of issue of these financial statements. These capital increases do not alter the interests of Quanix’s shareholders. 3- GRUPO CLARÍN a) In October 2023, the Company accepted an offer from the minority shareholders of Diario Los Andes Hermanos Calle S.A., whereby the Company acquired (i) 881,998 non-endorsable, registered, common shares of DLA with a nominal value of $1 each, (ii) 40% of a single share, held in common with CIMECO, which holds the remaining 60%, and (iii) 60% of a single share, held in common with CIMECO, which holds the remaining 40%, collectively representing approximately 20% of the capital stock and votes of DLA. As consideration, the Company paid US$ 98,400 and assigned certain rights over real estate, which brought the total value of the transaction to approximately US$ 0.6 million. The Company, through CIMECO, already owned 80% of the capital stock and voting rights of DLA; consequently, with the purchase of the above-mentioned shares, it now holds 100% of the capital stock and voting rights of DLA, both directly and indirectly. On January 23, 2024, Grupo Clarín transferred property for US$ 100,000. Through said transfer, it partially settled the debt that the company had with the minority shareholders of Diario Los Andes Hermanos Calle S.A. As of the date of issuance of these financial statements, the amount of the debt for this transaction amounts to approximately US$ 0.4 million. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 76 - b) During the first half of 2024, GCLA and CIMECO made irrevocable contributions in DLA for the absorption of losses for $ 219,508,418 and $ 1,333,667,420, respectively (equivalent to $ 282,575,150 and $ 1,700,601,388, respectively, in constant currency as of December 31, 2024). On June 4, 2024, GCLA and CIMECO sold, respectively, 20% and 80% of their equity interest in DLA for an aggregate price of US$500,000, of which US$ 100,000 corresponded to GCLA and US$400,000 corresponded to CIMECO. As a result, DLA was deconsolidated from these financial statements as from that date. As a guarantee for the payment of the purchase price, the buyer provided the Company and CIMECO with promissory notes due on December 4, 2024, and entered into a pledge agreement on a number of shares representing at least 30% of DLA's capital stock and votes. In December 2024, GCLA and CIMECO collected such amounts. c) On April 22, 2024, DLA accepted a stock purchase offer, whereby it transferred its entire equity interest in Cuyo Televisión S.A., representing 9% of the capital stock of said company. As consideration for this transaction, DLA collected US$ 150,000. 4- POL-KA At the end of 2023, Pol-ka resumed its operational reorganization plan aimed at the optimization and streamlining of its workforce to adapt the company's structure to the new industry scenarios according to the changes that have been occurring for years in the trend of audiovisual content consumption. The low audience of daily fiction series broadcast on open television is a trend that has been consolidating in the local market, and their low profitability makes it difficult to invest in these types of products. This market reality requires a transformation of the business model of fiction producers, focusing their activity on the production of on-demand content for the national and international market, with a minimal fixed structure and hiring temporary personnel to carry out the shooting of series and miniseries. This business model relies almost entirely on the optimization of human resources. Additionally, Pol-ka's business plan includes making its installed capacity profitable through the leasing of its studios and production and editing equipment. In line with the described situation, the plan to adjust the structure included the signing of approximately 110 termination agreements with employees under the terms of Article 241 of the Employment Contract Law, for an aggregate amount of approximately $2,400 million. This restructuring cost was recognized in the year ended December 31, 2023. As of December 31, 2023, Pol-ka signed termination agreements for approximately $630 million, and during this fiscal year, it signed termination agreements for approximately $1,610 million. Of the agreements signed, $ 360 million was settled in 2023 and $ 1,866 million was settled during this year. 5- GC MINOR In June 2024, GC Minor ceased to be a shareholder of Killimo following a share buyback process conducted by that company. In consideration for this transaction, GC Minor collected US$ 581,340 (equivalent to approximately $ 636 million in constant currency as of December 31, 2024). GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 77 - NOTE 13 - RESERVES, RETAINED EARNINGS, AND DIVIDENDS December 31, 2024 December 31, 2023 Balances at the beginning of the year: Retained Earnings (22,967,442,089) (9,305,050,531) Other Reserves (4,068,583,232) (3,425,803,417) Legal Reserve 4,420,255,378 13,725,305,909 Voluntary Reserves (1) 29,778,021,493 29,778,021,493 Total 7,162,251,550 30,772,473,454 Absorption of Accumulated Deficit with Paid-in Capital 18,547,186,711 - Acquisition of Minority Interest - (642,779,815) Net Income (Loss) for the Year (4,023,141,336) (22,967,442,089) Balance at the end of the year 21,686,296,925 7,162,251,550 (1) Corresponds to Judicial Reserve for Future Dividends Distribution a. Grupo Clarín At the Annual Ordinary Shareholders Meeting held on April 25, 2023, the shareholders of the Company decided, among other things, to absorb the net loss for the year ended December 31, 2022 which amounted to $ 1,372 million in historical currency as of that date ($ 9,305 million in constant currency as of December 31, 2024) through the partial reversal of the Legal Reserve. At the Annual Ordinary and Extraordinary Shareholders' Meeting held on April 24, 2024, the shareholders of the Company decided, among other things, to absorb the negative balance of retained earnings as of December 31, 2023 through the full reversal of the Legal Reserve and the partial reversal of the Paid-in capital. b. Other Companies i) In May, 2023, the shareholders of TRISA decided, among other things, to approve the distribution of dividends in the amount of $ 100 million in historical currency as of that date of which $ 50 million in historical currency as of that date ($ 238 million in constant currency as of December 31, 2024) corresponds to the Company on account of its indirect holding in that company. TRISA paid all the distributed dividends. ii) In March, 2023, the shareholders of Canal Rural decided to distribute dividends for $ 100 million in historical currency as of that date, of which $ 65 million in historical currency as of that date ($ 362 million in constant currency as of December 31, 2024) corresponds to the Company on account of its indirect holding in that company. Canal Rural S.A. settled all the distributed dividends. On March 18, 2024, the shareholders of Canal Rural decided to distribute dividends for $ 588 million in historical currency as of that date, of which $ 382 million in historical currency as of that date ($ 549 million in constant currency as of December 31, 2024) corresponds to the Company on account of its indirect holding in that company. As of December 31, 2024, Canal Rural had fully settled said dividends. iii) On April 29, 2024, the shareholders of Exponenciar decided to distribute dividends in the amount of US$ 1,000,000, equivalent to $ 875,000,000 (considering the selling exchange rate set by Banco Nación for the day immediately preceding the date of the Shareholders’ Meeting, which was of $875 per US GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 78 - dollar). Of this amount, US$ 500,000 corresponds to the Company based on its indirect interest in the said company. This amount has been fully collected. NOTE 14 - NON-CONTROLLING INTEREST December 31, 2024 December 31, 2023 Balances as of January 1 (404,468,711) 1,498,786,897 Equity in Earnings from Associates for the year 947,980,220 (1,773,898,313) Dividends and Other Movements of Non-Controlling Interest (73,546,509) (126,700,775) Acquisition of Minority Interest - (2,656,520) Balance at the end of the year 469,965,000 (404,468,711) As of December 31, 2024 and 2023, the non-controlling interests are not significant on an individual or a joint basis. NOTE 15 – BALANCES AND TRANSACTIONS WITH RELATED PARTIES The following table contains the outstanding balances with related parties: December 31, 2024 December 31, 2023 Other Receivables Non-Current Other Related Parties 4,200 9,146 4,200 9,146 Current Under Joint Control 23,492,712 27,909,059 Other Related Parties 1,297,784 353,088,783 24,790,496 380,997,842 Trade Receivables Current Under Joint Control 3,095,687,834 700,703,638 Other Related Parties 5,118,275,065 4,756,692,413 8,213,962,899 5,457,396,051 December 31, 2024 December 31, 2023 Trade and Other Payables Current Under Joint Control 713,668,190 130,307,540 Other Related Parties 3,971,938,259 1,903,960,307 4,685,606,449 2,034,267,847 Other Liabilities Non-Current Under Joint Control 2,631,600,000 4,489,300,618 2,631,600,000 4,489,300,618 Current Under Joint Control 166,011,894 827,175,618 Other Related Parties 361,786,788 28,530,879 527,798,682 855,706,497 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 79 - The following table shows the main operations with related parties for the years ended December 31, 2024 and 2023: Item December 31, 2024 December 31, 2023 Under Joint Control Advertising Sales 1,280,532,498 844,868,161 Printing Services Sales 11,655,320 2,010,365,428 Television Signals Sales 4,971,022,674 4,331,872,105 Circulation Sales 744,125 - Other Sales 1,896,198,109 1,237,807,181 Fees for Services (695,107,894) - Productions and Co-Productions (23,384,437) (31,605,971) Printing and Distribution Costs (6,407,954) (76,138,899) Advertising and Promotion (300,715,959) (320,342,746) Other Expenses (1,271,847) - Other Related Parties Advertising Sales 2,382,818,224 3,254,134,733 Printing Services Sales 786,048,023 1,722,221,724 Television Signals Sales 15,571,639,629 15,370,761,374 Other Sales 3,697,076,584 4,026,594,176 Other Revenues 866,490,070 551,530,116 Fees for Services (3,815,304,283) (305,628,989) Communication Expenses (2,441,247,876) (1,652,625,806) Printing and Distribution Costs (2,535,486,672) (2,479,668,529) Services and Satellites Expenses (800,199,819) (682,698,734) Other Purchases (4,141,557,307) (10,834,266,559) Other Expenses (40,182,671) (40,338,992) Interest on Financial Debt - (18,098,228) Advertising and Promotion Expenses (52,523,203) - The fees paid to the Board of Directors and the Upper Management of Grupo Clarín for the years ended December 31, 2024 and 20223 amounted to approximately $ 10,469 million and $ 12,093 million, respectively. NOTE 16 – EARNINGS PER SHARE The following table shows the net income (loss) and the weighted average of the number of common shares used in the calculation of basic earnings per share: December 31, 2024 December 31, 2023 Net Income used in the Calculation of Basic Earnings per Share: (4,023,141,336) (22,967,442,089) Weighted Average of the Number of Common Shares used in the Calculation of Basic Earnings per Share 106,776,004 106,776,004 Earnings Per Share (37.68) (215.01) GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 80 - The weighted average of outstanding shares for the year ended December 31, 2024 was 106,776,004. Since no debt securities convertible into shares were recorded, the same weighted average should be used for the calculation of diluted earnings per share. NOTE 17 - COVENANTS, SURETIES AND GUARANTEES PROVIDED As of December 31, 2024, the following covenants, sureties and guarantees were in effect: a. IESA is subject to contractual restrictions on the transfer of its equity interest in TRISA and Tele Net Image Corp. b. AGEA holds a joint and several guarantee for the loan granted by ICBC to AGL. c. Grupo Clarín became guarantor of certain financial obligations of AGEA and some of its subsidiaries with Banco Itaú Argentina S.A. d. On June 24, 2022, Grupo Clarín accepted a proposal from TRISA, whereby Grupo Clarín guarantees certain financial obligations undertaken by TRISA under a loan agreement with FOBAL. In accordance with the proposal, Grupo Clarín created a pledge in favor of FOBAL on term deposits held by Grupo Clarín for US$ 4,050,000. As counter guarantee, TRISA transferred to Grupo Clarín US$ 3,000,000. The counter guarantee does not accrue any interest for TRISA. Grupo Clarín shall return the counter guarantee to TRISA from time to time, proportionally, as FOBAL releases the counter-guaranteed pledges. On June 27, 2022, Grupo Clarín received from TRISA the amount corresponding to the counter guarantee. Pursuant to the financial obligations undertaken by TRISA, Grupo Clarín shall return to TRISA the counter guarantee as follows: US$ 450,000 in November 2022, which was returned by the Company in March and July 2023, and US$ 2,550,000 in March 2026. On July 13, 2022, Grupo Clarín granted a guarantee at the request of TRISA for US$ 4,050,000. Pursuant to the financial obligations undertaken by TRISA, the pledges shall be released by FOBAL as follows: US$ 1,000,000 in October 2022, US$ 500,000 in November 2022, and US$ 2,550,000 in March 2026. In October and November 2022, FOBAL released US$1,000,000 and US$ 500,000 of said pledge. As of the date of issuance of these Consolidated Financial Statements, Grupo Clarín’s guarantee was of US$ 2,550,000. e. Certain import operations of AGEA are guaranteed by investments made by the controlled company SADKAL. NOTE 18 - LONG-TERM SAVINGS PLAN FOR EMPLOYEES During the last quarter of 2007, the Company, together with its subsidiaries, began to implement a long-term savings plan for certain executives (directors and managers comprising the “executive payroll”), which became effective in January 2008. Executives who adhere to such plan undertake to contribute regularly a portion of their salary (variable within a certain range, at the employee’s option) to a fund that will allow them to strengthen their savings capacity. Each company of the Group where those executives render services will match the sum contributed by such executives. This matching contribution will be added to the fund raised by the employees. Under certain conditions, the employees may access such funds upon termination of their participation in the long-term savings plan. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 81 - In addition, such plan provides for certain special conditions for those managers who were in the “executive payroll” before January 1, 2007. Such conditions consist of supplementary contributions made by each company to the plan related to the executive’s years of service with the Group. As of December 31, 2024, such supplementary contributions made by the Company on a consolidated basis amount to approximately $ 315.1 million, and the charge to income is deferred until the retirement of each executive. During 2013, certain changes were made to the savings system, although its operation mechanism and the main characteristics with regard to the obligations undertaken by the company were essentially maintained. Pursuant to IAS No. 19, the above-mentioned savings plan qualifies as a Defined Contribution Plan, which means that the companies’ contributions shall be charged to income on a monthly basis as from the date the plan becomes effective. NOTE 19 – OPERATING LEASES 19.1 The Company as Lessee As of December 31, 2024 and 2023, the Company is a party to non-cancellable operating leases, which are currently effective and have different terms and renewal rights. The total amount of minimum future payments for non-cancellable operating leases is the following (in millions of $): December 31, 2024 December 31, 2023 1 year 971 636 Between 1 and 5 1,095 1,285 2,066 1,921 19.2 The Company as Lessor The total amount of minimum future collections for non-cancellable operating leases of certain property is the following (in millions of $): December 31, 2024 December 31, 2023 1 year 1,880 1,605 Between 1 and 5 5,166 1,442 7,046 3,047 NOTE 20 - LAW No. 26,831 CAPITAL MARKETS Capital Markets Law – Law No. 26,831, as amended On December 28, 2012, Capital Markets Law No. 26,831 was published in the Official Gazette. This law eliminated the self-regulation of the capital market, granted new powers to the CNV, and repealed Law No. 17,811 and Decree No. 677/01, among other regulations. Law No. 26,831 became effective on January 28, 2013. As from its effective date, the Public Tender Offer regime applies to all listed companies. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 82 - Productive Financing Law On May 11, 2018, Productive Financing Law No. 27,440 was published in the Official Gazette. This law introduced several amendments to Law No. 26,831 regarding the extent of the powers of the CNV; the exercise of preemptive rights on shares offered through public offering in the case of capital increases; private placements; public tender offers; the jurisdiction of the federal commercial courts of appeals to review the resolutions issued or sanctions imposed by the CNV, among other amendments. With respect to public tender offers, under the previous regime, the offeror was obliged to formulate a “fair” price to be set by weighing the results of different company valuation methods, with a minimum floor related to the average market price for the six-month period immediately preceding the date of the agreement. Pursuant to the amendments introduced by Law No. 27,440 to Law No. 26,831, the obligation is objective and consists in offering the higher of two existing prices: the price paid or agreed by the offeror during the 12 months immediately preceding the first day of the public tender offer period, and the average price of the securities subject to the offer during the semester immediately preceding the date of the announcement of the transaction under which the change of control is agreed upon. On December 28, 2018, General Resolution No. 779/2018, whereby the CNV established the regulatory framework applicable to public tender offers, was published in the Official Gazette. On August 20, 2013, at the request of Mr. Rubén Mario Szwarc, a minority shareholder of the Company, and by means of public deed number two hundred forty-five, the Company was served notice of the decision rendered by Chamber A of the National Court of Appeals on Commercial Matters on August 12, 2013, in re “SZWARC, Rubén Mario v. National Government and Others on injunction” File No. 011419/2013. That Chamber decided, among other things, (i) to declare the unconstitutionality of Sections 2, 4, 5, 9, 10, 11, 13, 15 and 16 of Law No. 26,854, and (ii) to order the provisional, injunctive suspension of Section 20, subsection a), second part, paragraphs I and II (or 1 and 2) of Law No. 26,831 and of all laws, rules or administrative acts issued or that may be issued pursuant to such legal provisions, with respect to Grupo Clarín, until the judge that is finally declared competent to render a decision on the merits assumes full jurisdiction of the case and renders a final decision relating to the injunction. The Supreme Court of Argentina declared the lawsuit moot on the grounds that the articles being challenged for constitutionality had been repealed or amended by a subsequent law. On August 26, 2022, General Resolution No. 939/2022 issued by the CNV was published in the Official Gazette, whereby said agency established the regulatory framework for holding remote and/or hybrid Shareholders’ Meetings. Said Resolution became effective on January 1, 2023. Below are the most relevant amendments and/or additions introduced by the aforementioned Resolution No. 939: i) Companies must include in their bylaws the possibility of holding remote Shareholders’ Meetings at their registered office or at the location corresponding to the jurisdiction of their registered office. ii) They must submit to the regulatory agency, with at least 5 business days' notice, the procedures to be used for holding remote Shareholders’ Meetings stating the way in which shareholders will exercise their voting and participation rights. iii) Within 2 business days of the last legal publication, evidence of the legal publications of calls for Shareholders’ Meetings must be uploaded under "Calls for Shareholders’ Meetings" in the Financial Information Highway. iii) The call shall include information about how the meeting will be held, and state, in a clear and simple way, the communication system to be used. iv) In the event of the appointment and/or resignation of directors, the updated list must be published under "List of Officers" in the Financial Information Highway. v) Within 10 business days of the Shareholders’ Meeting, companies must provide a detail of the individual remuneration of directors, administrators, managers, statutory auditors, and members of the supervisory committee. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 JORGE CARLOS RENDO Chair of the Supervisory Committee Chair - 83 - vi) Companies must keep a copy in digital format of the meeting minutes at their registered office for a period of five years, which must be made available to the CNV and to any shareholder that may request it. The minutes of the Shareholders’ Meetings must be transcribed to the legal book and signed, within 5 business days, by the President, the shareholders appointed to such effect, and a representative of the oversight body. viii) The participants that attend the Shareholders’ Meeting remotely are exempt from signing the Book of Deposit of Shares and Register of Attendance to Shareholders’ Meetings. The President and a representative of the oversight body shall certify the remote participation of those shareholders. ix) The oversight body is authorized to hold virtual meetings, if so provided for in the bylaws. In addition, the CNV revoked the Interpretative Criterion No. 80, which had extended the effectiveness of CNV General Resolution No. 830 until December 31, 2022. NOTE 21 - APPROVAL OF FINANCIAL STATEMENTS Grupo Clarín’s Board of Directors has approved the Consolidated Financial Statements and authorized their issue for March 10, 2025. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 See our report dated March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 JORGE CARLOS RENDO Chair - 1 - SUPPLEMENTARY FINANCIAL INFORMATION As of December 31, 2024 1. COMPANY ACTIVITIES Grupo Clarín is the most prominent and diversified media group in Argentina and one of the most important in the Spanish-speaking world. It has presence in the printed media, radio, broadcast and cable television, audiovisual content production, the printing industry and Internet. Its leadership in the different media is a competitive advantage that enables Grupo Clarín to generate significant synergies and expand into new markets. Its activities are grouped into three main segments: Print and Digital Publications, Broadcasting and Programming and Other. Among the main activities carried out during the period, the following were the most significant: In the Print and Digital Publications segment, Clarín continued to consolidate its digital subscription service and to add tools to serve the different readers segments in order to continue to offer our readers professional, investigative and specialized journalism, which is what has identified us for 79 years. By the end of December, Diario Clarín had 749,000 digital subscribers, of which 88% paid for the Paywall service, compared to 85% of the 712,000 subscribers recorded in 2023. At the end of December 2024, Olé's paywall had 35,400 subscribers, making it the only sports newspaper worldwide with paid subscribers. Reaffirming its commitment to Sports, during June, a special digital edition of Olé was launched in the United States and Mexico aimed at delivering the same rigor, creativity and passion for which it is known, while adapting to new audiences and their diverse preferences. Olé USA-Mexico focuses on detailed coverage of the MLS, highlighting the presence of Lionel Messi, as well as other significant sporting events like the America Cup 2024, the Club World Cup 2025, and the World Cup 2026. AGEA continues to publish its traditional newspapers and magazines, which face the impact of the change in reading habits. In addition, collectible products were adapted, both in terms of content and distribution method, in order to continue to generate high added-value and to meet the current needs of the readers in the diverse demographic groups. Continuing with the development of its digital offering and content for platforms, over the past year, Clarín has produced a series of documentaries which show that its journalistic prowess extends to the audiovisual world as well. In the Broadcasting and Programming Segment, El Trece is once again among the broadcast stations with the highest audience share. During Prime Time, the highlights were “Telenoche”, hosted by Nelson Castro and Dominique Metzger, “Los 8 escalones del millón” and “The Floor”, hosted by Guido Kaczka, and the late-night show hosted by Sebastián Wainraich, “La Noche Perfecta”. The morning slot began with “Arriba argentinos”, “Mañanísima”, hosted by Carmen Barbieri, “Socios del espectáculo”, “El Zorro” and “Noticiero Trece”. The afternoon slot featured “Cuestión de Peso”, hosted by Mario Massaccesi, “Poco correctos”, hosted by “Pollo” Alvarez and “Chino” Leunis and, as from November 11, it was hosted by Carmen Barbieri, and “El gran premio de la cocina” hoted by Leandro "el chino" Leunis and Mica Vázquez. Within the range of signals offered by ARTEAR, the performance of TN is noteworthy, confirming its leadership in audience ratings among news channels and leading the overall ranking of cable channels. This success is attributed to its 24-hour programming focused on current events coverage from the perspective of independent journalism. Additionally, TN offers a diverse array of programming that includes general interest topics, music, technology, and weather. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 See our report dated March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 JORGE CARLOS RENDO Chair - 2 - In audio broadcasting, Radio Mitre continued to lead audience ratings both in AM and FM. Mitre AM 790 focuses its programming on strong journalistic productions supported by the high credibility and professionalism of its journalists. In the morning slot the highlights were "Alguien tiene que decirlo" hosted by Eduardo Feinman, and “Lanata sin Filtro”.Radio Mitre's programming both during weekdays and weekends allowed it to maintain its leadership with an average of over 33 points of audience share. In addition, “La 100” continued to deliver an outstanding performance. It bases its formula on an ideal combination of music and constant innovation, backed by famous artists, such as Santiago del Moro and Guido Kaczka. La 100 maintained its leadership with an average of more than 21 points. Grupo Clarín continues to be subject to the public offering regime in the Buenos Aires Stock Exchange. 2. CONSOLIDATED FINANCIAL STRUCTURE Note: the amounts are rounded and stated in thousands of Argentine Pesos. The figures under total amounts may not represent the exact arithmetic sum of the other figures in the table. Pursuant to CNV regulations, the following table shows the balances and results for the year, on a comparative basis with the prior years, prepared under IFRS. December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 Non-Current Assets 214,768,851 234,925,121 231,878,898 228,258,660 226,192,521 Current Assets 173,002,552 189,617,416 248,283,855 278,864,441 288,117,945 Total Assets 387,771,403 424,542,537 480,162,753 507,123,101 514,310,466 Equity of the Controlling Company 242,837,879 256,949,523 276,534,605 286,151,139 273,062,242 Equity of Non-Controlling Interests 469,965 (404,469) 1,498,786 1,921,400 1,913,772 Total Equity 243,307,844 256,545,054 278,033,391 288,072,539 274,976,014 Non-Current Liabilities 39,589,056 29,509,757 49,756,602 36,550,329 60,532,339 Current Liabilities 104,874,503 138,487,726 152,372,760 182,500,233 178,802,113 Total Liabilities 144,463,559 167,997,483 202,129,362 219,050,562 239,334,452 Total Equity and Liabilities 387,771,403 424,542,537 480,162,753 507,123,101 514,310,466 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 See our report dated March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 JORGE CARLOS RENDO Chair - 3 - 3. CONSOLIDATED COMPREHENSIVE INCOME STRUCTURE Note: the amounts are rounded and stated in thousands of Argentine Pesos. The figures under total amounts may not represent the exact arithmetic sum of the other figures in the table. Pursuant to CNV regulations, the following table shows the balances and results for the year, on a comparative basis with the prior years, prepared under IFRS. December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 Operating income/loss (1) 16,276,107 17,426,434 46,040,192 59,144,553 37,685,185 Financial Results (including Gain (Loss) on Net Monetary Position) (6,637,471) (52,613,561) (48,617,851) (35,302,694) (20,188,794) Equity in Earnings from Associates (1,271,635) (1,043,084) 2,965,455 5,912,529 11,552,341 Other Income and Expenses, net 2,418,618 2,239,688 (933,217) 164,841 (24,341,603) Income (Loss) before Income Tax 10,785,619 (33,990,523) (545,421) 29,919,229 4,707,129 Income Tax (13,860,780) 9,249,182 (8,759,418) (15,855,296) (13,979,650) Net Income (Loss) for the Year (3,075,161) (24,741,340) (9,304,839) 14,063,933 (9,272,521) Other Comprehensive Income (Loss) for the Year (10,088,503) 4,025,141 (311,483) (638,156) 65,995 Total Comprehensive Income (Loss) for the Year (13,163,664) (20,716,200) (9,616,322) 13,425,777 (9,206,526) (1) Defined as net revenues less cost of sales and expenses. 4. Cash Flow Structure Note: the amounts are rounded and stated in thousands of Argentine Pesos. The figures under total amounts may not represent the exact arithmetic sum of the other figures in the table. Pursuant to CNV regulations, the following table shows the balances and results for the year, on a comparative basis with the prior years, prepared under IFRS. December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 Cash flows provided by operating activities (3,507,889) 32,817,308 35,930,770 35,728,818 41,385,766 Cash Flows used in Investment Activities (11,102,518) (17,042,603) (34,904,123) (15,348,568) (14,041,895) Cash provided by /(used in) Financing Activities 1,351,891 428,222 6,761,458 (6,144,715) (21,180,448) Total Cash provided for the year (13,258,516) 16,202,927 7,788,105 14,235,535 6,163,423 Financial Results (including Gain (Loss) on Net Monetary Position) of Cash And Cash Equivalents (13,923,793) (206,913) (11,870,171) (13,630,771) (10,641,623) Total changes in cash (27,182,309) 15,996,014 (4,082,066) 604,764 (4,478,200) GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 See our report dated March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 JORGE CARLOS RENDO Chair - 4 - 5. STATISTICAL DATA December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 Newspaper circulation (1) 40,773 53,879 66,672 80,325 121,464 Clarin.com Subscribers 748,750 711,795 549,282 493,275 328,839 Canal 13 audience share Prime Time (2) 27.4 27.7 31.9 29.5 31.3 Total Time (2) 27.7 26.7 29.8 29.9 30.7 (1) Average quantity of print newspapers, points of sale, and subscriptions per day (Diario Clarín and Olé), pursuant to the Instituto Verificador de Circulaciones (this figure represents sales in Argentina and abroad). (2) Share of prime-time audience of broadcast television stations in the Metropolitan Area of Buenos Aires, as reported by IBOPE. Prime time is defined as 8:00 PM to 12:00 AM, Monday through Sunday. Total time is defined as 12:00 PM to 12:00 AM, Monday through Sunday. 6. RATIOS December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 Liquidity (current assets / current liabilities) 1.65 1.37 1.63 1.53 1.61 Solvency (equity / total liabilities) 1.68 1.53 1.38 1.32 1.15 Fixed asset-to-equity capital ratio (non-current assets / total assets) 0.55 0.55 0.48 0.45 0.44 Return on equity (net income (loss) for the year / average shareholders’ equity) (0.01) (0.10) (0.03) (0.05) (0.03) 7. OUTLOOK The year began with a change in political leadership in the National Government. The strategy of the new administration aimed to signal a shift in the economic regime and to concentrate the necessary adjustments within the first months of its tenure. The measures adopted in an effort to correct the multiple macroeconomic imbalances had a significant impact on inflation, real wages, and activity levels especially during the first half of the year, presenting a challenging scenario for Grupo Clarín's businesses. However, the results of these measures started to show positive signs in terms of taxes and inflation levels, which was reflected in the economic activity in the second half of the year. The macroeconomic outlook for the coming year includes projections derived from the policies implemented during 2024. After the contraction recorded in the previous year, 2025 is expected to be a year of genuine GDP growth. Amid this context, Grupo Clarín seeks to maintain its positioning in the different business segments in which it operates with the strength of its brands, consolidating its presence in the traditional media, with a growing focus on digital media. In addition, Grupo Clarín seeks to leverage its positioning and access to opportunities for growth in the Argentine and regional industry to strengthen and develop its current businesses. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 See our report dated March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 JORGE CARLOS RENDO Chair - 5 - The Company will continue to focus on the core processes that allow for a sustainable and efficient growth from different perspectives: digital transformation, financial structure, management control, business strategy, human resources, innovation, and corporate social responsibility. Lastly, Grupo Clarín remains committed to informing with independence, to reaching all sectors of society and to supporting the quality and credibility values of its media. Price Waterhouse & Co. S.R.L., Bouchard 557, 8th floor, C1106ABG - Autonomous City of Buenos Aires, Argentina T: +(54.11) 4850.0000, www.pwc.com/ar Independent Auditors’ Report To the Shareholders, President and Directors of Grupo Clarín S.A. Report on the Audit of the Consolidated Financial Statements Opinion We have audited the accompanying consolidated financial statements of Grupo Clarín S.A. and its subsidiaries (the “Group”), which comprise the consolidated statement of financial position as at December 31, 2024 and the consolidated statements of income, of comprehensive income, of changes in equity and cash flows for the year then ended, and the notes to the consolidated financial statements, comprising material accounting policy information and other explanatory information. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group at December 31, 2024 and its consolidated comprehensive income and its consolidated cash flows for the fiscal year then ended, in accordance with IFRS Accounting Standards (“IFRS”). Basis for Opinion We have conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), together with requirements that are relevant to our audit of the consolidated financial statements in Argentina. We have fulfilled our other ethical responsibilities in accordance with the IESBA Code. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the current year. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. 2 Key audit matters Audit response Recognition of advertising revenue The Group has different sources of sales revenue as detailed in Note 6.1. Advertising sales revenue is recognized by applying the accounting policies described in Note 2.9. We considered the accuracy of advertising sales revenue recognized as a key audit matter. The reason for the foregoing is the different systems required for the provision and pricing of these services, given their nature, and the inclusion of manual activities into the business process of this source of revenue, which represents an inherent risk. The audit procedures performed included the following, among others: • Understanding the procedure performed by Management to determine and recognize revenue from advertising in each of the subsidiaries. • Evaluating the relevant information system and the design and operational effectiveness of the control over the capture and recording of revenue transactions. To this end, our Information Technology specialists have assisted us in the audit of automated controls, including controls over the interface between the various system applications. We also performed tests on access controls and change management controls for the Group's billing systems. • Evaluating current manual controls in place over the authorization of changes to rates, the introduction of discounts, the effective provision of the service, and the entry of that information into the billing systems. • Performing tests, based on a sample of customer invoices, on the accuracy of rates and discounts. • Performing tests on key reconciliations used by Management to assess the completeness and accuracy of revenue. • Performing tests on the documentation supporting manual journal entries to revenue accounts to identify unusual items. • Requesting confirmations based on a sample of account receivables transactions. Other Information The Other Information comprises the annual report and the supplementary financial information. The Board of Directors is responsible for the Other Information. Our opinion on the consolidated financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon. In connection with our audit of the Consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 3 Responsibilities of the Board of Directors and audit committee for the Consolidated Financial Statements The Board of Directors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the group or to cease operations, or has no realistic alternative but to do so. The Audit Committee is responsible for overseeing the Group’s financial reporting process. Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements The objective of our audit is to obtain reasonable assurance that the consolidated financial statements as a whole are free of material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions taken by users on the basis of these consolidated financial statements. As part of the audit in accordance with ISA, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors. • Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the 4 consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performance for purposes of the Group audit. We remain solely responsible for our audit opinion. We communicate with the Company’s Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Autonomous City of Buenos Aires, March 10, 2025. PRICE WATERHOUSE & CO. S.R.L. Dr. R. Sergio Cravero Partner GRUPO CLARÍN S.A. Separate Financial Statements for the year ended December 31, 2024, presented on a comparative basis Free translation into English of the Financial Statements and Reports originally issued in Spanish. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 JORGE CARLOS RENDO Chair of the Supervisory Committee Dr. R. Sergio Cravero Chair Certified Public Accountant (UCA) C.P.C.E.C.A.B.A. Vol. 265 Fol. 92 -1- GRUPO CLARÍN S.A. SEPARATE STATEMENT OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (Amounts stated in Argentine Pesos – Note 2.1.1) Notes December 31, 2024 December 31, 2023 Equity in Earnings from Associates 4.4 3,782,085,052 (26,567,648,823) Management fees 6,518,054,512 9,466,087,587 Administrative Expenses (1) 5.1 (12,384,584,420) (12,412,197,150) Other Income and Expenses, net 5.4 504,969,168 985,057,686 Gain (Loss) on Net Monetary Position (5,547,397,851) (10,140,846,594) Financial Expenses on Debt 5.3 (118,881,677) - Other Financial Results, net 5.2 2,581,682,912 15,707,726,808 Financial Results (3,084,596,616) 5,566,880,214 Income (Loss) before Income Tax (4,664,072,304) (22,961,820,486) Income Tax 6 (1,848,847) (5,621,603) Net Income (Loss) for the Year (4,665,921,151) (22,967,442,089) Other Comprehensive Income Items which can be reclassified to Net Income (Loss) Equity in Earnings from Associates (10,088,503,191) 4,025,140,634 Other Comprehensive Income (Loss) for the Year (10,088,503,191) 4,025,140,634 TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR (14,754,424,342) (18,942,301,455) (1) Includes depreciation of property, plant and equipment and investment properties, and amortization of intangible assets in the amount of $ 1,248,487,769 and $ 1,243,877,635 for the years ended December 31, 2024 and 2023, respectively. The accompanying notes are an integral part of these Separate Financial Statements. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 JORGE CARLOS RENDO Chair of the Supervisory Committee Dr. R. Sergio Cravero Chair Certified Public Accountant (UCA) C.P.C.E.C.A.B.A. Vol. 265 Fol. 92 - 2 - GRUPO CLARÍN S.A. SEPARATE STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2024 AND 2023 (Amounts stated in Argentine Pesos – Note 2.1.1) Notes December 31, 2024 December 31, 2023 ASSETS NON-CURRENT ASSETS Property, Plant, and Equipment 4.1 455,575,623 616,011,184 Intangible Assets 4.2 - 10,849,614 Investment Properties 4.3 48,577,936,285 47,580,415,879 Net Deferred Tax Assets 6 1,325,762,568 1,327,611,410 Investments in Associates 4.4 189,745,209,100 195,771,274,836 Other Receivables 4.5 3,803,312,445 4,855,428,872 Other Investments 4.6 2,656,623,672 4,505,910,913 Total Non-Current Assets 246,564,419,693 254,667,502,708 CURRENT ASSETS Other Receivables 4.5 1,387,585,871 6,087,622,908 Other Investments 4.6 742,476,643 4,508,035,221 Cash and Banks 4.7 205,566,329 201,508,457 Total Current Assets 2,335,628,843 10,797,166,586 Total Assets 248,900,048,536 265,464,669,294 EQUITY (as per the corresponding statement) Shareholders’ Contribution 224,247,815,988 242,795,002,699 Other Items (6,522,037,750) 3,566,465,441 Retained Earnings 25,112,100,342 11,230,834,782 Total Equity 242,837,878,580 257,592,302,922 LIABILITIES NON-CURRENT LIABILITIES Other Liabilities 4.10 3,044,400,000 5,193,504,636 Total Non-Current Liabilities 3,044,400,000 5,193,504,636 CURRENT LIABILITIES Taxes Payable 4.8 119,664,214 109,607,927 Other Liabilities 4.10 487,080,700 444,759,936 Trade and Other Payables 4.9 2,411,025,042 2,124,493,873 Total Current Liabilities 3,017,769,956 2,678,861,736 Total Liabilities 6,062,169,956 7,872,366,372 Total Equity and Liabilities 248,900,048,536 265,464,669,294 The accompanying notes are an integral part of these Separate Financial Statements. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 JORGE CARLOS RENDO Chair of the Supervisory Committee Dr. R. Sergio Cravero Chair Certified Public Accountant (UCA) C.P.C.E.C.A.B.A. Vol. 265 Fol. 92 - 3 - GRUPO CLARÍN S.A. SEPARATE STATEMENT OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (Amounts stated in Argentine Pesos – Note 2.1.1) Equity attributable to Shareholders of the Controlling Company Shareholders’ Contribution Other Items Retained Earnings Total Equity of Controlling Company Capital Stock Inflation Adjustment on Capital Stock Additional Paid- in Capital Subtotal Other Comprehensive Income Other Reserves Legal Reserve Voluntary Reserves (1) Retained Earnings Balances as of December 31, 2022 106,776,004 101,881,707,784 140,806,518,911 242,795,002,699 2,967,128,224 (3,425,803,417) 13,725,305,909 29,778,021,493 (9,305,050,531) 276,534,604,377 Absorption of Retained Earnings with Reserves (Note 7) - - - - - - (9,305,050,531) - 9,305,050,531 - Loss for the year - - - - - - - - (22,967,442,089) (22,967,442,089) Other Comprehensive - - - - - - - - - - Changes in Other Comprehensive Income - - - - 4,025,140,634 - - - - 4,025,140,634 Balances as of December 31, 2023 106,776,004 101,881,707,784 140,806,518,911 242,795,002,699 6,992,268,858 (3,425,803,417) 4,420,255,378 29,778,021,493 (22,967,442,089) 257,592,302,922 Reversal of Reserve and Additional Paid-in capital (Note 7) - - (18,547,186,711) (18,547,186,711) - - (4,420,255,378) - 22,967,442,089 - Loss for the year - - - - - - - - (4,665,921,151) (4,665,921,151) Other Comprehensive - - - - - - - - - - Changes in Other Comprehensive Income - - - - (10,088,503,191) - - - - (10,088,503,191) Balances as of December 31, 2024 106,776,004 101,881,707,784 122,259,332,200 224,247,815,988 (3,096,234,333) (3,425,803,417) - 29,778,021,493 (4,665,921,151) 242,837,878,580 (1) Corresponds to Judicial Reserve for Future Dividends Distribution The accompanying notes are an integral part of these Separate Financial Statements. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 JORGE CARLOS RENDO Chair of the Supervisory Committee Dr. R. Sergio Cravero Chair Certified Public Accountant (UCA) C.P.C.E.C.A.B.A. Vol. 265 Fol. 92 - 4 - GRUPO CLARÍN S.A. SEPARATE STATEMENT OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (Amounts stated in Argentine Pesos – Note 2.1.1) December 31, 2024 December 31, 2023 CASH FLOWS PROVIDED BY OPERATING ACTIVITIES Loss for the year (4,665,921,151) (22,967,442,089) Income Tax 1,848,847 5,621,603 Accrued Interest, net (672,423,777) (944,181,191) Adjustments to reconcile Net Loss for the Year to Cash used in Operating Activities: Depreciation of Property, Plant and Equipment, Investment Property and Amortization of Intangible Assets 1,248,487,769 1,243,877,635 Financial Income, except Interest (1,916,597,677) (15,011,780,826) Equity in Earnings from Associates (3,782,085,052) 26,567,648,823 Other Income and Expenses 189,726,902 - Uncollectible Receivables 3,870,664 - Gain (Loss) on Net Monetary Position 5,547,397,851 10,140,846,594 Changes in Assets and Liabilities: Other Receivables (3,334,399) (1,392,802,641) Trade and Other Payables 1,632,276,146 4,410,464,353 Taxes Payable 77,349,365 71,026,717 Other Liabilities 473,141,095 (3,430,969,952) Net Cash Flows (used in) Operating Activities (1,866,263,417) (1,307,690,974) CASH FLOWS PROVIDED BY INVESTING ACTIVITIES Loans Granted (8,770,052,979) (645,736,133) Collections of Loans 390,833,951 415,443,802 Transactions with Securities and Bonds, Net 245,799,575 14,624,792 Collection of Interest 10,776,622 216,714,364 Payment of capital stock and contributions (384,104,191) (1,596,693,697) Proceeds from Disposal of Non-Current Investments 101,050,000 - Payment for Acquisition of Companies - (106,134,584) Net Cash Flows (used in) Investing Activities (8,405,697,022) (1,701,781,456) CASH FLOWS PROVIDED BY FINANCING ACTIVITIES Loans Obtained 8,165,908,312 - Payment of Counter Guarantee (Note 16.b) - (500,117,791) Net Cash Flows provided by / (used in) Financing Activities 8,165,908,312 (500,117,791) Decrease in Cash Flows (2,106,052,127) (3,509,590,221) Cash and Cash Equivalents at the Beginning of the Year 4,709,543,678 6,723,246,855 FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND CASH EQUIVALENTS (1,655,448,579) 1,495,887,044 Cash and Cash Equivalents at the Closing of the Year (Note 2.15) 948,042,972 4,709,543,678 The accompanying notes are an integral part of these Separate Financial Statements. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 5 - INDEX OF THE NOTES TO THE SEPARATE FINANCIAL STATEMENTS 1. GENERAL INFORMATION 2. BASIS FOR THE PREPARATION AND PRESENTATION OF THE SEPARATE FINANCIAL STATEMENTS. 3. ACCOUNTING ESTIMATES AND JUDGMENTS 4. BREAKDOWN OF THE MAIN ITEMS OF THE SEPARATE STATEMENT OF FINANCIAL POSITION 5. BREAKDOWN OF THE MAIN ITEMS OF THE SEPARATE STATEMENT OF COMPREHENSIVE INCOME 6. INCOME TAX 7. RESERVES, RETAINED EARNINGS, AND DIVIDENDS 8. BALANCES AND TRANSACTIONS WITH RELATED PARTIES 9. TERMS AND INTEREST RATES OF INVESTMENTS, RECEIVABLES AND LIABILITIES 10. PROVISIONS AND OTHER CONTINGENCIES 11. REGULATORY FRAMEWORK 12. CAPITAL STOCK STRUCTURE 13. LONG-TERM SAVINGS PLAN FOR EMPLOYEES 14. FINANCIAL INSTRUMENTS 15. OPERATING LEASES 16. COVENANTS, SURETIES AND GUARANTEES PROVIDED 17. CHANGES IN THE COMPANY'S OWNERSHIP INTEREST IN OTHER ENTITIES 18. TRANSFER OF PROPERTY 19. LAW No. 26,831 CAPITAL MARKETS 20. INFORMATION REQUIRED UNDER CNV RESOLUTION No. 629 – RECORD KEEPING 21. APPROVAL OF SEPARATE FINANCIAL STATEMENTS GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 6 - GRUPO CLARÍN S.A. NOTES TO THE SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2024, PRESENTED ON A COMPARATIVE BASIS (Amounts stated in Argentine Pesos – Note 2.1.1) NOTE 1 – GENERAL INFORMATION Grupo Clarín is a holding company that operates in the Media industry. Its operating income and cash flows derive from the operations of its subsidiaries in which it participates directly or indirectly. The operations of its subsidiaries include newspaper and other printing, publishing and advertising activities, broadcast television, radio operations and television content production, on-line and new media services, and other media related activities. A substantial portion of its revenues is generated in Argentina. NOTE 2 - BASIS FOR THE PREPARATION AND PRESENTATION OF THE SEPARATE FINANCIAL STATEMENTS. 2.1 Basis for the preparation Through General Resolutions No. 562/09 and No. 576/10, the Argentine Securities Commission (“CNV”, for its Spanish acronym) provided for the application of Technical Resolutions (“TR”) No. 26 and No. 29 issued by the Argentine Federation of Professional Councils of Economic Sciences (“FACPCE”, for its Spanish acronym), which adopt the IFRS Accounting Standards (International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) (IFRS) for entities subject to the public offering regime governed by Law No. 26,831, whether on account of their equity or their notes, or which have requested authorization to be subject to such regime. The FACPCE issues Adoption Communications in order to implement IASB resolutions in Argentina. Technical Resolution No. 43 “Amendment of Technical Resolution No. 26”, effective for fiscal years beginning on or after January 1, 2016, sets out that Separate Financial Statements shall be prepared fully in accordance with IFRS without applying any changes, i.e. complying with the full contents of those standards as issued by the IASB and with the mandatory or guiding provisions established by IASB in each document. That Resolution provides that for its disclosure in Separate Financial Statements of entities that are required to present Consolidated Financial Statements, the investments in subsidiaries, joint ventures and associates shall be valued under the equity method as set out by IFRS. In preparing these Separate Financial Statements for the year ended December 31, 2024, presented on a comparative basis, the Company has followed the guidelines provided by TR 43, and, therefore, these financial statements have been prepared in accordance with IFRS. Certain additional matters were included as required by the Argentine General Associations Law and/or CNV regulations, including the supplementary information provided under the last paragraph of Section 1, Chapter III, Title IV of General Resolution No. 622/13. That information is included in the Notes to these Separate Financial Statements, as provided under IFRS and CNV rules. The financial statements have been prepared based on the restated historical cost, as mentioned in Note 2.1.1, except for the measurement at fair value of certain non-current assets and financial instruments. In general, the historical cost is based on the fair value of the consideration granted in exchange for the assets. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 7 - Certain figures reported in the financial statements presented on a comparative basis were reclassified in order to maintain the consistency in the disclosure of the figures corresponding to this year. The attached information, approved by the Board of Directors at the meeting held on March 10, 2025, is presented in Argentine Pesos ($), the Argentine legal tender, and arises from accounting records kept by Grupo Clarín S.A. 2.1.1 Application of IAS 29 (Financial Reporting in Hyperinflationary Economies) International Accounting Standard 29 “Financial Reporting in Hyperinflationary Economies” (“IAS 29”) requires that the financial statements of an entity that reports in the currency of a highly inflationary economy shall be stated in terms of the measuring unit current at the closing date of the reporting year, regardless of whether they are based on a historical cost approach or a current cost approach. To this end, in general terms, the inflation rate must be computed in the non-monetary items as from the acquisition date or the revaluation date, as applicable. These requirements also comprise the comparative information of the financial statements. To determine the existence of a highly inflationary economy under the terms of IAS 29, the standard details a series of factors to consider, including a cumulative inflation rate over three years that is close to or exceeds 100%. This is why, in accordance with IAS 29, Argentine economy should be considered as a highly inflationary economy as from July 1, 2018. In addition, Law No. 27,468, published in the Official Gazette on December 4, 2018, amended Section 10 of Law No. 23,928, as amended, providing that the repeal of all the laws and regulations that establish or authorize price indexation, currency restatement, cost variance, and any other form of restatement of debts, taxes, prices or fees related to property, works or services, does not apply to financial statements, which remain subject to Section 62 in fine of the General Associations Law No. 19,550 (as restated in 1984), as amended. In addition, it repealed Decree No. 1,269/2002 dated July 16, 2002, as amended, and delegated on the Executive Branch, through its oversight agencies, the power to set the date as from which those regulations will come into effect with respect to financial statements. On December 28, 2018, through General Resolution No. 777/2018, the CNV provided that issuers under its oversight must apply the method to restate annual, interim and special financial statements in constant currency, as established by IAS 29, for fiscal years ended on or after December 31, 2018. Therefore, these Financial Statements have been restated in constant currency as of December 31, 2024. According to IAS 29, the financial statements of an entity that reports in the currency of a highly inflationary economy shall be stated in terms of the measuring unit current at the closing date of the financial statements. The inflation adjustment of the opening balances was calculated taking into consideration the indexes established by the FACPCE based on the price indexes published by the National Institute of Statistics and Census (INDEC, for its Spanish acronym). The following table shows the evolution of those indexes over the last three fiscal years, according to official statistics (INDEC) in accordance with the guidelines described under Resolution No. 539/18: As of December 31, 2022 As of December 31, 2023 As of December 31, 2024 General Price Index (December 2016=100) 1,134.59 3,533.19 7,694.01 Variation of Prices Annual 94.7% 211.4% 117.76% Accumulated over 3 years 300.3% 815.6% 1220.96% GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 8 - The main procedures applied for the above-mentioned inflation adjustment were the following: - The monetary assets and liabilities recorded at the currency unit of the financial statement are not restated because they are already stated in terms of the measuring unit current at the closing date of the financial statements. - The non-monetary assets and liabilities recorded at cost at the date of the financial statement, and the equity items, are restated by applying the corresponding adjustment coefficients. - All the elements of the Statement of comprehensive income are adjusted by applying the corresponding adjustment coefficients. - The effect of inflation on the Company's net monetary position is included in the Statement of comprehensive income under the item “Gain (Loss) on Net Monetary Position”. - The comparative figures have been restated for inflation following the same procedure explained above and after that, they were restated as of the date of these Financial Statements. The following is a description of the application of the inflation adjustment in the most relevant equity accounts: - The capital stock was restated since the date of subscription or since the date of the last inflation adjustment for accounting purposes, whichever occurred later. The difference between the nominal value of the capital stock and its value restated for inflation is disclosed under “Inflation Adjustment on Capital Stock.” - The paid-in capital was restated since the date of subscription or since the date of the last inflation adjustment for accounting purposes, whichever occurs later. - Other comprehensive income was restated since each date of the accounting entry. - The other reserves were restated since January 1, 2017, which was the first day of the comparative year at the time of the initial application of the adjustment for inflation. 2.2 Standards and Interpretations issued but not adopted to date As of the date of these Separate Financial Statements, no new standards have been issued that apply to the Company for the fiscal year that began on January 1, 2025 and/or in subsequent years. 2.3. Standards and Interpretations issued and adopted to date As of the date of these Separate Financial Statements, no new standards have been issued that apply to the Company for this year. 2.4 Equity Interests The Company records the interest in its subsidiaries and associates using the equity method, as established by TR 26. A subsidiary is an entity over which the Company exercises control. Control is presumed to exist when the Company has a right to variable returns from its interest in a subsidiary and has the ability to affect those returns through its power over the subsidiary. This power is presumed to exist when evidenced by the votes, be it that the Company has the majority of voting rights or potential rights currently exercised. An associate is an entity over which the Company has significant influence, without exercising control, generally accompanied by equity holdings of between 20% and 50% of voting rights. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 9 - The subsidiaries’ and associates’ net income and the assets and liabilities are disclosed in the Separate Financial Statement using the equity method, except when the investment is classified as held for sale, in which case it is accounted for under IFRS 5 “Non-Current Assets Held for Sale and Discontinued Operations”. Under the equity method, the investment in a subsidiary or associate is to be initially recorded at cost and the book value will be increased or decreased to recognize the investor’s share in the comprehensive income for the year or in other comprehensive income obtained by the subsidiary or associate, after the acquisition date. The distributions received from the subsidiary or associate will reduce the book value of the investment. The losses incurred by an associate in excess of the Company’s interest in such company are recognized to the extent the Company has undertaken any legal or implicit obligation or has made payments on behalf of the associate. Any excess of the acquisition cost over the Company’s share in the net fair value of the subsidiary’s or associate’s identifiable assets, liabilities and contingent liabilities measured at the acquisition date is recognized as goodwill. Goodwill is included in the book value of the investment and tested for impairment as part of the investment. Any excess of the Company’s share in the net fair value of the identifiable assets, liabilities and contingent liabilities over the acquisition cost, after its measurement at fair value, is immediately recognized in the statement of income. Unrealized gains or losses on transactions between the Company and its subsidiaries and the associates are eliminated considering the Company’s interest in those companies. Adjustments were made, where necessary, to the subsidiaries’ and associates’ financial statements so that their accounting policies are in line with those used by the Company. 2.4.1 Changes in the Company’s Interests in Existing Subsidiaries The purchases of additional interests in subsidiaries are recorded under the cost accumulation model. The cost of acquiring an additional interest is added to the book value of the investment. The sales of interests in subsidiaries that do not result in a loss of control are recorded deregistering the book value in the proportion of the percentage reduced. The difference with the consideration received is charged to net income. In case of loss of control and significant influence, any residual interest in the issuing company is measured at its fair value at such date, allocating the change in the recorded value with an impact on net income. The fair value is the initial amount recognized for such investments for the purpose of the subsequent valuation for the interest retained as associate, joint operation or financial instrument. Additionally, any amount previously recognized under Other Comprehensive Income regarding such investments is recognized as if the Company had disposed of the related assets and liabilities. Consequently, the amounts previously recognized under Other Comprehensive Income may be reclassified to the statement of income. 2.5 Business Combinations The Company applies the acquisition method of accounting for business combinations. The consideration for each acquisition is measured at fair value (on the date of exchange) of the assets acquired, the liabilities incurred or assumed and the equity instruments issued by the Company in exchange for the control of the acquired company. The costs related to the acquisition are expensed as incurred. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 10 - The consideration for the acquisition, if any, includes any asset or liability arising from a contingent consideration arrangement, measured at fair value at the acquisition date. Subsequent changes to such fair value, identified during the measurement period, are adjusted against the acquisition cost. The measurement period is the effective period that begins on the acquisition date and ends on the date on which the Company obtains all the information about the facts and circumstances existing on the acquisition date, which may not extend beyond one year after the acquisition date. All other changes in the fair value of the contingent consideration classified as assets or liabilities, outside the measurement period, are recognized in the statement of income. The changes in the fair value of the contingent consideration classified as equity are not recognized. In the cases of business combinations conducted in stages, the Company’s equity interest in the acquiree is remeasured at fair value on its acquisition date (i.e., the date on which the Company obtained control) and the resulting gain or loss, if any, is recognized in the statement of income or in other comprehensive income, as appropriate according to the source of the variation. In the periods preceding the reporting periods, the Company may have recognized under other comprehensive income the changes in the value of the interest in the capital stock of the acquired company. In that case, the amount recognized under other comprehensive income is recognized on the same basis that would have been required if the Company had directly disposed of the previously-held equity interest. The identifiable assets, liabilities and contingent liabilities of the acquired company that meet the conditions for recognition under IFRS 3 (2008) are recognized at fair value at the acquisition date, except for certain particular cases provided by such standard. Any excess of the acquisition cost (including the interest previously held, if any, and the non-controlling interest) over the Company's share in the net fair value of the subsidiary’s or associate’s identifiable assets, liabilities and contingent liabilities measured at the acquisition date is recognized as goodwill. Any excess of the Company’s share in the net fair value of the identifiable assets, liabilities and contingent liabilities over the acquisition cost, after its measurement at fair value, is immediately recognized in the statement of income. The acquisition cost comprises the consideration transferred and the acquisition-date fair value of the acquirer's previously-held equity interest in the acquiree, if any. 2.6 Goodwill Goodwill arises from the acquisition of subsidiaries and associates and refers to the excess of the sum of the consideration transferred, the fair value of the acquirer’s previously-held equity interest (if any) in the acquiree over the interest acquired in the net amount of the fair value at the date of acquisition of the identifiable assets acquired and liabilities assumed. If, after the fair value measurement, the Company's share in the fair value of the net identifiable assets of the acquiree exceeds the amount of the transferred consideration, the amount of any non-controlling interest in such company and the fair value of the interest previously held by the acquirer in the acquiree (if any), that excess is immediately recognized in the Statement of Comprehensive Income as income from purchase in very profitable terms. Goodwill is not amortized, but tested for impairment on an annual basis. For the purposes of impairment testing, goodwill is allocated to each of the Company's cash-generating units expected to render benefits from the synergies of the respective business combination. Those cash-generating units to which goodwill is allocated are tested for impairment on an annual basis, or more frequently, when there is any indication of impairment. If the recoverable value of the cash-generating unit, i.e. the higher of the value in use or the fair GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 11 - value net of selling expenses, is lower than the value of the net assets allocated to that unit, including goodwill, the impairment loss is first allocated to reduce the goodwill allocated to the unit and then to the other assets of the unit, on a pro rata basis, based on the valuation of each asset in the unit. The impairment loss recognized against the valuation of goodwill is not reversed under any circumstance. In case of a loss of control in a subsidiary, the amount attributable to goodwill is included in the calculation of the gain or loss for retirement. 2.7 Revenue Recognition Management fees are recognized when such services are rendered at the fair value of the consideration received or to be received. 2.8 Foreign Currency and Functional Currency The financial statements of each of the Company’s subsidiaries or associates are prepared in the currency of the primary economic environment in which the entity operates (its functional currency). For the purposes of the Company’s Separate Financial Statements, the net income and the financial position of each entity are stated in Argentine Pesos (Argentina’s legal tender for all companies domiciled in Argentina), which is the Company’s functional currency. In preparing the financial statements of the individual entities, the transactions in currencies other than the entity’s functional currency (foreign currency) are recorded at the exchange rates prevailing on the dates on which transactions are carried out. At the end of each reporting year, the monetary items denominated in foreign currency are retranslated at the exchange rates prevailing on such date. The exchange differences were charged to income (loss) for the year in which they were generated. In preparing the Company’s Separate Financial Statements, in order to measure, under the equity method, the Company’s interest in the entities which functional currencies is different from the Argentine Peso, the assets and liabilities of such companies are translated to Argentine pesos at the exchange rate prevailing at the end of the year, while the net income is translated at the exchange rate prevailing on the transaction date. Translation differences are recognized under other comprehensive income as “Variation in Translation Differences of Foreign Operations”. 2.9 Taxes 2.9.1 Current and Deferred Income Tax for the year The income tax charge reflects the sum of current income tax and deferred income tax. Current and deferred taxes are recognized as expense or income (loss) for the year, except when they are related to entries debited or credited to other comprehensive income or equity, in which cases taxes are also recognized under other comprehensive income or directly in equity, respectively. In the case of a business combination, the tax effect is taken into consideration in the calculation of goodwill or in the determination of the excess of acquirer's interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities over the cost of the business combination. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 12 - 2.9.1.1 Current Income Tax Current tax payable is based on the taxable income recorded during the year. Taxable income and net income reported in the Separate Statement of Comprehensive Income differ due to revenue or expense items that are taxable or deductible in other fiscal years and items that are never taxable or deductible. The current tax liability is calculated using the tax rate in effect as of the date of these Separate Financial Statements. Law No. 27,630, published in the Official Gazette on June 16, 2021, provided for a tiered tax rate structure based on the taxable income of each taxpayer: The amounts established for each bracket will be adjusted once a year as from 2022 based on the National IPC corresponding to October of the year prior to the year in which the adjustment is made compared to the same month of the previous year. The current brackets for fiscal year 2023 are the following: 25% for annual taxable income of up to $14.3 million; 30% for annual taxable income exceeding $14.3 million up to $143 million; and 35% for annual taxable income exceeding $ 143 million. The current brackets for fiscal year 2024 are the following: 25% for annual taxable income of up to $34.7 million; 30% for annual taxable income exceeding $34.7 million up to $347 million; and 35% for annual taxable income exceeding $ 347 million. Income Tax Inflation Adjustment Pursuant to the provisions of the Income Tax Law that are in effect, the Company applies the inflation adjustment set forth under Title VI of the income tax law as from 2019 because, starting that year, the percentage changes in the IPC index reached the levels set forth in the law. In addition, said laws provide that in order to calculate inflation adjustments corresponding to the first and second fiscal year beginning as from January 1, 2019, one-sixth of the inflation adjustment shall be allocated to that fiscal year, and the remaining five-sixths shall be allocated in equal parts, to each of the five immediately following fiscal periods. The adjustment for inflation corresponding to fiscal years beginning on or after January 1, 2021 is fully recognized in this fiscal year. Acquisitions or investments made in fiscal years beginning on or after January 1, 2018 are restated for inflation based on the percentage variations of the Consumer Price Index (IPC, for its Spanish acronym) published by the National Institute of Statistics and Census. Such adjustment will increase deductible amortization and tax cost in the event of a sale. 2.9.1.2 Deferred Income Tax Deferred tax is recognized on temporary differences between the book value of the assets and liabilities included in these Financial Statements and the corresponding tax basis used to determine taxable income. Deferred tax liabilities are generally recognized for all temporary fiscal differences. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that future taxable income will be available against which those deductible temporary differences can be charged. These assets and liabilities are not recognized if the temporary differences arise from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable income nor the accounting income. The book value of a deferred tax asset is reviewed at each reporting year and reduced to the extent that it is no longer probable that sufficient taxable income will be available in the future to allow for the recovery of all or part of the asset. Deferred tax is recognized on temporary differences arising from investments in foreign subsidiaries. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 13 - Deferred tax assets and liabilities are measured at the tax rates that are expected to be applicable in the year in which the asset is realized or the liability is settled, based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the entity expects, at the end of the reporting year, to recover or settle the book value of its assets and liabilities. Deferred tax assets are offset against deferred tax liabilities if effective regulations allow to offset, before the tax authorities, the amounts recognized in those items; and if the deferred tax assets and liabilities arise from income taxes levied by the same tax authority and the Company intends to settle its assets and liabilities on a net basis. Under the IFRS, deferred income tax assets and liabilities are classified as non-current assets and liabilities, respectively. 2.10 Property, Plant and Equipment and Intangible Assets Property, plant and equipment held for use in the provision of services, or for administrative purposes, are recorded at cost, restated as mentioned in Note 2.1.1, less accumulated depreciation and any accumulated impairment loss. Depreciation of property, plant and equipment is recognized on a straight-line basis over its estimated useful life. The estimated useful life, residual value and depreciation method are reviewed at each year-end, with the effect of any changes in estimates accounted for on a prospective basis. Repair and maintenance expenses are expensed as incurred. The gain or loss arising from the retirement or disposal of an item of property, plant and equipment is calculated as the difference between income from the sale of the asset and the asset’s book value, and recognized under “Other Income and Expenses, net” in the Separate Statement of Comprehensive Income. The residual value of an asset is written down to its recoverable value, if the asset’s residual value exceeds its estimated recoverable value (see Note 2.12). Intangible assets correspond to software and are valued at cost, restated as mentioned in Note 2.1.1, net of the corresponding accumulated amortization and impairment losses. Amortization is calculated on a straight- line basis over the estimated useful life of the intangible assets. The Company reviews the useful lives applied, the residual value and the amortization method at each year-end, and accounts the effect of any changes in estimates on a prospective basis. 2.11 Investment Properties Investment property comprises Property intended for leasing to a third party instead of being used for the provision of services or for administrative purposes. It is recorded at cost, restated as mentioned in Note 2.1.1, less accumulated depreciation and any accumulated impairment loss. The depreciation of the property classified as investment property is recognized on a straight-line basis over its estimated useful life. The estimated useful life, residual value and depreciation method are reviewed at each year-end, with the effect of any changes in estimates accounted for on a prospective basis. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 14 - The gain or loss arising from the retirement or disposal of an item of investment property is calculated as the difference between income from the sale of the asset and the asset’s book value, and recognized under “Other Income and Expenses, net” in the Separate Statement of Comprehensive Income. The residual value of an asset is written down to its recoverable value, if the asset’s residual value exceeds its estimated recoverable value. The fair value of the investment property is determined by a renowned professional appraiser with experience in the location in which the property is located. It amounts to approximately $ 61,000 million as of December 31, 2024. 2.12 Impairment of Non-Financial Assets, Except Goodwill At the end of each financial statement, the Company reviews the book value of its non-financial assets with definite useful life to determine the existence of any evidence indicating that these assets could be impaired. If there is any indication of impairment, the recoverable value of these assets is estimated for the purposes of determining the amount of the impairment loss (in case the recoverable value is lower than the book value). Where it is not possible to estimate the recoverable value of an individual asset, the Company estimates the recoverable value of the cash-generating unit ("CGU") to which such asset belongs. Where a consistent and reasonable allocation base can be identified, corporate assets are also allocated to an individual cash- generating unit or, otherwise, to the smallest group of cash-generating units for which a consistent allocation base can be identified. The recoverable value of an asset is the higher of the fair value less selling expenses or its value in use. In measuring value in use, estimated future cash flows are discounted at their present value using a pre-tax discount rate, which reflects the current market assessments of the time value of money and, if any, the risks specific to the asset for which estimated future cash flows have not been adjusted. Assets with an indefinite useful life (for example, non-financial assets unavailable for use) are not amortized, but are tested for impairment on an annual basis. During this year, no impairment losses have been recorded for these assets. 2.13 Financial Instruments Financial assets and liabilities, on initial recognition, are measured at transaction price as of the acquisition date. Financial assets are derecognized in the financial statement when the rights to receive cash flows from them have expired or have been transferred and the Company has transferred substantially all the risks and benefits of ownership. 2.13.1 Financial Assets Upon initial recognition, in accordance with IFRS 9, financial assets are subsequently measured at either amortized cost, or fair value, on the basis of: (a) the Company’s business model for managing the financial assets; and (b) the contractual cash flow characteristics of the financial asset. A financial asset shall be measured at amortized cost if both of the following conditions are met: GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 15 - (a) the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and (b) the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset that is not measured at amortized cost according to the paragraphs above is measured at fair value. Financial assets include: Cash and Cash Equivalents Cash and cash equivalents includes Cash and banks and short-term and highly liquid investments that are readily convertible into cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed three months. Cash and cash equivalents are recorded, according to their nature, at fair value or amortized cost. Investments in mutual funds are carried at fair value. Gains and losses are included in Other Financial Results, net. Investments in Government Securities were valued at amortized cost or at fair value, according to the business model established by the Company. Balances in foreign currency have been valued as mentioned above, at the exchange rates effective at the closing of each year. The exchange differences were charged to income for each year. Trade and Other Receivables Trade and other receivables classified as either current or non-current assets are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less allowances for uncollectibility. Balances in foreign currency have been valued as mentioned above, at the exchange rates effective at the closing of each year. The exchange differences were charged to income for each year. Investments Depending on the business model adopted by Management, Securities and Bonds may be valued at amortized cost or at fair value and its results are recognized under Other Financial Results, net. Balances in foreign currency have been valued as mentioned above, at the exchange rates effective at the closing of each year. The exchange differences were charged to income for each year. Impairment of Financial Assets At the time of initial recognition of financial assets (and at each closing), the Company estimates the expected losses, with an early recognition of a provision, pursuant to IFRS 9. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 16 - The expected losses to be recognized are calculated based on a percentage of uncollectibility per maturity ranges of each financial credit. For such purposes, the Company analyzes the performance of the financial assets grouped by type of market. Said historical percentage must contemplate the future collectibility expectations regarding those credits and, therefore, those estimated changes in performance. Derecognition of Financial Assets The Company derecognizes a financial asset when the contractual rights to the cash flows of such assets expire or when it transfers the financial asset and, therefore, all the risks and benefits inherent to the ownership of the financial asset are transferred to another entity. If the Company retains substantially all the risks and benefits inherent to the ownership of the transferred asset, it will continue to recognize it and will recognize a liability for the amounts received. 2.13.2 Financial Liabilities Financial liabilities comprise trade and other payables, financial debt, and certain liabilities included in Other Liabilities. Financial liabilities are initially recognized at fair value and subsequently measured at amortized cost. Amortized cost represents the initial amount net of principal repayments made, adjusted by the amortization of any differences between the initial amount and the maturity amount using the effective interest method. Balances in foreign currency have been valued as mentioned above, at the exchange rates effective at the closing of each year. The exchange differences were charged to income for each year. Derecognition of Financial Liabilities The Company shall derecognize a financial liability (or part of it) when it has been extinguished, i.e., when the obligation specified in the corresponding agreement is discharged, canceled or expires. 2.13.3 Derivatives Derivatives, if any, are initially recognized at fair value at the date of execution of the related contract and subsequently measured at fair value at the end of the reporting year. The resulting gain or loss is immediately recognized in the statement of income unless the derivate is designated as a hedging instrument, in which case the timing for its recognition will depend on the nature of the hedging relationship. 2.14 Other Liabilities The other liabilities have been valued at nominal value. 2.15 Separate Statement of Cash Flows For the purposes of preparing the separate statement of cash flows, the item “Cash and Cash Equivalents” includes cash and bank balances, high liquidity short-term investments (with original maturities shorter than 90 days), and bank overdrafts payable on demand, if any, are deducted to the extent they are part of the Company’s cash management. Bank overdrafts are classified as “Debt” in the separate statement of financial position. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 17 - Cash and cash equivalents at each year-end, as disclosed in the separate statement of cash flows, may be reconciled against the items related to the separate statement of financial position as follows: December 31, 2024 December 31, 2023 Cash and Banks 205,566,329 201,508,457 Temporary Investments 742,476,643 4,508,035,221 Cash and Cash Equivalents 948,042,972 4,709,543,678 In the years ended December 31, 2024 and 2023, the following significant transactions were carried out, which did not have an impact on cash and cash equivalents: December 31, 2024 December 31, 2023 Collection of loans from related companies through transfer of property (Note 18) 2,074,723,000 - Settlement of debt through transfer of property (Note 18) (151,793,638) - Capitalization of Loans (Note 4.5) 17,544,065 - Forgiveness of Loans (Note 4.5) 332,465,146 - Collection of loans granted with assignment of receivables 8,047,135,156 - Repayment of loans through offsetting of receivables (8,248,142,507) - 2.16 Distribution of Dividends The distribution of dividends to the Company’s shareholders is recognized as a liability in the financial statements for the year in which the distribution of dividends is approved by the Shareholders. NOTE 3 - ACCOUNTING ESTIMATES AND JUDGMENTS In applying the accounting policies described in Note 2, the Company has to make judgments and prepare accounting estimates of the value of the assets and liabilities that may not be otherwise obtained. The estimates and related assumptions are based on historical experience and other pertinent factors. Actual results may differ from these estimates. The underlying estimates and assumptions are continually reviewed. The effects of the reviews of accounting estimates are recognized for the year in which estimates are reviewed. These estimates basically refer to: Impairment of Goodwill The Company assesses goodwill for impairment on an annual basis. In determining if there is impairment of goodwill, the Company calculates the value in use of the cash-generating units to which it has been allocated. The calculation of the value in use requires the determination by the entity of the future cash flows that should arise from the cash-generating units and an appropriate discount rate to calculate the present value. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 18 - Recognition and Measurement of Deferred Tax Items As disclosed in Note 2.9, deferred tax assets are only recognized for temporary differences to the extent that it is probable that the entity will have enough future taxable income against which the deferred tax assets can be used. Tax loss carryforwards from prior years are only recognized when it is probable that the entity will have enough future taxable income against which they can be used. The Company examines the recoverable value of deferred tax assets based on its business plans and books a valuation allowance, if appropriate, so that the net position of the deferred tax asset will reflect the probable recoverable value. Determination of the Useful Lives of Property, Plant and Equipment The Company reviews the reasonableness of the estimated useful life of property, plant and equipment at each year-end. Measurement of the fair value of certain financial instruments The fair value of a financial instrument is the amount at which the instrument could be purchased or sold between knowledgeable, willing parties in an arm’s length transaction. If there is a quoted market price available for an instrument in an active market, the fair value is calculated based on that price. If there is no quoted market price available for a financial instrument, its fair value is estimated based on the price established in recent transactions involving the same or similar instruments and, otherwise, based on valuation techniques regularly used in financial markets. The Company uses its judgment to select a variety of methods and makes assumptions based on market conditions at closing. Impairment losses of certain assets other than accounts receivable (including property, plant and equipment, intangible assets, and investment properties) Certain assets, including property, plant and equipment, intangible assets, and investment properties are subject to impairment testing. The Company records impairment losses when it estimates that there is objective evidence of such losses or when the cost of such losses will not be recovered through future cash flows. The evaluation of what constitutes impairment is a matter of significant judgment. The impairment of non-financial assets is dealt with in more depth in Note 2.12. NOTE 4 - BREAKDOWN OF THE MAIN ITEMS OF THE SEPARATE STATEMENT OF FINANCIAL POSITION 4.1 - Property, Plant and Equipment Original value Main Account Balance at the Beginning of the Period Additions Retirements Transfers Balances as of December 31, 2024 Furniture and Fixtures 258,168,537 - - - 258,168,537 Audio and Video Equipment 133,311,813 - - - 133,311,813 Telecommunication Equipment 87,838,109 - - - 87,838,109 Computer Equipment 3,010,843,293 - - - 3,010,843,293 Vehicle 100,606,849 -- - - 100,606,849 Improvements in Third-Party Property 873,552,131 - - 873,552,131 Total as of December 31, 2024 4,464,320,732 - - - 4,464,320,732 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 19 - 4.2 Intangible Assets Original value Main Account Balance at the Beginning of the Period Additions Retirements Transfers Balances as of December 31, 2024 Software 455,871,260 - - - 455,871,260 Total as of December 455,871,260 - - - 455,871,260 Depreciation Main Account Useful Life (in years) Balance at the Beginning of the Period Retirements Transfers For the year Balances as of December 31, 2024 Net Book Value as of December 31, 2024 Furniture and Fixtures 10 211,719,360 - - 12,709,704 224,429,064 33,739,473 Audio and Video Equipment 5 108,648,339 - - 9,303,970 117,952,309 15,359,504 Telecommunication Equipment 5 86,174,936 - - 543,565 86,718,501 1,119,608 Computer Equipment 3 2,934,826,609 - 34,104,793 2,968,931,402 41,911,891 Vehicle 5 49,015,806 - - 13,172,181 62,187,987 38,418,862 Improvements in Third-Party Property 10 457,924,498 - - 90,601,348 548,525,846 325,026,285 Total as of December 31, 2024 3,848,309,548 - - 160,435,561 4,008,745,109 455,575,623 Original value Main Account Balance at the Beginning of the Period Additions Retirements Transfers Balances as of December 31, 2023 Furniture and Fixtures 258,168,537 - - - 258,168,537 Audio and Video Equipment 133,311,813 - - - 133,311,813 Telecommunication Equipment 87,838,109 - - - 87,838,109 Computer Equipment 3,010,843,293 - - - 3,010,843,293 Vehicle 100,606,849 - - - 100,606,849 Improvements in Third-Party Property 873,552,131 - - - 873,552,131 Total as of December 31, 2023 4,464,320,732 - - - 4,464,320,732 Depreciation Main Account Useful Life (in years) Balance at the Beginning of the Period Retirements Transfers For the year Balances as of December 31, 2023 Net Book Value as of December 31, 2023 Furniture and Fixtures 10 198,980,164 - 12,739,196 211,719,360 46,449,177 Audio and Video 5 99,013,468 - -- 9,634,871 108,648,339 24,663,474 Telecommunication 5 84,850,600 - - 1,324,336 86,174,936 1,663,173 Computer Equipment 3 2,890,368,054 - - 44,458,555 2,934,826,609 76,016,684 Vehicle 5 32,369,031 - - 16,646,775 49,015,806 51,591,043 Improvements in Third- Party Property 10 367,323,148 - - 90,601,350 457,924,498 415,627,633 Total as of December 31, 2023 3,672,904,465 - - 175,405,083 3,848,309,548 616,011,184 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 20 - Amortization Main Account Amortization Period (in years) Balance at the Beginning of the Period Retirements For the year Balances as of December 31, 2024 Net Book Value as of December 31, 2024 Software 3 445,021,646 - 10,849,614 455,871,260 - Total as of December 445,021,646 - 10,849,614 455,871,260 - Original value Main Account Balance at the Beginning of the Period Additions Retirements Transfers Balances as of December 31, 2023 Software 455,871,260 - - - 455,871,260 Total as of December 455,871,260 - - - 455,871,260 Amortization Main Account Amortization Period (in years) Balance at the Beginning of the Period Retirements For the year Balances as of December 31, 2023 Net Book Value as of December 31, 2023 Software 3 423,322,417 - 21,699,229 445,021,646 10,849,614 Total as of December 31, 2023 423,322,417 - 21,699,229 445,021,646 10,849,614 4.3 Investment Properties Original value Main Account Balance at the Beginning of the Period Additions Retirements Transfers Balances as of December 31, 2024 Real Property 52,338,666,144 2,074,723,000 - - 54,413,389,144 Total as of December 31, 2024 52,338,666,144 2,074,723,000 - - 54,413,389,144 Amortization Main Account Amortization Period (in years) Balance at the Beginning of the Period Transfers For the year Balances as of December 31, 2024 Net Book Value as of December 31, 2024 Real Property 50 4,758,250,265 - 1,077,202,594 5,835,452,859 48,577,936,285 Total as of December 31, 2024 4,758,250,265 - 1,077,202,594 5,835,452,859 48,577,936,285 Original value Main Account Balance at the Beginning of the Period Additions Retirements Transfers Balances as of December 31, 2023 Real Property 52,338,666,144 - - - 52,338,666,144 Total as of December 31, 2023 52,338,666,144 - - - 52,338,666,144 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 21 - Amortization Main Account Amortization Period (in years) Balance at the Beginning of the Period Transfers For the year Balances as of December 31, 2023 Net Book Value as of December 31, 2023 Real Property 50 3,711,476,942 - 1,046,773,323 4,758,250,265 47,580,415,879 Total as of December 31, 2023 3,711,476,942 - 1,046,773,323 4,758,250,265 47,580,415,879 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 22 - 4.4. Investments in Unconsolidated Affiliates (1) In certain cases, the equity value does not correspond to the related shareholders’ equity due to: (i) the adjustment of the equity value to the Company’s accounting policies, as required by professional accounting standards, (ii) the elimination of goodwill generated by transactions between companies under the Company’s common control, (iii) the existence of irrevocable contributions, and (iv) adjustments to fair market value of net assets for acquisitions made by the Company. (2) Interest in votes amounts to 98.8%. (3) Interest in votes amounts to 23.2%. (4) Interest in votes amounts to 98.78%. (5) See Note 17.b Information about the issuer - Latest financial statements Class Nominal Value Number Value recorded as of December 31, 2024 (1) Value recorded as of December 31, 2023 (1) Main business activity Date Capital Stock Net Income Equity Interest (%) Non-Current Investments AGEA Common $ 1 1,397,974,126 63,394,527,063 66,440,693,004 Publishing and Printing December 31 2024 1,441,374,151 5,722,757,659 90,405,911,372 96.99% CIMECO Common $ 1 37,412,958 1,397,792,321 867,653,480 Investing and financing December 31, 2024 180,479,453 3,318,268,921 2,781,117,571 20.73% (3) DLA(5) - - - - 228,601,621 - - - - - - CMI Common $ 1 98 4,065,653 4,839,312 Advertising December 31, 2024 12,000 (94,737,338) 497,830,586 0.82% ARTEAR Common $ 1 57,747,859 96,295,901,822 96,742,035,782 Broadcasting Services December 31 2024 59,611,118 (2,434,800,306) 105,944,698,781 96.87% (2) IESA Common $ 1 36,792,841 10,027,023,123 14,224,236,263 Investing and financing December 31 2024 38,325,795 (4,327,874,796) 10,444,793,668 96.00% (4) Radio Mitre Common $ 1 63,555,121 6,445,158,706 5,603,200,293 Broadcasting Services December 31 2024 65,413,136 633,242,092 6,854,264,801 97.16% GCGC Common $ 1 478,476,602 8,276,208,760 8,024,749,358 Services December 31 2024 480,563,544 433,160,528 8,851,093,537 98.38% GC Minor Common $ 1 47,237,879 3,904,531,652 3,635,265,723 Investing and financing December 31 2024 47,237,879 532,450,349 4,680,348,433 100% Total 189,745,209,100 195,771,274,836 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 23 - Equity in Earnings from Associates December 31, 2024 December 31, 2023 AGEA 6,134,673,379 2,510,397,825 CIMECO 528,183,211 (1,323,670,820) DLA (57,415,772) (416,834,717) ARTEAR (446,133,960) (16,134,400,131) IESA (4,197,213,140) (6,402,263,269) Radio Mitre 807,062,235 (4,327,830,905) GCGC 446,250,056 299,090,786 Other 566,679,043 (772,137,592) 3,782,085,052 (26,567,648,823) 4.5. Other Receivables December 31, 2024 December 31, 2023 Non-Current Related Parties (Note 8) (1) 3,751,388,431 4,792,058,469 Tax Credits 51,894,014 63,305,074 Deposits in Guarantee 30,000 65,329 3,803,312,445 4,855,428,872 Current Related Parties (Note 8) (1) 1,133,869,234 5,795,234,316 Tax Credits 31,517,596 82,689,292 Advances 7,051,913 99,618,443 Advances to Suppliers 145,553 5,496,506 Prepaid Expenses - 8,137,439 Judicial Liens 219,767 1,072,196 Advances to Directors and Supervisory Committee Members - 32,372,741 Other 214,781,808 63,001,975 1,387,585,871 6,087,622,908 (1) As of December 31, 2024, the balances with related companies include the following loans: GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 24 - - LVI Granting Date Outstanding principal balance as of December 31, 2024 Method of Repayment 12-2018 US$ 3,734,833 eight semi-annual installments, with the first installment due in June 2025 11-2024 US$ 744,692 one installment in November 2026 12-2024 US$ 90,000 one installment in December 2026 Regarding the loan granted in December 2018, LVI made partial repayments of principal during the current fiscal year totaling U$S 338,000. In November 2024, LVI and the Company agreed to terminate and render ineffective the loan agreements executed in November 2022 and October 2024, which amounted to US$ 744,692, including principal and interest, and executed a new loan agreement for such amount for a term of two years. In December 2024, the Company granted a new loan to LVI for US$ 90,000, maturing in December 2026. - DLA In January 2024, DLA fully repaid the outstanding debt under the loan agreements held as of December 31, 2023, amounting to U$S 1,466,805, as described in Note 18. Additionally, in January 2024, the Company granted a new loan to DLA for US$ 15,000, maturing in January 2025. In May 2024, the receivable under this loan was allocated to an irrevocable contribution for the absorption of losses of DLA. - AGEA As of December 31, 2023, the Company held loan agreements with AGEA for a principal amount of US$ 374,800. In January 2024, the Company granted a new loan to AGEA for US$ 68,000, maturing in January 2025. Additionally, the loans granted for US$ 50,000 and US$ 60,000, which were due in January and April 2024 respectively, were extended for one year, with their new maturity dates in January and April 2025. On June 30, 2024, the Company forgave all the loans held with AGEA at that date, which amounted to US$ 462,995 (including principal and interest). This transaction, net of the tax effect, generated an increase of $ 274.5 million in AGEA's equity in historical currency as of that date ($ 332.5 million in constant currency as of December 31, 2024). In accordance with accounting standards, since this forgiveness was carried out by the Company in its capacity as a shareholder, the net effect of said forgiveness was recognized as an increase in the investment in AGEA. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 25 - - GCGC Granting Date Outstanding principal balance as of December 31, 2024 Method of Repayment 07-2024 US$ 11,000 one installment in July 2025 In January 2025, GCGC repaid in full the outstanding amount under the loan agreements held at December 31, 2024. 4.6 Other Investments Non-Current December 31, 2024 December 31, 2023 Fixed-Term Deposits 2,656,623,672 4,505,910,913 2,656,623,672 4,505,910,913 Current Financial Instruments 92,899,303 126,443,721 Mutual Funds 541,474,613 4,381,591,500 Fixed-Term Deposits 108,102,727 - 742,476,643 4,508,035,221 4.7 Cash and Banks December 31, 2024 December 31, 2023 Cash and Imprest Funds 32,480,024 52,766,910 Banks 173,086,305 148,741,547 205,566,329 201,508,457 4.8 Taxes Payable December 31, 2024 December 31, 2023 Current Taxes Payable on a National Level 119,664,214 109,607,927 119,664,214 109,607,927 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 26 - 4.9 Trade and Other Payables December 31, 2024 December 31, 2023 Current Suppliers and Trade Provisions 574,663,818 681,036,010 Related Parties (Note 8) 110,851,247 119,083,360 Employer’s Contributions 1,725,509,977 1,324,374,503 2,411,025,042 2,124,493,873 4.10 Other Liabilities Non-Current December 31, 2024 December 31, 2023 Related Parties (Note 8) 2,631,600,000 4,489,300,618 Other 412,800,000 704,204,018 3,044,400,000 5,193,504,636 Current Related Parties (Note 8) 192,630,916 53,689,352 Other 294,449,784 391,070,584 487,080,700 444,759,936 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 27 - 4.11 Assets and Liabilities in Foreign Currency December 31, 2024 December 31, 2023 Items Type and Amount of Foreign Currency Prevailing Exchange Rate Amount in Local Currency Type and Amount of Foreign Currency Amount in Local Currency ASSETS CURRENT ASSETS Other Receivables US$ 956,389 1,029.00 984,124,414 US$ 3,098,384 5,434,494,307 Other Investments US$ 665,336 1,029.00 684,631,152 US$ 2,265,375 3,973,416,309 Cash and Banks US$ 85,013 1,029.00 87,478,212 US$ 112,704 197,680,521 Total Current Assets 1,756,233,778 9,605,591,137 NON-CURRENT ASSETS Other Investments US$ 2,581,753 1,029.00 2,656,623,574 US$ 2,568,968 4,505,910,802 Other Receivables US$ 3,645,664 1,029.00 3,751,388,431 US$ 2,732,110 4,792,058,469 Total Non-Current Assets 6,408,012,005 9,297,969,271 Total Assets 8,164,245,783 18,903,560,408 LIABILITIES CURRENT LIABILITIES Trade and Other Payables US$ 208,764 1,032.00 215,444,169 US$ 188,731 332,262,891 Trade and Other Payables GBP 22,407 1,297.22 29,067,067 GBP 22,407 50,398,735 Trade and Other Payables EUR 14,150 1,074.31 15,201,515 EUR 14,150 27,569,243 Other Liabilities US$ - - US$ 100,000 176,051,005 Total Current Liabilities 259,712,751 586,281,874 NON-CURRENT LIABILITIES Other Liabilities US$ 2,950,000 1,032.00 3,044,400,000 US$ 2,950,000 5,193,504,636 Total Non-Current Liabilities 3,044,400,000 5,193,504,636 Total Liabilities 3,304,112,751 5,779,786,510 US$ - US Dollars EUR: Euros. GBP: Great Britain Pound. 4.12 Changes in Allowances Items Balance at the Beginning of the Period Increases Decreases Balances as of December 31, 2024 Balances as of December 31, 2023 Deducted from Assets Valuation Allowance for Net Deferred Tax Assets 707,873,232 1,649,985,354 (382,808,280) 1,975,050,306 707,873,232 707,873,232 1,649,985,354 (1) (382,808,280) (1) 1,975,050,306 707,873,232 (1) Includes $ 1,650 million charged to Income Tax and the effect of Gain (Loss) on Net Monetary Position. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 28 - 4.13 Debt The following table details the changes in loans and indebtedness for the years ended December 31, 2024 and 2023: 2024 2023 Balances as of January 1 - - New Loans and Financing (1) 8,165,908,312 - Accrued Interest 18,451,183 - Exchange rate fluctuations 100,430,494 - Gain (Loss) on Net Monetary Position (36,647,482) - Payment of Interest (1) (18,431,725) - Payment of Principal (1) (8,229,710,782) - Balances as of December 31 - - (1) It is associated with loans obtained from a related company in the last quarter of the fiscal year, for an aggregate amount of approximately US$ 7.9 million, which were repaid during the same quarter through offsetting against receivables assigned by other related companies. NOTE 5 - BREAKDOWN OF THE MAIN ITEMS OF THE SEPARATE STATEMENT OF COMPREHENSIVE INCOME 5.1 Information Required under Article 64, Subsection b) of Law No. 19,550 Administrative Expenses Item December 31, 2024 December 31, 2023 Salaries, Social Security and Benefits to Personnel (1) 6,152,483,747 5,685,853,808 Supervisory Committee’s fees 34,258,894 36,536,802 Fees for services (2) 2,096,112,717 2,382,353,230 Taxes, Duties and Contributions 927,870,888 818,213,157 Other personnel expenses 395,792,165 515,346,688 IT expenses 271,259,762 198,992,015 Maintenance Expenses 265,233,630 431,888,013 Communication expenses 73,992,046 62,713,089 Advertising expenses 18,733,414 7,726,556 Uncollectible Receivables 3,870,664 - Travel Expenses 329,247,234 261,958,912 Stationery and Office Supplies 13,278,234 28,565,582 Depreciation of Property, Plant and Equipment 160,435,561 175,405,083 Amortization of Intangible Assets 10,849,614 21,699,229 Depreciation of Investment Properties 1,077,202,594 1,046,773,323 Other expenses 553,963,256 738,171,663 Total 12,384,584,420 12,412,197,150 (1) Includes fees for technical and administrative services to Directors in the amount of $ 516,447,987 as of December 31, 2024. Additionally, they include the effect of the long-term savings plan for employees mentioned in Note 13. (2) Includes Directors' fees for the year 2024 in the amount $ 447,712,860. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 29 - 5.2 Other Financial Results, net December 31, 2024 December 31, 2023 Exchange Differences 1,771,228,596 14,997,156,034 Interest 690,874,960 944,181,191 Results from Operations with Notes and Bonds 245,799,575 14,624,792 Other Taxes and Expenses (126,220,219) (248,235,209) 2,581,682,912 15,707,726,808 5.3 Financial Expenses on Debt December 31, 2024 December 31, 2023 Interest (18,451,183) - Exchange Differences (100,430,494) - (118,881,677) - 5.4 Other Income and Expenses, net December 31, 2024 December 31, 2023 Rental Income 1,085,592,732 1,316,919,041 Income from Disposal of Unconsolidated Affiliates (344,856,177) - Other (235,767,387) (331,861,355) 504,969,168 985,057,686 NOTE 6 - INCOME TAX The following table shows the breakdown of net deferred tax assets (amounts stated in thousands of Argentine Pesos): December 31, 2024 December 31, 2023 Assets / (Liabilities) General Tax Loss Carryforward 1,937,720 628,004 Other Investments 1,363,081 1,378,472 Employer’s Contributions 34,073 34,712 PP&E (37,451) (53,300) Other 1,955 1,655 Deferral of the Inflation Adjustment for Tax Purposes 1,435 45,941 Subtotal 3,300,813 2,035,484 Valuation Allowance for Deferred Tax Assets (Note 4.12) (1,975,050) (707,873) Net Deferred Tax Assets 1,325,763 1,327,611 The following table shows the reconciliation between the income tax charged to net income (loss) for the years ended December 31, 2024 and 2023 and the income tax liability that would result from applying the GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 30 - current tax rate on income (loss) before income tax and tax on assets and the income tax liability assessed for each year (amounts stated in thousands of Argentine Pesos): December 31, 2024 December 31, 2023 Income Tax Assessed at the Current Tax Rate on Income (Loss) before Income Tax 25 % 1,166,018 5,740,455 Permanent Differences: Equity in Earnings from Associates 945,521 (6,641,913) Non-Deductible Expenses (133,058) 709,567 Gain (Loss) on Net Monetary Position (330,345) 64,465 Subtotal 1,648,136 (127,426) Unrecognized Deferred Tax Assets (1) (1,649,985) 121,804 Income Tax (1,849) (5,622) Deferred Taxes for the Year (1,849) (5,622) Total (1,849) (5,622) (1) As of December 31, 2023, it corresponds to recoveries of Deferred Tax Assets not recognized in previous fiscal years. As of December 31, 2024, the Company’s accumulated tax loss carryforwards amounted to approximately $ 7,751 million, which calculated at the tax rate that will be effective at the time the Company estimates it will revert it, represent deferred tax assets in the amount of approximately $ 1,938 million, for which a provision has been set up. The following table shows the expiration date of the accumulated tax loss carryforwards pursuant to statutes of limitations (amounts stated in thousands of Argentine Pesos): Expiration year Tax Loss Carryforwards 2026 534,837 2027 578,500 2029 6,637,544 7,750,881 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 31 - NOTE 7 - RESERVES, RETAINED EARNINGS, AND DIVIDENDS December 31, 2024 December 31, 2023 Balances at the beginning of the year: Retained Earnings (22,967,442,089) (9,305,050,531) Other Reserves (3,425,803,417) (3,425,803,417) Legal Reserve 4,420,255,378 13,725,305,909 Voluntary Reserves (1) 29,778,021,493 29,778,021,493 Total 7,805,031,365 30,772,473,454 Absorption of Accumulated Deficit with Paid-in Capital 18,547,186,711 - Net Income (Loss) for the Year (4,665,921,151) (22,967,442,089) Balance at the end of the year 21,686,296,925 7,805,031,365 (1) Corresponds to Judicial Reserve for Future Dividends Distribution a. Grupo Clarín The Company’s bylaws provide that retained earnings shall be appropriated as follows: (i) 5% to the Company's legal reserve until such reserve equals 20% of the Company's capital stock; and (ii) the balance, in whole or in part, to the payment of the fees of the members of the Board of Directors and the Supervisory Committee, to dividends on common shares, or reserve accounts, or as otherwise determined by the Shareholders, among other situations. At the Annual Ordinary Shareholders Meeting held on April 25, 2023, the shareholders of the Company decided, among other things, to absorb the net loss for the year ended December 31, 2022 which amounted to $ 1,372 million in historical currency as of that date ($ 9,305 million in constant currency as of December 31, 2024) through the partial reversal of the Legal Reserve. At the Annual Ordinary and Extraordinary Shareholders' Meeting held on April 24, 2024, the shareholders of the Company decided, among other things, to absorb the negative balance of retained earnings as of December 31, 2023 through the full reversal of the Legal Reserve and the partial reversal of the Paid-in capital. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 32 - NOTE 8 – BALANCES AND TRANSACTIONS WITH RELATED PARTIES The following table shows the breakdown of the Company’s balances with its related parties: Company Item December 31, 2024 December 31, 2023 Directly and Indirectly Controlled AGEA Other Receivables 73,026,718 841,044,528 Trade and Other Payables (22,903,939) (31,230,666) Other Liabilities (24,600,000) (53,569,852) ARTEAR Other Receivables 701,325 1,527,231 Trade and Other Payables (67,360) (146,670) Radio Mitre Other Receivables 1,004,541 - Other Liabilities - (52,174) GCGC Other Receivables 14,929,664 7,260,211 Trade and Other Payables (3,010,368) (18,868,942) GC Minor Other Liabilities (30,916) (67,326) FPP Other Receivables 25,350 55,203 Carburando Other Receivables 32,707,500 3,554,991 LVI Other Receivables 976,724,680 2,227,792,567 Other Non-Current Receivables 3,751,388,431 4,792,058,469 DLA Other Receivables - 2,537,950,527 OSA Other Receivables - 4,357,222 TELECOR Other Receivables 9,680,000 - CMI Other Receivables 1,653,750 - Company Item December 31, 2024 December 31, 2023 Associates Impripost Other Receivables 23,415,675 27,741,300 Trisa Other Non-Current Liabilities (2,631,600,000) (4,489,300,618) Trade and Other Payables (2,827,167) (7,305,981) URBANO Trade and Other Payables - (2,177,636) Hiberus Trade and Other Payables (38,915,107) UNIR Trade and Other Payables (19,062) (41,510) Other Related Parties Cablevisión Holding Other Receivables - 143,950,468 Other Liabilities (168,000,000) - Telecom Trade and Other Payables (43,108,244) (59,311,955) Other Receivables 31 68 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 33 - The following table details the transactions carried out by the Company with related parties for the years ended December 31, 2024 and 2023: Company Item December 31, 2024 December 31, 2023 Directly and Indirectly Controlled AGEA Management Fees 788,320,889 1,169,622,978 Advertising (27,893,365) (24,751,996) Interest Income 26,517,275 14,349,606 ARTEAR Management Fees 3,106,747,018 4,343,504,344 Radio Mitre Management Fees 175,403,493 516,979,699 Interest Income 1,031,033 - GCGC Services (651,240,943) (845,450,383) Interest Income 281,705 - TELECOR Management Fees 91,101,994 133,528,136 Carburando Management Fees 32,351,756 58,809,526 CUSPIDE Management Fees 964,370,946 1,051,917,808 LVI Interest Income 479,819,654 456,737,585 DLA Interest Income 13,841,031 172,309,950 OSA Management Fees - 163,931,163 CMI Management Fees 1,350,000 - Interest Income 1,633,543 - SADKAL Interest on Financial Debt (18,451,183) - Company Item December 31, 2024 December 31, 2023 Associates Impripost Management Fees 209,144,931 284,221,546 Urbano Management Fees - 228,097,339 Hiberus Services (221,507,377) - Other Related Parties Telecom Services (187,936,126) (37,900,849) Cablevisión Holding Management Fees 1,149,263,485 1,515,475,048 The fees paid to the Board of Directors and the Upper Management of the Company for the years ended December 31, 2024 and 2023 amounted to approximately $ 3,147 million and $ 3,303 million, respectively. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 34 - NOTE 9 - TERMS AND INTEREST RATES OF INVESTMENTS, RECEIVABLES AND LIABILITIES December 31, 2024 Investments Without any established term(1) 634,373,916 Due Within three months(2) 108,102,727 More than one and up to two years (3) 2,656,623,672 2,764,726,399 3,399,100,315 Receivables Without any established term(4) 361,012,046 Due (5) Within three months 37,757,989 More than three months and up to six months 496,422,039 More than six months and up to nine months 12,030,958 More than nine months and up to twelve months 480,392,839 More than one and up to two years 1,881,710,865 More than two and up to three years 960,785,790 More than three and up to four years 960,785,790 4,829,886,270 5,190,898,316 Liabilities (4) Without any established term 141,291,853 Due Within three months 2,652,166,608 More than three months and up to six months 220,655,494 More than six months and up to nine months 2,742,001 More than nine months and up to twelve months 914,000 More than one and up to two years 3,044,400,000 5,920,878,103 6,062,169,956 (1) Bearing interest at variable rate. They include a balance of US$ 560,280. (2) Bearing interest at fixed rate. They include a balance of US$ 105,056. (3) Bearing interest at fixed rate. They include a balance of US$ 2,581,753. (4) Non-interest bearing. (5) It includes US$ 4.6 million and accrues interest at a fixed rate. (6) They do not accrue any interest and include a balance of US$ 3,158,764, GB£ 22,407 and EU€ 14,150, excluding provisions. NOTE 10 - PROVISIONS AND OTHER CONTINGENCIES 10.1 Claims and Disputes with Governmental Agencies a. In August 2013, the Company was served notice of a nullification claim brought by Argentina’s National Social Security Administration relating to the Annual Ordinary Shareholders' Meeting held on April 28, 2011 whereby it requested the nullity of all the decisions made at such meeting and, as a default argument, the nullity of the decisions made on points 2, 4 and 7 of that meeting's agenda, as well as the nullity of the decisions made at the Extraordinary Meetings of Class A, B and A and B Shareholders. As of GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 35 - the date of these consolidated financial statements, the final statements have been submitted and the file is pending the Court’s decision. On September 17, 2013, the Company was served notice of a nullification claim brought by Argentina’s National Social Security Administration relating to the Annual Ordinary Shareholders' Meeting held on April 26, 2012 whereby it requested the nullity of all the decisions made at such meeting and, as a default argument, the nullity of the decisions made on points 8 and 4 of that meeting's agenda, as well as the nullity of the decisions made at the Extraordinary Meetings of Class A, B and A and B Shareholders. As of the date of these consolidated financial statements, the final statements have been submitted and the file is pending the Court’s decision. On March 21, 2014, the Company was served notice of a claim brought by Argentina’s National Social Security Administration in re “National Social Security Administration v. GRUPO CLARÍN S.A. on Ordinary Proceeding” File No. 74,429, pending before the National Court of First Instance on Commercial Matters No. 17, Clerk’s Office No. 34. This claim seeks to nullify and challenge the corporate decisions made at the Shareholders' Meeting held on April 25, 2013 and those made at the Board of Directors’ Meeting held on April 26, 2013. As of the date of these consolidated financial statements, the final statements have been submitted and the file is pending the Court’s decision. On September 16, 2014, the Company received a communication from its controlling shareholder, GC Dominio S.A., whereby that company informed that it had been summoned to court as a third party in re “National Social Security Administration v. Grupo Clarín S.A. on Ordinary Proceeding”, pending before the National Court of First Instance on Commercial Matters No. 17, Clerk’s Office No. 33. As of the date of these consolidated financial statements and as informed by GC Dominio S.A., that company has filed a response to the above-mentioned claim, the final statements have been submitted and the file is pending the Court’s decision. On November 10, 2016, the Company was served notice of a claim brought by Argentina’s National Social Security Administration in re “National Government - Ministry of Economy and Finance v. GRUPO CLARÍN S.A. on Ordinary Proceeding” File -22,658/2015, pending before the National Court of First Instance on Commercial Matters No. 17, Clerk’s Office No. 34. This claim seeks to nullify and challenge the corporate decisions made at the Shareholders' Meeting held on April 28, 2015. As of the date of these consolidated financial statements, the Company has filed a response and produced evidence. The final statements have been submitted and the file is pending the Court’s decision. On April 03, 2017, the Company was served notice of a claim brought by Argentina’s National Social Security Administration in re “National Government - Ministry of Economy and Finance v. GRUPO CLARÍN S.A. on Ordinary Proceeding” File -22,832/2014, pending before the National Court of First Instance on Commercial Matters No. 17, Clerk’s Office No. 34. This claim seeks to nullify and challenge the corporate decisions made at the Shareholders' Meeting held on April 29, 2014. As of the date of these consolidated financial statements, the Company has filed a response and produced evidence. The final statements have been submitted and the file is pending the Court’s decision. According to the Company and its legal advisors, the outstanding claims requesting the nullification of the Shareholders’ Meetings have no legal grounds. Therefore, they believe that the Company will not have to face adverse economic results in this regard. b. The Argentine Federal Revenue Service (“AFIP”) served the subsidiary CIMECO with a notice challenging its income tax assessment for fiscal years 2000, 2001 and 2002. In such notice, the AFIP challenged mainly the deduction of interest and exchange differences in the tax returns filed for those years. If AFIP’s position GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 36 - prevails, CIMECO’s maximum contingency as of December 31, 2024 would amount to approximately $ 12.3 million for taxes and $ 96 million for interest. CIMECO filed a response, which was dismissed by the tax authorities. The tax authorities issued their own official assessment and imposed penalties. CIMECO appealed the tax authorities’ resolution before the National Tax Court on August 15, 2007. During the year ended December 31, 2010, CIMECO received a pro forma income tax assessment from the AFIP for fiscal periods 2003 through 2007, as a consequence of AFIP’s challenge to CIMECO’s income tax assessments for the periods 2000 through 2002 mentioned above. CIMECO filed a response before AFIP, rejecting such assessment and requesting the suspension of administrative proceedings until the Federal Tax Court renders its decision on the merits. During 2011, the AFIP served CIMECO with a notice stating the income tax charges assessed for years 2003 through 2007 and ordering the initiation of summary proceedings. The AFIP’s assessment shows a difference in its favor in the Income Tax liability for the periods indicated above for an amount in excess of the amount that had been estimated originally, as a result of the method used to calculate certain deductions. CIMECO responded to the assessment rejecting all of the adjustments and requesting that the proceedings be rendered without effect and filed, with no further actions to be taken. On April 26, 2012, the AFIP issued a new official assessment comprising the fiscal years 2003 through 2007, in which it applied the same method for the calculation as that used for the administrative settlement, claiming a total liability of $ 120 million. On May 21, 2012, an appeal was filed with the Federal Tax Court. On December 18, 2017, the company was served notice of Resolution No. 132/2017 (DV MRRI) which imposed on CIMECO a fine of approximately $ 33 million in historical currency as of that date for an alleged omission of income tax for fiscal periods 2003-2007, pursuant to Section 45 of Law No. 11,683. CIMECO and its legal and tax advisors believe CIMECO has strong grounds to defend the criteria adopted in its tax returns. Such criteria would also provide a reasonable basis to hold that the fine imposed was illegitimate. Therefore, CIMECO considers that AFIP’s claims will not prosper before a judicial court. Accordingly, CIMECO has not booked an allowance in connection with the effects such challenges may have. c. Through the Joint Confidential Resolution dated October 30, 2017 (No. RRFCO-2017-12-APN-DIR-CNV), subsequently supplemented with the Joint Confidential Resolution dated November 24, 2017 (No. RRFC- 2017-16-APN-DIR, served on the Company on December 4, 2017, the CNV decided to initiate summary proceedings against the Company and the members of its Board of Directors, Supervisory Committee and Audit Committee as of the date of the alleged breach for alleged infringement of their duty to disclose the execution of an irrevocable contribution agreement with the Company’s subsidiary AGEA on June 24, 2014, as a relevant fact, pursuant to Section 1, 2 and 3, subsection 16), Chapter I, Title XII of the Rules. The subsidiary of the Company, AGEA, as well as its directors and syndics are also subject to summary proceedings. Each of them filed their respective responses in due time and form. On April 25, 2018, the preliminary hearing was held and the proceedings moved on to the presentation of evidence. On October 9, 2018, the parties to the summary proceeding submitted the corresponding legal brief. On January 25, 2021, the Company was notified of the appointment of an expert accountant to perform an accounting expert review as a measure to furnish additional evidence. AGEA requested the recusation of said expert accountant on grounds of bias, appointed its own expert accountant, and added new items subject to expert review. On February 08, 2021, AGEA was notified of a decision rendered on February GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 37 - 05, 2021, whereby, among other issues, the expert accountant was served notice of the request for recusation. The expert accountant had to state whether she fell within the grounds for recusation provided under Article 17 of the Argentine Code of Civil and Commercial Procedure. On May 5, 2021, the CNV served notice to AGEA of its decision dated April 30, 2021, whereby the CNV dismissed the objections filed against the decision served on January 25, 2021, dismissed the recusation of the expert accountant appointed by the CNV, appointed the CPA Silvina Contini as party-appointed technical advisor, and admitted the new items subject to expert review that had been proposed by those subject to the summary proceedings. On June 7 and 14, 2021, CNV Accountant M. Masotto and Accountant Contini, respectively, filed their accounting expert reviews. AGEA did not challenge the expert review of the expert accountant appointed by the CNV. On July 28, 2021, AGEA was served with a Decision rendered by the CNV on July 19, 2021, whereby the CNV requested AGEA to provide the supplement to the Legal Brief on the accounting expert reviews it had filed. On August 18, 2021, AGEA filed the supplement to the Legal Brief relating to the accounting expert review. On December 22, 2022, the CNV notified the Company, the permanent members of the Supervisory Committee and directors that, regarding the summary proceedings, it had decided i) to declare that Messrs. Héctor H. Magnetto, Lucio R. Pagliaro, José A. Aranda, and Ralph Harman Booth II, could not be sued by the claimant for the charges brought regarding the execution of the agreement dated June 24, 2014, ii) to admit the exception brought by Messrs. Jorge I. Oria and Martín G. Etchevers stating that they could not be sued by the claimant for the charges brought regarding the execution of the agreement dated January 1, 2014, iii) to acquit AGEA and its permanent directors in office at the time of the occurrence of the events that motivated the proceedings, Messrs. Alejandro A. Urricelqui, Héctor M. Aranda, and Jorge C. Rendo for the alleged failure to comply with Article 3, subsection 16), Section II, Chapter I, Title XII of the Regulations (TR 2013, as amended), iv) to acquit the permanent members of AGEA's Supervisory Committee in office at the time of the occurrence of the events that motivated the proceedings, Messrs. Carlos A. P. DI Candia, Raúl A. Morán, and Hugo E. López, for the alleged failure to comply with Article 294, subsection 1) of Law No. 19,550, and v) to impose fines in the amount of $500,000 and $800,000 on AGEA and Grupo Clarín, respectively, and to the permanent members of the Supervisory Committee and directors in office at the time of the occurrence of the events that motivated the proceedings. On February 10, 2023, appeals were filed by those subject to the summary proceedings against such decision. The appeals are pending before Chamber I of the National Court of Appeals on Federal Civil and Commercial Matters, under file No. 2180/2023, in re Arte Gráfico Editorial Argentino S.A. and other v. Argentine Securities Commission on appeal against the decision rendered by the Argentine Securities Commission. On March 22, 2023, the Chamber acknowledged the filing of the appeals and ordered the claimants to pay the court costs, and the bono de derecho fijo [a mandatory fee to support Argentina’s Bar Association's activities]. On May 23, 2023, the Company complied with such payments. On August 1, 2023, the appellant requested the Chamber to render a decision. On September 18, 2023, following the Prosecutor's Opinion, the case was moved to judgment. On May 6, 2024, AGEA was notified of the decision rendered by Chamber I, which dismissed the extraordinary appeal filed by CNV, with court costs to be borne by the appellant. The CNV filed a direct appeal before the Supreme Court of Argentina against the decision rendered by the Court of Appeals that dismissed the extraordinary appeal. As of the date of these financial statements, the appeal is pending before the Supreme Court of Argentina. The direct appeal does not suspend the effects of the decision, which remains in effect. In addition, through the Joint Confidential Resolution No. RRFCO-2017-11-APN-DIR#CNV dated October 30, 2017 served on December 1, 2017, the CNV decided to initiate summary proceedings against the Company and the members of its Board of Directors, Supervisory Committee and Audit Committee and the Market Relations Officer as of the date of the alleged breach for alleged infringement of their duty to disclose the appeal filed against the injunction issued on December 20, 2011 in re “Supercanal S.A. vs. Cablevisión S.A. and Other on Complaint for the protection of constitutional rights, Injunction”, and the dismissal of the appeal by the Federal Court of Appeals of Mendoza, as a relevant GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 38 - fact, pursuant to Section 1, 2 and 3, subsection 16), Chapter I, Title XII of the Rules. Cablevisión, as well as its directors and members of the Supervisory Committee and the Market Relations Officer as of the date of the alleged breach are also subject to the summary proceedings. Each of them filed their respective responses in due time and form. On April 25, 2018, the preliminary hearing was held and the proceedings moved on to the presentation of evidence. On October 9, 2018, the parties to the summary proceeding submitted the corresponding legal brief. On January 25, 2021, the Company was served with Resolution RRFCO-2020-140-APN-DIRCNV, whereby the CNV imposed fines in the amount of $100,000 and $200,000 to Cablevisión and Grupo Clarín, respectively. On February 17, 2021, they filed the respective appeals, which are pending before Chamber No. I of the National Court of Appeals on Federal Civil and Commercial Matters, in re: SATTER, MUNEER AND OTHER VS. ARGENTINE SECURITIES COMMISSION ON APPEAL AGAINST ADMINISTRATIVE DECISION. On August 31, 2022, the Chamber acknowledged the appeals and ordered the payment of court costs. On September 26, 2022, the CNV filed a response regarding those appeals. On February 03, 2023, the Company was notified of the decision rendered by Chamber I, whereby it ratified Resolution No. RRFCO-2020-140-APN-DIRCNV. On February 09, 2023, a filing was made requesting that the decision be deemed to have been complied with by Grupo Clarín S.A., the permanent Members of the Supervisory Committee and directors through the payment made by Mr. Lopez Carnabucci on February 08, 2022. On February 15, 2023, Telecom, surviving company after the merger with Cablevisión S.A., settled the fine and requested the closing of the proceeding, and on February 28, 2023, the payment made by Telecom was acknowledged. On June 9, 2023, the Chamber returned to the CNV the case file "Cablevisión S.A. and others vs. National Securities Commission on Appeal of administrative resolution" in paper format. d. The subsidiary AGEA received several inspections from the AFIP aimed at verifying compliance with the so-called competitiveness plans implemented by the National Executive Branch. After several reports issued by the AFIP and the corresponding Resolutions issued by the Ministry of Economy, such agencies allege that certain acts performed by AGEA during 2002 lead to the nullity of some of the benefits granted under said plans for an estimated total amount of $ 115 million in historical currency as of that date, including adjustments and accessory amounts. In April 2013, AGEA was served notice of AFIP Resolution No. 03/13, whereby such agency decided to exclude AGEA from the Registry of Beneficiaries of the Competitiveness and Employment Generation Agreements under the Cultural Sector Agreement, as from March 4, 2002. The AFIP ordered the restatement of the tax returns and the deposit of the corresponding amounts. AGEA filed an appeal against such resolution. Notwithstanding the foregoing, in re “AEDBA and Other v. Ministry of Economy Resolution No. 58/10”, the Federal Court on Administrative Matters No. 6 issued an injunction ordering AFIP to refrain from initiating and/or continuing with the administrative proceeding/s and/or any act that would entail the enforcement of the amounts payable under Resolution No. 3/13, until a final decision is rendered. Notwithstanding the foregoing, AGEA cannot assure that the appeal will be resolved in its favor. Subsequent to the issuance of the injunction mentioned above, the National Government requested that the injunction be declared expired due to the application of the time limitations provided under article 5 of Law No. 26,854. The intervening court lifted the injunction. AGEA filed an appeal against such decision but the appeal was dismissed on June 4, 2019. On November 28, 2018, upon new requests made by the AFIP, the Company requested a new injunction in the case, requesting that AFIP be ordered to suspend the debt assessment procedures initiated by that agency. On May 21, 2019, the Company requested an interim injunction ordering the suspension of the effects of AFIP Resolutions Nos. 24/19 and 25/19 under which AGEA was demanded to pay, as well as the suspension of any existing deadlines and any other activity by AFIP seeking to assess debt or to collect any amounts in connection with the tax benefits, the expiration of which had been challenged. Such injunction was issued on May 23, 2019, and on May 28, 2019, the court rendered a decision whereby it clarified that the suspension of the effects included the calculation of the deadlines to file an appeal with the National Tax Court. The AFIP requested the revocation of the new injunction requested in November 2018 and the immediate lifting of the interim injunction. On July 18, GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 39 - 2019, the Court of Appeals revoked the interim injunction. As a result, AGEA has filed an appeal with the National Tax Court. On July 19, 2019, the Court of Appeals decided that the case was ready for resolution in connection with the injunction requested in November 2018. AGEA’s legal advisors believe that there are reasonable possibilities that the outcome will be favorable. e. On February 27, 2013, the AFIP served IESA with a notice stating the income tax and value added tax charges assessed for fiscal period 2008 and ordering the initiation of summary proceedings for alleged omitted taxes. The AFIP mainly challenged the deduction of certain expenses and fees, as well as the calculation of the corresponding tax credit. IESA filed an appeal in connection with such order, which is pending before the National Tax Court. The official assessment amounted to $ 1.4 million for income tax and late-payment interest and fines. The official value-added tax assessment amounted to $ 0.8 million for tax differences and late-payment interest and fines. On October 21, 2014, the AFIP served IESA with a notice stating the income tax and value added tax charges assessed for fiscal period 2009 and ordering the initiation of summary proceedings for alleged omitted taxes. The AFIP mainly challenged the deduction of fees, as well as the calculation of the corresponding tax credit. IESA filed an appeal in connection with such order, which is pending before the National Tax Court. The official assessment amounted to $ 1.9 million for income tax and late-payment interest and fines. The official value-added tax assessment amounted to $ 0.5 million for tax differences and late-payment interest and fines. Following the enactment of Law No. 27,743, which created an exceptional plan to regularize outstanding tax obligations, IESA subscribed to the plan in September 2024 for the periods claimed by the AFIP. This plan consists of three monthly installments. Among the benefits of the plan are the forgiveness of fines and the reduction of interest, based on the period on which the plan is subscribed. On September 5, 2024, IESA filed a request for the dismissal of the proceedings before the National Tax Court, on the grounds that it had subscribed to the plan created under Law No. 27,743. As of the date of these financial statements, said court has not yet rendered a decision regarding [IEASA´s] subscription to the plan and the dismissal of the proceedings. f. Pursuant to CNV Resolution No. 16,834 dated June 14, 2012 notified to the Company on June 27, 2012, the CNV ordered the initiation of summary proceedings against the Company and the members of its Board of Directors, Supervisory Committee and Audit Committee in office at the time of the occurrence of the events that motivated the proceedings (September 19, 2008) for alleged failure to comply with the duty to inform. Under said Resolution, the CNV argues that the Company allegedly failed to comply with the duty to disclose the filing of a claim against it entitled “Consumidores Financieros Asociación Civil para su defensa and other v. Grupo Clarín on/Ordinary”, which the CNV considers relevant. On July 25, 2012, Cablevisión filed a response petitioning that its defenses be sustained and that all charges against it be dismissed. On March 13, 2020, the Company was served with Resolution RRFCO-2020-112-APN- DIR#CNV, whereby the CNV imposed a fine of $300,000 on the Company and, on a joint and several basis, on its Directors and members of the Supervisory Committee. On June 11, 2020, the respective appeals were filed, which are pending before Chamber II of the Court of Appeals on Federal Civil and Commercial Matters in re “MENZANI, CARLOS A AND OTHER VS. CNV ON APPEAL AGAINST ADMINISTRATIVE RESOLUTION” File No. 2,224/2021. On July 13, 2022, the CNV filed a response regarding those appeals and, subsequently, the court costs were settled. On September 21, 2022, the GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 40 - court started reviewing the appeals to render a decision. On February 08, 2023, the Court notified the appellants of the rejection of the excusation of the Judge Alfredo Silverio Gusmán, a member of Chamber II. On April 27, 2023, Chamber II rendered a decision whereby it: i) granted the appeals filed by the claimants and, consequently, revoked the Joint Confidential Resolution No. RRFCO-2020-112-APN- DIR#CNV issued on March 11, 2020, whereby the CNV had imposed a fine on Grupo Clarín S.A. and, on a joint and several basis, on its Directors, members of the Audit Committee and members of the Supervisory Committee, in all cases referring to permanent members in office at the time of the occurrence of the events that motivated the proceedings, for having violated the guarantees of reasonable timeframe and due process protected by the Argentine National Constitution and the American Convention on Human Rights, and ii) awarded the costs of the appeal to the CNV. On May 22, 2023, the CNV filed an extraordinary appeal against the decision rendered on April 27, 2023. On July 14, 2023, the claimants answered the extraordinary appeal. On September 1, 2023, the Chamber dismissed the extraordinary appeal and, on September 12, 2023, the CNV filed a direct appeal, which is pending resolution as of the date of these financial statements. g. On December 29, 2020, GCGC was notified of a decision rendered by the Directorate-General of Revenues (“DGR”, for its Spanish acronym) of the Public Revenue Administration for the City of Buenos Aires, whereby said agency challenged the turnover tax returns corresponding to fiscal period 2014 of Compañía de Medios Digitales (CMD) S.A. (a company merged into GCGC effective as of January 01, 2019). Accordingly, said agency issued an official tax assessment. The DGR considered that the TV trivia games over text messages do not fall within the definition of Information and Communication Technologies (ICTs) activities, therefore, CMD is not entitled to the benefits granted by the Technological District (Law No. 2,972), which is contrary to the provisions of the enforcement authority of the above- mentioned law. The official tax assessment amounts to $ 8.8 million for turnover tax differences for fiscal period 2014, with an estimated $ 43 million in late-payment interest as of December 31, 2024. On that same date, GCGC was served with a decision rendered by the DGR, whereby it ordered the initiation of the official tax assessment procedure regarding turnover tax liabilities of CMD for fiscal periods 2015 and 2016. On February 03, 2021, GCGC filed an appeal with such agency regarding the official tax assessment for fiscal period 2014 and answered the order for the initiation of the official tax assessment for fiscal periods 2015 and 2016. On December 27, 2022, GCGC was notified of a decision challenging turnover tax returns for the periods 2015 and 2016. On January 31, 2023, an appeal was filed against that decision. The official tax assessment amounts to $ 20 million in tax differences, with an estimated $ 66 million in late-payment interest as of December 31, 2024. GCGC and its legal and tax advisors believe that it has strong grounds to defend the criterion adopted in its tax returns. Accordingly, it has not booked an allowance in connection with the effects that the above-mentioned situations may have. h. The AFIP notified Pol-ka of the “Inspection Report on Social Security Contributions”, whereby said agency claimed differences in employer contributions for the periods June 2009 to May 2021. The AFIP claimed that Pol-ka did not qualify for the rate applicable to the industrial activity as provided by Decree No. 814/2001, and stated that the differences in employer contributions corresponding to these periods amounted to $ 79 million plus late-payment interest and infringements of the social security regime. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 41 - On December 23, 2021, Pol-ka filed an appeal, challenging the above-mentioned “Inspection Report on Social Security Contributions”, claiming the nullity of the administrative actions, the qualification of Pol- ka's activities as industrial activities, and the expiration of the statutes of limitation regarding the AFIP's powers to assess and claim differences for the periods June 2009 to November 2011. Regarding the appeal filed by Pol-ka, on February 13, 2023, AFIP decided to partially grant the appeal, and to revoke the charges for the periods from June to October 2009, but confirmed the debt and fine assessed for the remaining periods. On April 11, 2023, Pol-Ka filed an appeal against the tax assessment. On June 12, 2023, the Tax Authorities submitted the file to Chamber 3 of the Federal Court of Appeals. Following the enactment of Law No. 27,743, which created an exceptional plan to regularize outstanding tax obligations, Pol-Ka subscribed to the plan in September 2024 for the periods claimed by the AFIP from November 2009 to May 2021, and for the periods that followed, from June 2021 to February 2024. This plan consists of three monthly installments. Among the benefits of the plan are the forgiveness of fines and the reduction of interest, based on the period on which the plan is subscribed. The Federal Court of Appeals on Social Security Matters will render a decision relating to [Pol-Ka´s] subscription to the plan and, if applicable, permit the withdrawal of the claim and order the closing of the proceedings. i. On January 13, 2023, ARTEAR was served notice of Resolution of No. 2023-8-APN-SC#MEC issued by the Secretariat of Trade on January 11, 2023, whereby ARTEAR and another company were imposed a single fine of $ 150 million for finding them responsible of engaging in abuse of dominant position in breach of Articles 1 and 3, subsections d) and h) of Law 27,442 and article 46 subsection b) of Law 25,156. On February 03, 2023, ARTEAR filed an appeal with the CNDC. On May 30, 2023, the file was submitted to Chamber II of the Court of Appeals on Federal Civil and Commercial Matters in re “ARTE RADIOTELEVISIVO ARGENTINO S.A. AND OTHER V. NATIONAL GOVERNMENT. MINISTRY OF ECONOMY. SECRETARIAT OF TRADE. CNDC ON APPEAL FILED AGAINST RESOLUTION ISSUED BY THE NATIONAL ANTITRUST COMMISSION” (file 7331/2023). On December 20, 2024, the Chamber granted the appeals filed by ARTEAR and Telecom against CNDC Resolution No. 8/23, declaring the nullity of the accounting expert’s opinion filed on July 15, 2022, and of all proceedings thereafter, including the sanction challenged (sections 3, 4, 5, and 6 of Resolution No. 8/23, in accordance with sections 168 and 172 of the Argentine Code of Criminal Procedure). The National Government filed an Extraordinary Appeal against such decision. Both ARTEAR and Telecom filed a response. The Court of Appeals will now have to decide on the admissibility of the Extraordinary Appeal. ARTEAR and its legal advisors believe that they have sound grounds to claim that the fine imposed is illegitimate. Therefore, ARTEAR believes that the grounds on which such resolution is based will not be admitted before a judicial court. j. On September 5, 2023, ARTEAR was notified of the claim filed in re "ASOCIACION DE DEFENSA DEL ASEGURADO CONSUMIDORES Y USUARIOS-ADACU- ASOCIACIÓN CIVIL v. TELECOM ARGENTINA S.A. and OTHER on Ordinary Proceeding" File No. 003062/2023, pending before Clerk’s Office No. 51 of the National Court of First Instance on Commercial Matters No. 26. The claim is grounded on the fine imposed by the CNDC described in Note 10.1.i to these Separate Financial Statements. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 42 - The claim brought by ADACU seeks the reimbursement to users who paid for service packs or plans that included PAY TELEVISION (either as one of the services included in the relevant plan or as a single service), in the relevant area of the Autonomous City of Buenos Aires, boroughs of the AMBA region (Metropolitan Area of Buenos Aires), the City of Rosario, and the City of Córdoba, from December 1, 2017 to July 31, 2021, of 1.21% as compensatory damages and 2% as punitive damages, for all amounts paid by consumers in the relevant area of the contested plans during the disputed period, plus interest, alleging that the fixing of prices qualifies as an anti-competitive practice. On September 26, 2023, a response was filed in due time and form. On April 5, 2024, the Court of First Instance granted the lack of jurisdiction plea filed by ARTEAR and Telecom, with court costs to be borne by the claimant. Said Court based its ruling on a Prosecutor's opinion and an advisory report issued by the Program for the Protection of Users and Consumers, which had established that the Court on Federal Civil and Commercial matters has jurisdiction over these proceedings. ADACU filed an appeal against said decision, and the file was submitted to the relevant Court of Appeals (Chamber C) for its consideration. On August 6, 2024, ARTEAR was served notice of the decision rendered by the Court of Appeals, which dismissed the appeal filed by ADACU against the First Instance ruling that had granted Telecom’s plea of lack of jurisdiction, with court costs to be borne by the appellant. Accordingly, it was determined that the Court on Federal Civil and Commercial matters has jurisdiction over these proceedings. It should be noted that if the judgement rendered by Chamber II of the Court of Appeals on Federal Civil and Commercial Matters in re “ARTE RADIOTELEVISIVO ARGENTINO S.A. ET ALIUS V. NATIONAL GOVERNMENT. MINISTRY OF ECONOMY. SECRETARIAT OF TRADE. CNDC ON APPEAL FILED AGAINST A RESOLUTION ISSUED BY THE NATIONAL ANTITRUST COMMISSION” [autos “ARTE RADIOTELEVISIVO ARGENTINO SA Y OTRO C/ ESTADO NACIONAL MINISTERIO DE ECONOMIA SECRETARIA DE COMERCIO CNDC S/APEL RESOL COMISIÓN NAC DEFENSA DE LA COMPET”] (case file No. 7331/2023) is upheld, this proceeding will be devoid of legal grounds. ARTEAR and its legal advisors believe that they have sound grounds for the claim brought by ADACU to be dismissed, especially since ARTEAR does not have any subscribers who pay for any services; instead, users are subscribed to the services rendered by the cable operators. 10.2 Other Claims and Disputes a. On September 16, 2010 the Company was served notice of a claim brought against it by Consumidores Financieros Asociación Civil para su Defensa. The plaintiff claims a reimbursement of the difference between the value of the shares of the Company purchased at their initial public offering and the value of the shares at the time a decision is rendered in the case. The Company has duly responded to the claim and the intervening Court has deemed the claim responded. The proceeding is currently in the discovery stage. b. The shareholders of Pol-Ka approved a capital increase, whereby ARTEAR increased its equity interest in such company to 91.3%. ARTEAR paid in the full amount subscribed. Notwithstanding the foregoing, within the framework of a claim requesting the nullification of the decisions rendered at a Shareholders’ GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 43 - Meeting held on July 13, 2020, pending before the National Court of First Instance on Commercial Matters No. 3, Clerk’s Office No. 6 of the City of Buenos Aires, the effects of the above-mentioned capital increase were suspended by an injunction granted at the request of a minority shareholder of Pol-Ka. Accordingly, ARTEAR exercised its political and economic rights in Pol-ka for a number of shares representing 55% of the capital stock and votes of that company until June 14, 2022, the date on which the Court of Appeals on Commercial Matters revoked said injunction. Currently, the claim brought to request the nullification of the decisions rendered at the Shareholders’ Meeting held on July 13, 2020 is still pending resolution. In February 2023, Pol-Ka was notified of another claim brought by one of its minority shareholders requesting the nullification of the decisions rendered at a Shareholders’ Meeting held on July 13, 2020, pending before the National Court of First Instance on Commercial Matters No. 3, Clerk’s Office No. 6 of the City of Buenos Aires. Pol-Ka and its legal advisors believe that the claim lacks legal grounds and that Pol-Ka will not have to face adverse consequences in this regard. 10.3 Matters concerning Papel Prensa 1. Papel Prensa suspended its operations with related parties between March 9 and April 21, 2010 pursuant to an injunction issued on March 8, 2010 by Judge Malde. In his ruling, Judge Malde decided to suspend the Board of Directors’ resolution of December 23, 2009, which had approved the terms and conditions of transactions with related parties for the year 2010. On April 21, 2010, the Board of Directors of Papel Prensa, following a proposal made by the court-appointed supervisor (interventor) and co-administrator, approved the resumption of Papel Prensa’s transactions with related parties under provisional conditions for as long as the decision rendered by the Board on December 23, 2009 remained suspended and/or until Papel Prensa’s corporate bodies established a business practice to follow with related parties. Such approval involved suspending the application of volume discounts in connection with purchases made by related parties, which could be recognized in their favor, subject to the court’s decision on the appeal filed by Papel Prensa against Judge Malde’s injunction of March 8, 2010. As from April 21, 2010, transactions with related parties were resumed under the provisional conditions approved by the Board on April 21, 2010. At a meeting held on December 23, 2010, Papel Prensa’s Board of Directors approved new conditions that must be fulfilled for the recognition and payment of volume discounts that may be applicable to related parties in connection with purchases of paper made as from April 21, 2010. These new conditions are as follows: (i) the lifting of the provisional suspension of the resolutions adopted by the Board at the meeting of December 23, 2009, as explained in the previous paragraph, and (ii) the resolution or end, by any means, of any state of uncertainty that may eventually exist about the conditions approved by Papel Prensa’s Board in the first item of the agenda of the meeting held on April 21, 2010, as a consequence of the claim brought by the National Government in re “National Government – Secretariat of Domestic Trade – v./ Papel Prensa S.A.I.C.F. y de M. on/ Ordinary”, File No. 17,615/97,564, pending before Federal Commercial Court of First Instance No. 26, Clerk’s Office No. 52. Under this proceeding, the National Government sought to obtain, among other things, a declaratory judgment of nullity of the provisional conditions for the resumption of transactions with related parties in connection with the purchase and sale of paper that had been approved by the Board of Papel Prensa in the first item of the agenda of the above-mentioned meeting held on April 21, 2010. The court held that the claim became moot, as indicated in point 2 above. Furthermore, at this meeting held on December 23, 2010, Papel Prensa’s Board decided to maintain the approved sales policy, but to subject the accrual and enforceability, and, consequently, the recognition and payment to the clients, of the eventual volume discounts that may be applicable to them with respect to paper GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 44 - purchases made between January 1, 2011 and December 31, 2011, to a final favorable ruling in the claim brought by Papel Prensa against the constitutionality of SCI Resolution No. 1/2010, or to the final nullification of such Resolution No. 1/2010 in any other way or by any other legal means, whichever occurs first. In view of the decisions rendered in this case, the substantive claim, in this aspect, is now subject to the outcome of the claim brought by Papel Prensa against the constitutionality of Law No. 26,736. With respect to related parties, the Board of Directors of Papel Prensa approved the same sales policy and conditions as those approved for the other customers in general. In a meeting held on December 27, 2011, the Board of Directors of Papel Prensa decided to maintain for 2012 the same sales policy that had been approved for 2011 – under the same terms and conditions mentioned in the previous paragraph – for all of its customers in general (including related parties), which was maintained in subsequent years and, to date, no changes have been introduced. The commercial policy approved by Papel Prensa was affected by Law 26,736 –effective as from January 5, 2012– which declared that the production, sale and distribution of wood pulp and newsprint were matters of public interest and set forth the regulatory framework to be adopted by the producers, sellers, distributors and buyers of such inputs. Among other things, the Law set limits and established conditions applicable to Papel Prensa for the production, distribution and sale of newsprint (including a formula to determine the price of paper), and created the National Registry of Producers, Distributors and Sellers of Wood Pulp and Newsprint where all producers, sellers, distributors and buyers shall be registered as a mandatory requirement in order to produce, sell, distribute, and/or purchase newsprint and wood pulp. On February 10, 2012, AGEA registered with the National Registry of Producers, Distributors and Sellers of Wood Pulp and Newsprint (Record No. 63 under File No. S01:0052528/12), expressly stating for the record that such registration should not be construed as an acknowledgment or acceptance of the legitimacy of Law 26,736 and/or any other regulation issued in connection with such Law, since they seriously affect several rights and guarantees of AGEA. On January 10, 2019, Law No. 27,498 was published in the Official Gazette. This law repealed certain articles of Law No. 26,736, allowing companies to offer their customers discounts, benefits or promotions based on purchase volumes. On the other hand, said law establishes parameters for granting extensions of payment terms, and prohibits, for a term of 10 years, to make changes to the wood pulp and newsprint import duties currently in effect, which are set at zero percent (0%). Pursuant to Article 11 of Emergency Decree No. 70/2023, published in the Official Gazette of Argentina on December 21, 2023, the National Government repealed Law No. 26,736. 2. In March 2016, the Commercial Court of Appeals –Chamber C– summoned Papel Prensa, the CNV, and the shareholders, the National Government, S.A. La Nación CIMECO and AGEA to attend a hearing for conciliatory purposes and with the aim of finding a comprehensive solution to the conflict. At that hearing, held on June 3, 2016, Papel Prensa, AGEA and the other shareholders present at the hearing (the National Government, S.A. La Nación and CIMECO) requested that the procedural periods remain suspended in connection with the claims pending before that Court of Appeals, and also requested the court to order a shareholders’ meeting of Papel Prensa to address, basically, the issues included under subsections 1, 2 and 3 of Section 234 of Law No. 19,550, as amended, corresponding to fiscal years ended December 31, 2010, 2011, 2012, 2013, 2014 and 2015. On September 5, 2016, the Court of Appeals called for a Shareholders’ Meeting as requested and, at such meeting, the shareholders approved the financial statements of Papel Prensa for the years ended December 31, 2010, 2011, 2012, 2013, 2014 and 2015 and other accounting GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 45 - documentation under subsection 1, Section 234 of Law No. 19,550, as amended, appointed directors, statutory auditors and members of the supervisory committee for the year 2016, approved the capitalization of the capital adjustment for $ 123,293,385 in historical currency as of that date, issued a decision on the approval and disapproval of the performance of certain directors, statutory auditors and members of the supervisory committee during the full fiscal years under consideration, and unanimously appointed external auditors engaged with issuing an opinion on the financial statements of Papel Prensa as of December 31, 2016 and March 31, 2017. On October 4, 2017, the Court of Appeals on Commercial Matters rendered a decision on more than 90 proceedings declaring them moot as requested by Papel Prensa and revoking - among others- Resolutions Nos. 16,647, 16,671, and 16,691 issued by the CNV. Both decisions rendered by the Court of Appeals became final. Papel Prensa submitted the same request to the Court of First Instance on Commercial Matters regarding most of the proceedings pending before the court and that had not been submitted to the Court of Appeals, at the request of the Court. The Judge of the Court of First Instance issued a favorable decision on the request and declared moot all of the claims within the scope of that request. At the General Annual Ordinary Shareholders’ Meeting that approved the financial statements of Papel Prensa for the year ended December 31, 2016, the shareholders resolved not to approve the performance of the representatives appointed to the Board of Directors and the Supervisory Committee by the National Government who held office until February 2016, as well as the performance of the syndics who held office until the Shareholders’ Meeting of October 19, 2016, also representing the National Government, and decided to bring a corporate liability action (Section 276 of Law 19,550, as amended), which is currently pending before Federal Commercial Court of First Instance No. 26, Clerk’s Office No. 52. 3. On June 6, 2013, the Board of Directors of the CNV issued CNV Resolution No. 17,102, within the framework of the Administrative File No. 1,032/10, whereby it required that: (i) certain members of Papel Prensa's Supervisory Committee and statutory auditors be imposed a fine of $ 150,000 each in historical currency as of that date; and (ii) Papel Prensa, certain members of its Board of Directors, one member of its Supervisory Committee and the members of its Oversight Board (all of them representatives of Papel Prensa's private shareholders) be imposed a joint and several fine of $ 800,000 in historical currency as of that date. Papel Prensa and its other current and former officers filed an appeal against the fine in due time and form, which is pending to date. On June 28, 2013, the fine was paid under protest in order to prevent its coercive enforcement by the CNV; given that, under the new Capital Markets Law No. 26,831, appeals may be admitted without suspension of judgment. 4. On October 8, 2019, the Board of Directors of Papel Prensa approved the voluntary delisting of the Company subject to the approval of the shareholders at the General Extraordinary Shareholders' Meeting and to the pertinent regulatory approvals (CNV and BYMA). However, on November 20, 2019, in view of the imminent change of administration in the National Government, the Board of Directors decided to stay the delisting it had approved, thus suspending the Shareholders’ Meeting it had duly called. 5. AGEA has not recorded any impact in connection with the foregoing, since its effects shall depend on the final outcome. Such effects are not expected to be material to these financial statements. NOTE 11 - REGULATORY FRAMEWORK 11.1. Audiovisual Communication Services Law The subsidiaries of Grupo Clarín that render audiovisual communication services are holders of licenses that were originally awarded under the regime established by Law No. 22,285. Under Law No. 22,285 audiovisual communication service companies in Argentina were required a non-exclusive license from the COMFER in order to operate. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 46 - The Audiovisual Communication Services Law (Law No. 26,522, LSCA, for its Spanish acronym) was passed and enacted on October 10, 2009, with strong criticism about its content and enactment procedure. By the end of December 2015, the National Executive Branch issued Emergency Decree No. 267/15, published in the Official Gazette on January 4, 2016, whereby significant amendments were introduced to Laws Nos. 26,522 and 27,078 (the Digital Argentina Law, "LAD", for its Spanish acronym). The Emergency Decree was approved on April 6, 2016 by the Lower House of Congress. Therefore, it has full force and effect. 11.2. Enforcement Authority The Comité Federal de Radiodifusión (Federal Broadcasting Committee, “COMFER”, for its Spanish acronym) was the enforcement authority established by Law No. 22,285. Law No. 26,522 provided for the replacement of the COMFER by the Audiovisual Communication Services Law Federal Enforcement Authority (AFSCA, for its Spanish acronym) as a decentralized and autarchic agency under the jurisdiction of the Executive Branch, and vested the new agency with authority to enforce the law. The Emergency Decree created the ENACOM as a decentralized and autarchic agency under the jurisdiction of the Ministry of Communications and vested the new agency with authority to enforce Laws Nos. 26,522 and 27,078, as amended and regulated. The ENACOM has all the same powers and competences that had been vested in AFSCA and the Information and Communications Technology Federal Enforcement Authority (“AFTIC”, for its Spanish acronym) by Laws Nos. 26,522 and 27,078, respectively. Upon the issuance of Decrees Nos. 7/2019 and 50/2019, published in the Official Gazette on December 11, 2019 and on December 19, 2019, respectively, the ENACOM was under the jurisdiction of the Secretariat of Public Innovation under the Chief of the Cabinet of Ministers. Pursuant to Decree No. 111/2024 (which amended Decree No. 50/2019), published in the Official Gazette on February 2, 2024, the National Government modified the organizational structure of the National Public Administration. Consequently, the ENACOM is under the jurisdiction of the Chief of Cabinet of Ministers. Notwithstanding the foregoing, through Decree No. 89/2024, published in the Official Gazette on January 29, 2024, the National Government ordered the intervention of the ENACOM for a period of 180 days. Pursuant to said Decree, the powers established for the Enforcement Authority under Laws Nos. 26,522 and 27,078 are jointly assigned to the Intervenor and the Deputy Intervenors. Through Decree No. 675/2024, the term for the intervention of the Enforcement Authority was extended until July 7, 2025. 11.3. Multiple License Regime The multiple license regime established under Law No. 22,285 allowed licensees to hold at the national level up to twenty-four (24) sound or television broadcasting licenses . At the local level, one individual or legal entity could have up to one sound broadcasting license, one television license and one subscription television license. In this last case, FM broadcasting services were not included in this limit if they were broadcast from the same station and location as the AM broadcasting services. The LSCA introduced comprehensive amendments on the multiple license regime, against which the Company and some of its Subsidiaries filed an unconstitutionality claim. Eventually, that claim was dismissed. The original regime approved by the LSCA regarding broadcast services: i) restricted to 10 the number of audiovisual communication service licenses, plus a single broadcast signal for radio, broadcast TV and subscription television services that made use of the radioelectric spectrum; ii) set forth a further restriction GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 47 - on these services, which could not be provided to more than 35% of all inhabitants or subscribers nationwide; and iii) at the local level, the regime established the following limits: a) one (1) sound broadcasting license for amplitude modulation (AM); b) one (1) sound broadcasting license for frequency modulation (FM) or up to two (2) licenses when there are more than eight (8) licenses in the primary service area; c) one subscription television license, provided the applicant was not the holder of a broadcast television license; d) one (1) broadcast television license provided the applicant was not the holder of a subscription television license. Under no circumstances may the aggregate number of the licenses granted in the same primary service area or any group of highly overlapping service areas exceed three (3) licenses. Among the main amendments introduced by the Emergency Decree with respect to the LSCA, the most remarkable is the repeal of Section 161, which set forth the obligation to conform to the provisions of this law with respect to ownership conditions and the number of licenses. Section 45 of Law No. 26,522, which establishes the multiple license regime, has been significantly amended. As a result, the Company and its subsidiaries already conform to the new regulatory framework. As far as the Company is concerned, the Emergency Decree: i) eliminated the incompatibility to render in the same location broadcast television services and subscription television services; ii) increased the limit to 15 of broadcast (television and radio) service licenses that may be accumulated at national level; iii) eliminated the restriction to hold cable television signals; and iv) eliminated the restriction on broadcast services, which could not be provided to more than 35% of all inhabitants or subscribers nationwide. At the local level, it increased to 4 the number of licenses that could be accumulated. Subsequently, through Decree No. 70/2023 published in the Official Gazette on December 21, 2023, the National Government once again amended the multiple license regime, eliminating the limit of audiovisual communication services set at the national level (15 broadcast television and radio services). 11.4. Terms of the Licenses Law No. 22,285 provided that broadcasting licenses were granted for an initial period of 15 years, allowing for a one-time extension of 10 years. The extension of the license was subject to the approval of the COMFER, which would determine whether or not the licensee had met the terms and conditions under which the license had been granted. Some of the licenses exploited by the subsidiaries have already been extended for the above-mentioned 10-year term. On May 24, 2005, Decree No. 527/05 provided for a 10-year-suspension of the terms then effective of broadcasting licenses or their extensions. Calculation of the terms was automatically resumed upon expiration of the suspension term, subject to certain conditions. The Decree required that companies seeking to benefit from the extension submit to the COMFER’s approval, within 2 years from the date of the Decree, programming proposals that would contribute to the preservation of the national culture and the education of the population and a technology investment project to be implemented during the suspension term. COMFER Resolution No. 214/07 regulated the obligations established by Decree No. 527/05 in order to benefit from such suspension. The proposals then submitted were approved and, accordingly, the terms of the licenses originally awarded to the subsidiaries of Grupo Clarín were suspended for ten (10) years. Even though Law No. 26,522 respected the original expiration terms of the licenses effective at the time of its enactment, it set a 10-year limitation to the terms of licenses, with a one-time non-renewable extension. With regard to the term of the licenses for television and radio broadcast services, the Emergency Decree establishes two important changes: GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 48 - • It provides for a new system of extensions for audiovisual communication service licenses whereby the licensee may request a first extension for five (5) years, which will be automatic. Upon expiration of this term, licensees may request subsequent extensions of ten (10) years complying in that case with the provisions of the Law and applicable regulations to be eligible for each extension. However, this system of subsequent extensions may be interrupted upon the expiration of the last extension if the Ministry of Communications decides to call for a public bid for new licensees, for reasons of public interest, for the introduction of new technologies or in compliance with international agreements. In this case, prior licensees shall have no acquired rights regarding their licenses. • Section 20 of the Emergency Decree provides that the holders of licenses effective as of January 1, 2016 may request a ten (10) year extension, without it being necessary to wait until the expiration of the license that is currently effective. Such extension shall be considered as a first period that entitles the holder to the five (5) year automatic extension. Taking into consideration the advantages provided under the new legal framework with regard to the terms of the licenses, the direct and indirect subsidiaries of the Company that hold licenses for rendering broadcast television and sound broadcasting services made a filing with the ENACOM requesting the extension of the terms of their licenses pursuant to Article 20 of the Emergency Decree. The ENACOM issued Resolution No. 135/2017, whereby it deemed that ARTEAR had opted to request an extension under Section 20 of Decree No. 267/15 and stated that the term for the first period of TEN (10) years, with the right to an automatic extension for a term of FIVE (5) more years, shall be calculated as from January 2, 2017. Through Resolutions Nos. 1,890/2018 and 1,874/2018, the ENACOM deemed that the remaining subsidiaries of the Company had opted to request an extension under the regime provided by Article 20 of Decree No. 267/15, for the exploitation of broadcast television services (LU 81 TV Channel 7 of Bahía Blanca and LV 81 TV Channel 12 of Córdoba). The ENACOM issued Resolution No. 1,176/19, whereby it granted the extension requested by Radio Mitre for all of its licenses for the provision of sound broadcasting service and deemed that Radio Mitre had opted to request such extension under the regime provided by Article 20 of said Decree. The extension was granted for a term of 10 years, with the right to an automatic extension for a term of 5 more years. 11.5. Award of a Digital Channel Through Resolution No. 1,329/AFSCA/2014, which amended Resolution No. 1,047/AFSCA/2014, the AFSCA approved the National Standard for Terrestrial and Broadcast Digital Television Audiovisual Communication Services, and to Decree No. 2,456/2014, which approves the National Digital Audiovisual Communication Services Plan. Through this legal framework, which was subsequently supplemented by Resolutions No. 24/AFSCA/2015, 35/AFSCA/2015 and No. 39/AFSCA/2015 (among others), the rights of the current broadcast television licensees could be infringed. These rights should be preserved intact as established in Law No. 26,522, which has higher hierarchy. The main effect of these regulations, among their technical effects, is that the current broadcast television licensees that obtained their licenses pursuant to Law No. 22,285 will have to bear additional charges and obligations including, among other things, multiplexing and broadcasting under their own responsibility other broadcast television stations owned by third parties. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 49 - Since the changes introduced under this regulatory framework have an impact on the responsibilities and rights of the companies involved, ARTEAR and TELECOR filed a claim before AFSCA in due time, requesting the revocation of Resolutions No. 1,329/AFSCA/2014, 24/AFSCA/2015, 35/AFSCA/2015 and 39/AFSCA/2015 to preserve their rights intact as direct or indirect broadcast television service licensees. They also filed a claim before the National Executive Branch requesting the repeal of Decree No. 2,456/2014. As of the date of these Financial Statements, the claim filed before AFSCA was dismissed. Therefore, ARTEAR challenged before the courts that agency’s decision to dismiss the claim. The claim filed before the National Executive Branch is still pending resolution. The subsidiaries of the Company that hold broadcast television licenses were awarded a digital channel to render terrestrial digital television services under the legal regime described above. The following are the Resolutions that determined the final award of each of the digital channels: • Resolution No. 10,090/ENACOM/2016 (as amended by Resolution No. 1631-ENACOM/2017) awarded Canal 33.1 to ARTEAR as holder of LS 85 TV CANAL 13 DE BUENOS AIRES • Resolution No. 35/AFSCA/2015 awarded Canal 27.1 to TELECOR S.A.C.I. as holder of LV81 TV CANAL 12 DE CÓRDOBA. • Resolution No. 236/AFSCA/2015 awarded Canal 28.1. to Teledifusora Bahiense S.A. as holder of LU81 TV CANAL 7 DE BAHÍA BLANCA 11.6. Decree No. 690/20 – Amendments to the LAD On August 22, 2020, the National Executive Branch issued Decree No. 690/2020, whereby it amended the Digital Argentina Act. Among the amendments that were introduced by Decree No. 690/2020, ICT Services – fixed and mobile telephony, subscription television and Internet – and the access to telecommunications networks for and between licensees are now deemed “essential and strategic public Services subject to competition”, and ENACOM shall guarantee their actual availability. The prices of essential and strategic public ICT Services subject to competition, the prices of the services provided under the Universal Service and of those determined by ENACOM based on reasons of public interest, shall be regulated by said agency. The Decree also provides that ENACOM shall establish, in the respective regulations, the Mandatory Universal Basic Provision of ICT Services. It also provided for the suspension of price increases or modifications established or announced from July 31, 2020 to December 31, 2020 by ICT licensees. The Decree was ratified by the Argentine Congress under the terms of Law No. 26,122 and was regulated through ENACOM Resolutions Nos. 1,466/2020 and 1,467/2020, published in the Official Gazette on December 21, 2020. Said Resolutions provide that ICT Services Licensees that hold registration for Internet Access Value Added Service (SVA-INT, for its Spanish acronym); subscription broadcasting services by physical and/or radio- electric link (SRSVFR, for its Spanish acronym) and audiovisual communication subscription services by satellite link (DTH); shall notify the Enforcement Authority about any and all changes in retail prices they intend to make to their plans, prices and commercial terms in effect, SIXTY (60) calendar days in advance of their implementation. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 50 - Resolution No. 1467/2020 regulates the Mandatory Universal Basic Service set forth by Decree No. 690/2020 for the different services provided by ICT Services Licensees, establishing the price and characteristics of each plan. Said Resolution also sets out the persons that are eligible to receive those services. It is important to highlight that some ICT service licensees that fall within the scope of the legal regime have been granted injunctions suspending its enforcement and, in some cases, courts of first instance have issued rulings declaring it unconstitutional. In fact, through Decree No. 89/2024, which orders the intervention of the ENACOM, the National Government commissioned the preparation of a report to analyze the consequences brought about by the issuance of Emergency Decree No. 690/20, as well as a proposal for the resolution of the issue. The National Government issued Decree No. 302/2024 on April 9, 2024, whereby it amended Article 48 of Law No. 27,078, establishing that ICT service licensees shall set their prices, which must be fair and reasonable, cover operating costs, and seek to maximize the efficiency of the delivery of these services with a reasonable operating margin, and also repealed Decree No. 690/2020. 11.7. General Rules Governing Physical and/or Radio Electric Link Subscription Broadcasting Services ENACOM Resolution No. 1,491/2020 issued on December 24, 2020 approved the new General Rules Governing Physical Radio-Electric and/or Satellite Link Subscription Broadcasting Services. Even though the new General Rules maintain the onerosity of all the broadcast television services and signals that fall within the scope of the “must carry” regime (signals and services subject to mandatory retransmission) by the providers of subscription television services, they introduce the concept of “fair, equitable and reasonable price” and implement a dispute resolution procedure in case of disagreement between signal holders and distributors (by physical, radio-electric or satellite link) to be brought before the ENACOM, whereby the parties are deemed to have voluntarily accepted to be subject to this procedure. In addition, the General Rules provide that in the event that signal holders and physical, radio-electric and/or satellite link subscription television licensees do not settle their dispute, distributors shall include the signal in the programming grid at the price set by ENACOM’s Board based on the information gathered during the proceeding. It should be noted that both the price and the settlement procedure are applicable to any signal, including those which are not subject to mandatory retransmission. In addition, the General Rules also provide that the commercialization of one signal may not be conditional on the acquisition of other signals and, in the case of sales of signal packages, the price must include a breakdown of the price of each of the signals included in the package. ARTEAR’s legal advisors believe that the ENACOM is not empowered to set the price of a signal, regardless of whether or not it is a signal subject to mandatory retransmission, and that it would be arbitrary and unconstitutional if the agency imposed a price on the owner of content that does not voluntarily agree to the settlement proceeding. Pursuant to ENACOM Resolution No. 1,094, published in the Official Gazette on October 23, 2024, that agency repealed the Rules that had been approved under ENACOM Resolution No. 1491/2020 and all of its GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 51 - subsequent amendments, including all provisions aimed at imposing a mandatory requirement for all subscription broadcasting service providers to retransmit various signals. The recitals of the Resolution refer to the need to repeal the requirements relating to the lineup and the order of the signals that made up the programming grid of broadcasting service providers, which had been imposed pursuant to the requirements of Article 65 of Law No. 26,522 and extended to apply to all subscription broadcasting service licensees in order to grant equal conditions in the broadcast of content signals and to apply the same obligations to all subscription broadcasting service providers. The repeal of the Rules also eliminated the settlement procedures between parties and the power of ENACOM to intervene and set prices. 11.8. Administrative Sanction Proceedings Through Resolution No. 2,882/ENACOM/2019, as amended by Resolution No. 2,984/2019, the ENACOM amended the Regime for the Grading of Penalties approved by Resolution No. 661/AFSCA/2014. The amendments resulted mainly in a reduction of the tax rates to be applied to the calculation of the penalties for infringement of Law No. 26,522, and a reduction of the fines imposed whenever infractions are committed in shows produced by producers that are duly registered in the Registro de Señales y Productoras (Registry of Signals and Producers), which will be charged with such infractions. NOTE 12 - CAPITAL STOCK STRUCTURE Upon the Company’s public offering during 2007, the capital stock was of $ 287,418,584, represented by: - 75,980,304 Class A common, registered, non-endorsable shares, with nominal value of $ 1 each and entitled to five votes per share. - 186,281,411 Class B book-entry common shares, with nominal value of $ 1 each and entitled to one vote per share. - 25,156,869 Class C common, registered, non-endorsable shares, with nominal value of $ 1 each and entitled to one vote per share. On October 5 and 11, 2007, the CNV and BCBA, respectively, granted authorization for the Company’s admission to the initial public offering of its capital stock, authorizing the Company to (i) offer publicly its Class B book-entry common shares; (ii) list its Class B book-entry common shares; and (iii) list its registered non- endorsable Class C common shares, trading of which was suspended due to restrictions on transfers set forth in the Company’s Bylaws. Also in the last quarter of 2007, the Company was granted authorization to list its GDSs in the LSE. Each GDS represents two of the Company’s Class B common shares. On April 27, 2017, the IGJ registered the Corporate Reorganization Transaction which consisted in the partial spin-off of the Company for the creation of a new company called Cablevisión Holding S.A. As a result of the Spin-off of Grupo Clarín, its equity was reduced pro rata and the Company’s Class A, Class B and Class C shares were canceled in exchange for a set of shares of the same class and with substantially the same rights distributed by Cablevisión Holding. Consequently, the Company’s equity was reduced, effective as of the Effective Date of the Spin-off (May 1, 2017), to $ 106,776,004, represented by: - 28,226,683 Class A common, registered, non-endorsable shares, with nominal value of $ 1 each and entitled to five votes per share. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 52 - - 69,203,544 Class B book-entry common shares, with nominal value of $ 1 each and entitled to one vote per share. - 9,345,777 Class C common, registered, non-endorsable shares, with nominal value of $ 1 each and entitled to one vote per share. Having obtained all of the required regulatory authorizations, on August 30, 2017, Grupo Clarín and Cablevisión Holding exchanged their shares pursuant to the exchange ratio approved by Grupo Clarín's shareholders at the time of approval of the spin-off process. As a result of the exchange of shares and payment of fractions in cash, the Company held 1,485 treasury shares. During fiscal year 2020, said shares were settled in accordance with applicable regulations. On November 22, 2023, pursuant to a resolution by its Board of Directors, the Company submitted a request to the London Stock Exchange for the cancellation of the admission to trade the Global Depositary Shares representing Class B shares of the Company ("GDSs") that had been previously granted. The Company also requested the UK Financial Conduct Authority for the delisting of the GDSs from the Official List. This decision was adopted by the Company's Board of Directors due to the decrease in trading volume in London since 2017 as a result of the low liquidity of the asset in that market, the costs associated with maintaining the listing in that market, and the fact that investors will retain the current right to hold their GDSs or convert them into Class B shares of the Company, which are listed and traded on BYMA. On December 22, 2023, the UK Financial Conduct Authority authorized the delisting of the GDSs representing Class B shares of the Company, and the London Stock Exchange canceled the admission to trade such GDSs in that market. NOTE 13 - LONG-TERM SAVINGS PLAN FOR EMPLOYEES During the last quarter of 2007, the Company, together with its subsidiaries, began to implement a long-term savings plan for certain executives (directors and managers comprising the “executive payroll”), which became effective in January 2008. Executives who adhere to such plan undertake to contribute regularly a portion of their salary (variable within a certain range, at the employee’s option) to a fund that will allow them to strengthen their savings capacity. Each company of the Group where those executives render services will match the sum contributed by such executives. This matching contribution will be added to the fund raised by the employees. Under certain conditions, the employees may access such funds upon termination of their participation in the long-term savings plan. In addition, such plan provides for certain special conditions for those managers who were in the “executive payroll” before January 1, 2007. Such conditions consist of supplementary contributions made by each company to the plan related to the executive’s years of service with the Group. As of December 31, 2024, such supplementary contributions made by the Company on a individual basis amount to approximately $ 107.1 million, and the charge to income is deferred until the retirement of each executive. During 2013, and in view of the current environment, certain changes were made to the savings system, though maintaining in its essence the operation mechanism and the main characteristics with regard to the obligations undertaken by the company. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 53 - Pursuant to IAS No. 19, the above-mentioned savings plan qualifies as a Defined Contribution Plan, which means that the companies’ contributions shall be charged to income on a monthly basis as from the date the plan becomes effective. NOTE 14 – FINANCIAL INSTRUMENTS 14.1 – Financial Risks Management The Company is a party to transactions involving financial instruments, which entail exposure to market, currency and interest rate risks. The management of these risks is based on the particular analysis of each situation, taking into account its own estimates and those made by third parties of the evolution of the respective factors. 14.1.1 Capital Risk Management The Company manages its capital structure seeking to ensure its ability to continue as an ongoing concern, while maximizing the return to its shareholders through the optimization of financial debt and equity balances. As part of this process, Grupo Clarín monitors its capital structure through the financial debt-to-equity ratio, which is equal to the quotient of its net financial debt (Financial Debt less Cash and Cash Equivalents) divided by shareholders’ equity. As of December 31, 2024 and 2023, the Company did not have any balances under loans. 14.1.2 Categories of Financial Instruments December 31, 2024 December 31, 2023 Financial Assets At amortized cost Cash and Banks 205,566,329 201,508,457 Other Receivables (1) 5,183,700,850 10,837,884,656 Investments 2,749,522,975 4,632,354,634 At fair value with an impact on net income Investments 649,577,340 4,381,591,500 Total Financial Assets 8,788,367,494 20,053,339,247 Financial Liabilities At amortized cost Accounts Payable and Other Liabilities (2) 4,610,783,556 6,647,135,676 Total Financial Liabilities 4,610,783,556 6,647,135,676 (1) Includes receivables with related parties of $ 4,885.2 million and $ 10,587.23 million, as of December 31, 2024 and 2023, respectively. (2) Includes debts with related parties of $ 110.8 million and $ 4,662.10 million, respectively, as of December 31, 2024 and 2023. 14.1.3 Objectives of Financial Risk Management The Company monitors and manages the financial risks related to its operations; these risks include market risk (including exchange risk, interest rate risk and equity price risk), credit risk and liquidity risk. The Company does not enter into financial instruments for speculative purposes as common practice. As of December 31, 2024 and 2023, the Company was not a party to agreements involving derivatives. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 54 - 14.1.4 Exchange Risk Management Grupo Clarín enters into foreign currency transactions; therefore, it is exposed to fluctuations of exchange rates. The Company does not currently enter into foreign exchange hedging transactions to manage foreign currency fluctuation risk. In case the Company enters into such transactions, it cannot assure that those operations will protect its financial position from the eventual negative effect of exchange rate fluctuations. The following table shows the monetary assets and liabilities denominated in foreign currency (US dollars) at the closing of the years ended December 31, 2024 and 2023: Bid/offered exchange rates (Banco de la Nación Argentina) as of December 31, 2024 and 2023 were of $ 1,029 and $ 1,032 and $ 805.45 and $ 808.45; respectively. 14.1.4.1 Foreign Exchange Sensitivity Analysis The Company is exposed to exchange risk, mainly with respect to the US dollar. The following table shows the Company’s sensitivity to an increase in the exchange rate of the US dollar. The sensitivity rate represents Management’s assessment of the possible reasonable changes in exchange rates. The sensitivity analysis only includes the outstanding monetary items denominated in foreign currency and US$ US$ December 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and Banks 85,013 112,704 Other Investments 665,336 2,265,375 Other Receivables 956,389 3,098,384 Total Current Assets 1,706,738 5,476,463 NON-CURRENT ASSETS Other Investments 3,645,664 2,732,110 Other Receivables 2,581,753 2,568,968 Total Non-Current Assets 6,227,417 5,301,078 Total assets 7,934,155 10,777,541 LIABILITIES CURRENT LIABILITIES Current and Other Payables 208,764 188,731 Other Liabilities - 100,000 Total Current Liabilities 208,764 288,731 NON-CURRENT LIABILITIES Other Liabilities 2,950,000 2,950,000 Total Non-Current Liabilities 2,950,000 2,950,000 Total Liabilities 3,158,764 3,238,731 GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 55 - adjusts its translation at the end of the year with a 20% increase in the exchange rate, assuming that all the remaining variables remain constant. Effect in $ (million) Effect in $ (million) December 31, 2024 December 31, 2023 Net Income 980 2,639 The sensitivity analysis presented above is hypothetical since the quantified impact is not necessarily an indicator of the actual impact, because exposure levels may vary over time. 14.1.5. Interest Rate Risk Management At the closing of the year, the Company does not have any financial liabilities with variable interest rates. However, a substantial increase in interest rates may limit the Company’s ability to access financing. 14.1.6. Credit Risk Management Credit risk is defined as the risk that one of the parties may breach its contractual obligations, generating an eventual financial loss for the Company. The Company renders services solely to companies of the same economic group. The credit risk on liquid funds is limited due to the fact that the counterparties are banks with high credit ratings issued by credit rating agencies. The following table details the maturities of the Company’s financial assets as from the closing of the reporting year. The amounts disclosed in the table are the undiscounted contractual cash flows. December 31, 2024 December 31, 2023 Payable on Demand 839,940,245 4,709,543,678 Without any established term 361,011,990 547,710,461 Due Up to three months 138,663,250 3,049,388,558 More than three months and up to six months 988,557,871 1,063,235,465 More than six months and up to nine months 12,030,958 263,842,189 More than nine months and up to twelve h 972,381,421 1,065,091,466 More than one and up to two years 3,711,527,774 1,662,641,415 More than two and up to three years 1,921,571,580 1,599,336,221 More than three and up to four years 4,578,195,252 6,103,263,347 13,523,880,341 20,064,052,800 14.1.7. Liquidity Risk Management The Board of Directors is ultimately responsible for liquidity management. Accordingly, it has established an adequate framework to manage liquidity so that Management can meet short, medium and long-term financing requirements, as well as the Company's liquidity management. The Company manages liquidity risk maintaining an adequate level of reserves, financial facilities and loans, monitoring on an ongoing basis GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 56 - projected cash flows against actual cash flows and reconciling the maturity profiles of financial assets and liabilities. 14.1.8. Interest Rate Risk and Liquidity Risk Table The following table details the maturities of the Company’s financial liabilities as from the closing of the reporting year. The amounts disclosed in this table represent undiscounted cash flows (principal plus contractual interest): Accounts Payable and Other Liabilities Total as of December 31, 2024 Without any established term 141,291,853 141,291,853 Due Up to three months 1,200,780,209 1,200,780,209 More than three months and up to six h 220,655,494 220,655,494 More than six months and up to nine h 2,742,000 2,742,000 More than nine months and up to l h 914,000 914,000 More than two and up to three years 3,044,400,000 3,044,400,000 4,610,783,556 4,610,783,556 14.1.9. Financial Instruments at Fair Value The following table shows Grupo Clarín’s financial assets and liabilities measured at fair value at the closing of the reporting year: December 31, 2024 Quoted Prices (Level 1) Assets Current Investments 649,577,340 649,577,340 December 31, 2023 Quoted Prices (Level 1) Assets Current Investments 4,381,591,500 4,381,591,500 The financial assets are valued using quoted prices for identical assets and liabilities (Level 1). As of December 31, 2024 and 2023, the Company did not have assets or liabilities valued at prices of similar instruments from information sources available in the market (Level 2) or for which a comparison had not been conducted against observable market data to determine their fair value (Level 3). 14.1.10. Fair Value of Financial Instruments The book value of cash and banks, accounts receivable and short-term liabilities is similar to the fair value because these are instruments with short-term maturities. As of December 31, 2024 and 2023, the Company did not have long-term financial loans. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 57 - NOTE 15 – OPERATING LEASES The Company as Lessor The total amount of minimum future collections for non-cancellable operating leases of certain property is the following (in millions of $): December 31, 2024 December 31, 2023 1 year 1,670,183,987 1,531,305,179 Between 1 and 5 5,073,777,214 1,384,295,410 6,743,961,201 2,915,600,589 NOTE 16 - COVENANTS, SURETIES AND GUARANTEES PROVIDED As of December 31, 2024, the following covenants, sureties and guarantees were in effect: a. The Company became guarantor of certain financial obligations of AGEA and some of its subsidiaries with Banco Itaú Argentina S.A. b. On June 24, 2022, Grupo Clarín accepted a proposal from TRISA, whereby Grupo Clarín guarantees certain financial obligations undertaken by TRISA under a loan agreement with FOBAL. In accordance with the proposal, Grupo Clarín created a pledge in favor of FOBAL on term deposits held by Grupo Clarín for US$ 4,050,000. As counter guarantee, TRISA transferred to Grupo Clarín US$ 3,000,000. The counter guarantee does not accrue any interest for TRISA. Grupo Clarín shall return the counter guarantee to TRISA from time to time, proportionally, as FOBAL releases the counter-guaranteed pledges. On June 27, 2022, Grupo Clarín received from TRISA the amount corresponding to the counter guarantee. Pursuant to the financial obligations undertaken by TRISA, Grupo Clarín shall return to TRISA the counter guarantee as follows: US$ 450,000 in November 2022, which was returned by the Company in March and July 2023, and US$ 2,550,000 in March 2026. On July 13, 2022, Grupo Clarín granted a guarantee at the request of TRISA for US$ 4,050,000. Pursuant to the financial obligations undertaken by TRISA, the pledges shall be released by FOBAL as follows: US$ 1,000,000 in October 2022, US$ 500,000 in November 2022, and US$ 2,550,000 in March 2026. In October and November 2022, FOBAL released US$1,000,000 and US$ 500,000 of said pledge. As of the date of issuance of these Separate Financial Statements, Grupo Clarín’s guarantee was of US$ 2,550,000. NOTE 17 – CHANGES IN THE COMPANY'S OWNERSHIP INTEREST IN OTHER ENTITIES a) In October 2023, the Company accepted an offer from the minority shareholders of Diario Los Andes Hermanos Calle S.A., whereby the Company acquired (i) 881,998 non-endorsable, registered, common shares of DLA with a nominal value of $1 each, (ii) 40% of a single share, held in common with CIMECO, which holds the remaining 60%, and (iii) 60% of a single share, held in common with CIMECO, which holds the remaining 40%, collectively representing approximately 20% of the capital stock and votes of DLA. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 58 - As consideration, the Company paid US$ 98,400 and assigned certain rights over real estate, which brought the total value of the transaction to approximately US$ 0.6 million. The Company, through CIMECO, already owned 80% of the capital stock and voting rights of DLA; consequently, with the purchase of the above-mentioned shares, it now holds 100% of the capital stock and voting rights of DLA, both directly and indirectly. On January 23, 2024, Grupo Clarín transferred property for US$ 100,000. Through said transfer, it partially settled the debt that the company had with the minority shareholders of Diario Los Andes Hermanos Calle S.A. As of the date of issuance of these financial statements, the amount of the debt for this transaction amounts to approximately US$ 0.4 million. b) During the first half of 2024, GCLA and CIMECO made irrevocable contributions in DLA for the absorption of losses for $ 219,508,418 and $ 1,333,667,420, respectively (equivalent to $ 282,575,150 and $ 1,700,601,388, respectively, in constant currency as of December 31, 2024). On June 4, 2024, GCLA and CIMECO sold, respectively, 20% and 80% of their equity interest in DLA for an aggregate price of US$500,000, of which US$ 100,000 corresponded to GCLA and US$400,000 corresponded to CIMECO. As a result, DLA was deconsolidated from these financial statements as from that date. As a guarantee for the payment of the purchase price, the buyer provided the Company and CIMECO with promissory notes due on December 4, 2024, and entered into a pledge agreement on a number of shares representing at least 30% of DLA's capital stock and votes. The above-mentioned amounts were collected by GCLA and CIMECO in December 2024. c) In July 2023, the Company and IESA executed an agreement relating to irrevocable contributions on account of future share subscriptions whereby Grupo Clarín made a contribution in IESA of US$ 950,000, equivalent to $ 250,752,500 ($ 1,061 million in constant currency as of December 31, 2024). d) In October 2023, the Company entered into an irrevocable contribution agreement with Radio Mitre for the absorption of losses, whereby it contributed the amount of U$S 500,000 to said company, equivalent to $173,750,000 ($ 536 million in constant currency as of December 31, 2024). e) During 2024, the Company made irrevocable contributions in AGEA for $ 66,450,000 (representing $ 84,176,928 in constant currency as of December 31, 2024) for the absorption of losses and the remainder for capitalization through the issuance of shares without additional paid-in capital. f) During 2024, the Company made irrevocable contributions in RMSA for $ 26,443,000 (representing $ 34,896,178 in constant currency at December 31, 2024) for the absorption of losses. NOTE 18 – TRANSFER OF PROPERTY On October 24, 2023, the Company and DLA entered into a deed in lieu of payment agreement, whereby DLA agreed to settle the financial debt it held with the Company under the loans by transferring certain properties owned by DLA. On January 23, 2024, the transfer of the following properties owned by DLA to Grupo Clarín was completed: (i) property located at Av. San Martín 1049/1055 and Primitivo de la Reta 1054 in the City of Mendoza, and (ii) units two and three of Galerias Piazza located at Av. San Martin 1,027 in the City of Mendoza. With the GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 59 - transfer of these properties, DLA settled the debt it held with the Company as of that date, amounting to U$S 1,466,805. Similarly, on January 23, 2024, Grupo Clarín transferred units two and three of Galerias Piazza located at Av. San Martin 1,027 in the City of Mendoza. The value of these properties was established at U$S 100,000. The transfer was made to partially settle the debt that the Company owed to the minority shareholders of Diario Los Andes Hermanos Calle S.A. for the purchase transaction of 20% of said company described in Note 17.a). NOTE 19 – LAW No. 26,831 CAPITAL MARKETS Capital Markets Law – Law No. 26,831, as amended On December 28, 2012, Capital Markets Law No. 26,831 was published in the Official Gazette. This law eliminated the self-regulation of the capital market, granted new powers to the CNV, and repealed Law No. 17,811 and Decree No. 677/01, among other regulations. Law No. 26,831 became effective on January 28, 2013. As from its effective date, the Public Tender Offer regime applies to all listed companies. Productive Financing Law On May 11, 2018, Productive Financing Law No. 27,440 was published in the Official Gazette. This law introduced several amendments to Law No. 26,831 regarding the extent of the powers of the CNV; the exercise of preemptive rights on shares offered through public offering in the case of capital increases; private placements; public tender offers; the jurisdiction of the federal commercial courts of appeals to review the resolutions issued or sanctions imposed by the CNV, among other amendments. With respect to public tender offers, under the previous regime, the offeror was obliged to formulate a “fair” price to be set by weighing the results of different company valuation methods, with a minimum floor related to the average market price for the six-month period immediately preceding the date of the agreement. Pursuant to the amendments introduced by Law No. 27,440 to Law No. 26,831, the obligation is objective and consists in offering the higher of two existing prices: the price paid or agreed by the offeror during the 12 months immediately preceding the first day of the public tender offer period, and the average price of the securities subject to the offer during the semester immediately preceding the date of the announcement of the transaction under which the change of control is agreed upon. On December 28, 2018, General Resolution No. 779/2018, whereby the CNV established the regulatory framework applicable to public tender offers, was published in the Official Gazette. On August 20, 2013, at the request of Mr. Rubén Mario Szwarc, a minority shareholder of the Company, and by means of public deed number two hundred forty-five, the Company was served notice of the decision rendered by Chamber A of the National Court of Appeals on Commercial Matters on August 12, 2013, in re “SZWARC, Rubén Mario v. National Government and Others on injunction” File No. 011419/2013. That Chamber decided, among other things, (i) to declare the unconstitutionality of Sections 2, 4, 5, 9, 10, 11, 13, 15 and 16 of Law No. 26,854, and (ii) to order the provisional, injunctive suspension of Section 20, subsection a), second part, paragraphs I and II (or 1 and 2) of Law No. 26,831 and of all laws, rules or administrative acts issued or that may be issued pursuant to such legal provisions, with respect to Grupo Clarín, until the judge that is finally declared competent to render a decision on the merits assumes full jurisdiction of the case and renders a final decision relating to the injunction. The Supreme Court of Argentina declared the lawsuit moot on the grounds that the articles being challenged for constitutionality had been repealed or amended by a subsequent law. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 Chair of the Supervisory Committee - 60 - On August 26, 2022, General Resolution No. 939/2022 issued by the CNV was published in the Official Gazette, whereby said agency established the regulatory framework for holding remote and/or hybrid Shareholders’ Meetings. Said Resolution became effective on January 1, 2023. Below are the most relevant amendments and/or additions introduced by the aforementioned Resolution No. 939: i) Companies must include in their bylaws the possibility of holding remote Shareholders’ Meetings at their registered office or at the location corresponding to the jurisdiction of their registered office. ii) They must submit to the regulatory agency, with at least 5 business days' notice, the procedures to be used for holding remote Shareholders’ Meetings stating the way in which shareholders will exercise their voting and participation rights. iii) Within 2 business days of the last legal publication, evidence of the legal publications of calls for Shareholders’ Meetings must be uploaded under "Calls for Shareholders’ Meetings" in the Financial Information Highway. iii) The call shall include information about how the meeting will be held, and state, in a clear and simple way, the communication system to be used. iv) In the event of the appointment and/or resignation of directors, the updated list must be published under "List of Officers" in the Financial Information Highway. v) Within 10 business days of the Shareholders’ Meeting, companies must provide a detail of the individual remuneration of directors, administrators, managers, statutory auditors, and members of the supervisory committee. vi) Companies must keep a copy in digital format of the meeting minutes at their registered office for a period of five years, which must be made available to the CNV and to any shareholder that may request it. The minutes of the Shareholders’ Meetings must be transcribed to the legal book and signed, within 5 business days, by the President, the shareholders appointed to such effect, and a representative of the oversight body. viii) The participants that attend the Shareholders’ Meeting remotely are exempt from signing the Book of Deposit of Shares and Register of Attendance to Shareholders’ Meetings. The President and a representative of the oversight body shall certify the remote participation of those shareholders. ix) The oversight body is authorized to hold virtual meetings, if so provided for in the bylaws. In addition, the CNV revoked the Interpretative Criterion No. 80, which had extended the effectiveness of CNV General Resolution No. 830 until December 31, 2024. NOTE 20 – INFORMATION REQUIRED UNDER CNV RESOLUTION No. 629 – RECORD KEEPING On August 14, 2014, the Argentine Securities Commission issued General Resolution No. 629, which provides for record keeping regulations. For the periods established by effective laws, the Company keeps certain supporting documentation related to the recording of its operations and economic-financial events at Gestión Compartida S.A., located at Patagones 2550, City of Buenos Aires, which in turn outsources physical document archive services from the third-party Bank S.A., a provider that has warehouses located at: Carlos Pellegrini 1201 - Dock Sud - Province of Buenos Aires, Ruta Panamericana - Km 38,500 and calle 28 - Colectora Oeste - Province of Buenos Aires, Unamuno 2095 - Province of Buenos Aires, Av. Fleming 2190 – San Martin - Provincia de Buenos Aires, Ruta Panamericana - Km 31.750 – Colectora Oeste - Province of Buenos Aires. GRUPO CLARÍN S.A. Registration number with the IGJ: 1,669,733 Signed for identification purposes See our report dated with the report dated March 10, 2025 March 10, 2025 PRICE WATERHOUSE & CO. S.R.L. (Partner) CARLOS ALBERTO PEDRO DI CANDIA C.P.C.E.C.A.B.A. Vol. 1 Fol. 17 JORGE CARLOS RENDO Chair of the Supervisory Committee Chair - 61 - NOTE 21 - APPROVAL OF SEPARATE FINANCIAL STATEMENTS The Board of Directors has approved the Separate Financial Statements and authorized their issue for March 10, 2025. Price Waterhouse & Co. S.R.L., Bouchard 557, 8th floor, C1106ABG - Autonomous City of Buenos Aires, Argentina T: +(54.11) 4850.0000, www.pwc.com/ar Independent Auditors’ Report To the Shareholders, President and Directors of Grupo Clarín S.A. Report on the Audit of the Separate Financial Statements Opinion We have audited the separate financial statements of Grupo Clarín S.A. (the “Company”), which comprise the financial position of the company standing alone as at December 31, 2024 and the separate statements of income, of comprehensive income, of changes in equity and cash flows for the year then ended, and notes to the separate financial statements, comprising material accounting policy information and other explanatory information. In our opinion, the accompanying separate financial statements present fairly, in all material respects, the separate financial position of the Company standing alone as at December 31, 2024 and its separate comprehensive income and its separate cash flows for the fiscal year then ended, in accordance with the IFRS Accounting Standards (“IFRS”). Basis for Opinion We have conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the parent´s separate financial statements” section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Company in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code) and the ethical requirements that are relevant to our audit of the financial statements in Argentina. We have fulfilled our other ethical responsibilities in accordance with the IESBA Code. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the separate financial statements for the current year. These matters were addressed in the context of our audit of the separate financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. 2 Key audit matters Audit response Recognition of advertising revenue from subsidiaries The Group, through its subsidiaries, has different sources of sales revenue. Advertising sales revenue from the subsidiaries amounting to $ 156,673,820,762 are recognized when the advertisement is published and are calculated considering any estimated discount, bonus, or rebate offered by its subsidiaries. We considered the accuracy of advertising sales revenue recognized as a key audit matter. The reason for the foregoing is the different systems required for the provision and pricing of these services, given their nature, and the inclusion of manual activities into the business process of this source of revenue, which represents an inherent risk. The recognition of advertising sales revenue from subsidiaries has a direct impact on the calculation of income and equity used by Grupo Clarín to measure its investments, by applying the accounting policies described in Note 2.4. The audit procedures performed included the following, among others: • Understanding the procedure performed by Management to determine and recognize revenue from advertising in each of the subsidiaries. • Evaluating the relevant information system and the design and operational effectiveness of the control over the capture and recording of revenue transactions. To this end, our Information Technology specialists have assisted us in the audit of automated controls, including controls over the interface between the various system applications. We also performed tests on access controls and change management controls for the Group's billing systems. • Evaluating current manual controls in place over the authorization of changes to rates, the introduction of discounts, the effective provision of the service, and the entry of that information into the billing systems. • Performing tests, based on a sample of customer invoices, on the accuracy of rates and discounts. • Performing tests on key reconciliations used by Management to assess the completeness and accuracy of revenue. • Performing tests on the documentation supporting manual journal entries to revenue accounts to identify unusual items. • Requesting confirmations based on a sample of account receivables transactions. Information that accompanies the Separate Financial Statements (“Other Information”) The Other Information comprises the annual report. The Board of Directors is responsible for the Other Information. Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Board of Directors’ and Audit Committee for the Separate Financial Statements 3 The Board of Directors of Grupo Clarín S.A. is responsible for the preparation and fair presentation of the separate financial statements in accordance with IFRS, and for the internal control the Board of Directors may deem necessary to prepare the separate financial statements that are free of material misstatement, whether due to fraud or error. In preparing the separate financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue operating as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company, or to cease operations, or has no realistic alternative but to do so. Audit Committee is responsible for overseeing the Company’s financial reporting process. Auditors’ Responsibilities for the Audit of the Separate Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • Identify and asses the risks of material misstatement of the separate financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors. • Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Company as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performance for purposes of the Group audit. We remain solely responsible for our audit opinion. We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 4 We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Autonomous City of Buenos Aires, March 10, 2025. PRICE WATERHOUSE & CO. S.R.L. Dr. R. Sergio Cravero Partner Free translation into English of the Report originally issued in Spanish SUPERVISORY COMMITTEE’S REPORT To the Shareholders of: Grupo Clarín S.A. TAX ID No. 30-70700173-5 Registered office: Piedras 1743 City of Buenos Aires REPORT ON THE CONTROLS PERFORMED BY THE SUPERVISORY COMMITTEE ON THE FINANCIAL STATEMENTS AND THE ANNUAL REPORT PREPARED BY THE BOARD OF DIRECTORS I. OPINION In our capacity as members of Grupo Clarín S.A.'s Supervisory Committee, we have performed a review of the following documents: a) The attached Separate Financial Statements of Grupo Clarín S.A. comprising the Separate statement of financial position as of December 31, 2024, the Separate Statement of Comprehensive Income, the Separate Statement of Changes in Equity and the Separate Statement of Cash Flows for the year then ended. b) The attached consolidated financial statements of Grupo Clarín S.A. and its subsidiaries comprising the consolidated statement of financial position as of December 31, 2024, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended. c) A summary of the material accounting policies and other explanatory information. d) The Inventory and Annual Report prepared by the Board of Directors for the year ended December 31, 2024. In our opinion: (i) the separate financial statements mentioned in Section I. a), present fairly, in all material respects, the separate financial position of Grupo Clarín S.A. as of December 31, 2024, the results disclosed in the separate statement of comprehensive income and in the separate statement of cash flows for the year then ended, in accordance with the International Financial Reporting Standards; and (ii) the consolidated financial statements mentioned in section I. b), present fairly, in all material respects, the consolidated financial position of Grupo Clarín S.A. and its subsidiaries as of December 31, 2024, and the results disclosed in the consolidated statement of comprehensive Income and in the consolidated statement of cash flows for the year then ended in accordance with the International Financial Reporting Standards. We have reviewed the Inventory and the Board of Directors' Annual Report, comprising the main body and its Exhibit I, for the year ended December 31, 2024. In this regard, within the scope of our competence, we have no observations to make. The representations about future events included in the Annual Report are the exclusive responsibility of Grupo Clarín S.A.’s Board of Directors. II. BASIS FOR OPINION We performed the controls pursuant to Article 294, subsection 5 of the General Associations Law (Law No. 19,550, as amended), the regulations of the Argentine Securities Commission (“CNV”, for its Spanish acronym), the Rules of Bolsas y Mercados Argentinos S.A., and Technical Resolution No. 15 issued by the Professional Council in Economic Sciences of the City of Buenos Aires (CPCECABA, for its Spanish acronym), as amended by Technical Resolution No. 55 issued by said Council.) Our responsibilities arising from the above-mentioned regulations are described below under Responsibilities of the Supervisory Committee regarding the controls to be performed on the Financial Statements. In order to conduct our professional work on the documents detailed in Section I. a) and b) of this report, we have reviewed the work performed by the Company’s external auditor R. Sergio Cravero, a partner of Price Waterhouse & Co. S.R.L., who issued his audit reports on March 10, 2025. He conducted his audit in accordance with International Standards on Auditing (ISA). Our work included the review of the work plan, the nature, scope, and timeliness of the procedures applied and the results of the audit carried out by the external auditor. We believe that our work and that of the Company's external auditors, detailed in the respective reports, provides a sufficient and appropriate basis to support our opinion. We have not performed any management control and, therefore, we have not assessed the business criteria and decisions on administrative, financing, commercialization, and production matters, since these matters are the exclusive responsibility of the Company's Board of Directors. Regarding the Annual Report, comprising the main body and its Exhibit I, prepared by the Board of Directors for the year ended December 31, 2024, we verified that it contains the information required by Article 66 of the General Associations Law, as amended, and other applicable regulations, and other information required by oversight agencies. We expressly state that we are independent of Grupo Clarín S.A. and that we have complied with the other ethical requirements in accordance with the International Code of Ethics for Professional Accountants (including the International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), together with the requirements applicable to an audit of financial statements in Argentina, and we have fulfilled the other ethical responsibilities in accordance with those requirements and the IESBA Code. III. RESPONSIBILITY OF THE BOARD OF DIRECTORS AND THE AUDIT COMMITTEE REGARDING THE FINANCIAL STATEMENTS The Board of Directors of Grupo Clarín S.A. is responsible for the preparation and presentation of the financial statements in accordance with the International Financial Reporting Standards (IFRS) and for the internal control as the Board of Directors may deem necessary to prepare the financial statements that are free from material misstatements, whether due to fraud or error. In preparing the financial statements, the Board of Directors is responsible for assessing the ability of the Company to continue operating as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Audit Committee is responsible for overseeing the process required for the preparation of the Company's financial reporting. IV. RESPONSIBILITY OF THE SUPERVISORY COMMITTEE REGARDING THE CONTROLS TO BE PERFORMED ON THE FINANCIAL STATEMENTS Our responsibility is to report on the documents indicated in Section I. based on our statutory audit and the audit work carried out by the Company's external auditors. We conducted our review in accordance with Technical Resolution No. 15 issued by the FACPCE (amended by Technical Resolution No. 55 issued by the FACPCE). Said standards require that the review of the financial statements be conducted in accordance with effective auditing standards for the review of financial statements; that the documents be checked for consistency with the information on corporate decisions stated in minutes and that such decisions conform to the law and the by-laws, in all formal and documentary aspects. Our objectives are to obtain reasonable assurance that the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Supervisory Committee's Report that includes our opinion. Reasonable assurance is a high level of assurance, but it does not guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions made by users based on the financial statements. As part of our work in accordance with ISAs, we apply our professional judgment and maintain professional skepticism throughout the review. In addition, through the review of audit working papers, we: • Identify and assess the risks of material misstatement in the financial statements whether due to fraud or error, design and apply audit procedures to respond to those risks, and obtain sufficient and appropriate audit evidence to provide a basis for our opinion. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error because fraud may involve collusion, forgery, intentional omissions, misrepresentations, or override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Company’s Board of Directors. • Conclude on the appropriate application by the Company’s Board of Directors of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists as to events or conditions that may cast significant doubt on the Company's ability to continue operating as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Supervisory Committee's Report to the related disclosures in the financial statements or, if such disclosures are not appropriate, to modify our opinion. Our conclusions are based on the evidence obtained up to the date of our Supervisory Committee's report. However, future events or conditions may cause the Company to cease to be a going concern. • Evaluate the overall presentation, structure, and content of the financial statements, including disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. V. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS In accordance with effective regulations, we report with respect to Grupo Clarín S.A. that: a) The attached financial statements detailed in Section I. a) and b) comply with the provisions of the General Associations Law No. 19,550, as amended, and the regulations concerning accounting documentation issued by the CNV, and have been transcribed to the “Inventory and Balance Sheet” book . b) The attached financial statements detailed under Section I, paragraph a) arise from accounting records kept, in all formal aspects, in accordance with effective legislation, which maintain the security and integrity conditions based on which they were authorized by the Argentine Securities Commission. c) Furthermore, we report that in exercise of the legality control within our field of competence, during the year ended December 31, 2024, we have applied the procedures set forth in Article 294 of Argentine General Associations Law (Law No. 19,550, as amended), as deemed necessary based on the circumstances and we have no observations to make in that regard. d) We have reviewed the information included in the corresponding Exhibit about the degree of compliance with the Code of Corporate Governance required under CNV Regulations and we have no observations to make in that regard. e) As required by CNV regulations, regarding the independence of the external auditors and the quality of the audit policies applied by them and the accounting polices applied by the Company, the above-mentioned external auditor's report includes the representation concerning the application of the International Auditing Standards as they were adopted in Argentina by the FACPCE through Technical Resolution No. 32 and the respective adoption communications, which provide for independence requirements, and was issued without qualifications as to the application of such regulations or discrepancies as to the professional accounting standards applied. Autonomous City of Buenos Aires, March 10, 2025. Supervisory Committee Carlos Alberto Pedro Di Candia Chair