Grupo Clarín S A : AMENDED AND RESTATED DEPOSIT AGREEMENT AMONG GRUPO CLARIN S.A. , JPMORGAN CHASE BANK, N.A. AS DEPOSITARY, AND HOLDERS OF GLOBAL DEPOSITARY RECEIPTS

EXECUTION VERSION

SECOND AMENDED AND RESTATED

DEPOSIT AGREEMENT AMONG GRUPO

CLARIN S.A.,-

J PM O R G A N CH A S E B A NK , N. A.,

A S D E P O SI TA R Y, AN D

HOL D E R S OF G LO BA L D E P O SI TA R Y

R E CE IPT S

	TABLE OF CONTENTS
		Page
PARTIES..............................................................................................	1
RECITALS ............................................................................................	1
Section 1.	Certain Definitions
(a)	BYMA........................................................................	1
(b)	Caja ........................................................................	1
(c)	Central Bank ..............................................................	1
(d)	Clearstream ...............................................................	2
(e)	CNV .........................................................................	2
(f)	Custodian ..................................................................	2
(g)	Delivery Order ............................................................	2
(h)	Deposited Securities .....................................................	2
(i)	Distribution Compliance Period ........................................	2
(j)	DTC and DTC Participant ................................................	2
(k)	Eligible Securities ........................................................	2
(l)	Euroclear ..................................................................	2

1. Form of Rule 144A GDR; Form of Regulation S GDR; Form of GDR 2

(n)	GDR Register ..............................................................	3
(o)	GDSs ........................................................................	3
(p)	Holder ......................................................................	3
(q)	Letter of Representations...............................................	3
(r)	Master GDRs, Master Regulation S GDR and Master Rule 144A GDR 3
(s)	Regulation S ...............................................................	3
(t)	Rule 144 and Rule 144A..................................................	4
(u)	Securities Act of 1933....................................................	4
(v)	Securities Exchange Act of 1934 .......................................	4
(w)	Shares ......................................................................	4
(x)	Transfer Office............................................................	4
(y)	Withdrawal Order ........................................................	4
Section 2.	GDRs ................................................................................	4
Section 3.	Deposit of Shares .................................................................	5
Section 4.	Issue of GDRs ......................................................................	7
Section 5.	Distributions on Deposited Securities .........................................	8
Section 6.	Withdrawal of Deposited Securities ...........................................	8
Section 7.	Substitution of GDRs .............................................................	9
Section 8.	Cancellation and Destruction of GDRs; Maintenance of Records..........	9
Section 9.	The Custodian.....................................................................	9
Section 10.	Lists of Holders ...................................................................	10
Section 11.	Depositary's Agents...............................................................	10
Section 12.	Successor Depositary	10
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Section 13.	Reports..............................................................................	11
Section 14. Additional Shares and Eligible Securities.......................................	11
Section 15.	Indemnification...................................................................	12
Section 16.	Notices.............................................................................	13
Section 17.	Miscellaneous.......................................................................	14
Section 18. Governing Law; Consent to Jurisdiction.......................................	15
Section 19. Agent for Service...................................................................	16
Section 20. Waiver of Immunities..............................................................	17
Section 21. Waiver of Jury Trial...............................................................	17
Section 22. Registration of Shares; Argentine Share Registrar; Share Register........	17
Section 23. Amendment and Restatement of Prior Deposit Agreement................	19
TESTIMONIUM	.....................................................................................	20
SIGNATURES .......................................................................................	20

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	EXHIBIT A-1
FORM OF FACE OF [MASTER] RULE 144A GDR ...........................................	A-1-1
Introductory Paragraph ..............................................................	A-1-2
(1)	Issuance GDSs ........................................	A-1-2
(2)	Withdrawal of Deposited Securities......................................	A-1-3
(3)	Transfer, Split-Ups and Combination of GDRs.............................	A-1-3
(4)	Certain Limitations .........................................................	A-1-4
(5)	Liability for Taxes.................................................................	A-1-5
(6)	Disclosure of Interests......................................................	A-1-6
(7)	Charges of Depositary ......................................................	A-1-6
(8)	Available Information ......................................................	A-1-8
(9)	Execution........................................................................	A-1-9

Signature of Depositary.............................................................	A-1-9
Address of Depositary's Office ....................................................	A-1-9
FORM OF REVERSE OF GDR ................................................................	A-1-10
(10)	Distributions on Deposited Securities...................................	A-1-10
(11)	Record Dates ...............................................................	A-1-11
(12)	Voting of Deposited Securities ..........................................	A-1-11
(13)	Changes Affecting Deposited Securities ................................	A-1-13
(14)	Exoneration .................................................................	A-1-14
(15)	Resignation and Removal of Depositary; the Custodian...............	A-1-17
(16)	Amendment ..................................................................	A-1-17
(17)	Termination..................................................................	A-1-17
(18)	Appointment; Acknowledgments and Agreements.....................	A-1-18
(19)	Waiver ........................................................................	A-1-19
(20)	Registration of Shares; Argentine Share Registrar; Share Register...	A-1-19
(21)	Elective Distributions in Cash or Shares .................................	A-1-20
(22)	Redemption...................................................................	A-1-21
(23)	Jurisdiction...................................................................	A-1-21

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		EXHIBIT A-2
FORM OF FACE OF [MASTER] REGULATION S GDR ......................................	A-2-1
Introductory Paragraph ..............................................................	A-2-3
(1)		Issuance of GDSs ........................................	A-2-4
(2)	Withdrawal of Deposited Securities......................................	A-2-4
(3)	Transfers, Split-Ups and Combinations of GDRs..........................	A-2-5
(4)		Certain Limitations .........................................................	A-2-6
(5)	Liability for Taxes, Duties and Other Charges..................................	A-2-6
(6)		Disclosure of Interests......................................................	A-2-7
(7)		Charges of Depositary......................................................	A-2-8
(8)		Available Information............................................................	A-2-10
(9)		Execution......................................................................	A-2-11
Signature of Depositary.............................................................	A-2-11
Address of Depositary's Office ....................................................	A-2-11
FORM OF REVERSE OF GDR ................................................................	A-2-12
(10)	Distributions on Deposited Securities...................................	A-2-12
(11)	Record Dates ...............................................................	A-2-13
(12)	Voting of Deposited Securities ...........................................	A-2-13
(13)	Changes Affecting Deposited Securities ................................	A-2-15
(14)	Exoneration .................................................................	A-2-15
(15)	Resignation and Removal of Depositary; the Custodian..............	A-2-18
(16)	Amendment .................................................................	A-2-19
(17)	Termination.................................................................	A-2-19
(18)	Appointment; Acknowledgements and Agreements...................	A-2-20
(19)	Waiver .......................................................................	A-2-20

1. Registration of Shares; Argentine Share Registrar; Share Register.. A-2-21

(21)	Elective Distributions in Cash or Shares	................................ A-2-22
(22)	Redemption .................................................................	A-2-22
(23)	Jurisdiction...................................................................	A-2-22
	EXHIBIT B
Letter of Representations ......................................................................	B 1

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