<SEC-DOCUMENT>0001104659-20-123987.txt : 20201112
<SEC-HEADER>0001104659-20-123987.hdr.sgml : 20201112
<ACCEPTANCE-DATETIME>20201112080608
ACCESSION NUMBER:		0001104659-20-123987
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20201112
FILED AS OF DATE:		20201112
DATE AS OF CHANGE:		20201112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELECOM ARGENTINA SA
		CENTRAL INDEX KEY:			0000932470
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13464
		FILM NUMBER:		201303493

	BUSINESS ADDRESS:	
		STREET 1:		ALICIA MOREAU DE JUSTO 50
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1107AAB
		BUSINESS PHONE:		54-11-4968-4000

	MAIL ADDRESS:	
		STREET 1:		ALICIA MOREAU DE JUSTO 50
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1107AAB

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELECOM ARGENTINA STET FRANCE TELECOM SA
		DATE OF NAME CHANGE:	19950809
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2035494d2_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule 13a-16 or 15d-16</B></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the month of November 2020</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Commission File Number: 001-13464</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Telecom Argentina S.A.</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name
into English)</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Alicia Moreau de Justo, No. 50, 1107</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Buenos Aires, Argentina</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 50%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font: 12pt Calibri, Helvetica, Sans-Serif; width: 20%">Form 20-F</TD>
    <TD STYLE="text-align: center; width: 20%"><U>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">X</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD STYLE="text-align: center; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 12pt Calibri, Helvetica, Sans-Serif; width: 20%"> Form 40-F</TD>
    <TD STYLE="text-align: center; width: 20%">_____</TD></TR>
</TABLE>



<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="text-align: center; font: 12pt Calibri, Helvetica, Sans-Serif; width: 20%">Yes &nbsp;</TD>
    <TD STYLE="text-align: center; font: 12pt Calibri, Helvetica, Sans-Serif; width: 20%">_____</TD>
    <TD STYLE="text-align: center; font: 12pt Calibri, Helvetica, Sans-Serif; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 12pt Calibri, Helvetica, Sans-Serif; width: 20%">No</TD>
    <TD STYLE="text-align: center; font: 12pt Calibri, Helvetica, Sans-Serif; width: 20%"> <U>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">X</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE>



<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 50%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font: 12pt Calibri, Helvetica, Sans-Serif; width: 20%">Yes &nbsp;</TD>
    <TD STYLE="text-align: center; font: 12pt Calibri, Helvetica, Sans-Serif; width: 20%">_____</TD>
    <TD STYLE="text-align: center; font: 12pt Calibri, Helvetica, Sans-Serif; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 12pt Calibri, Helvetica, Sans-Serif; width: 20%">No</TD>
    <TD STYLE="text-align: center; font: 12pt Calibri, Helvetica, Sans-Serif; width: 20%"><U>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">X</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>T<FONT STYLE="text-transform: lowercase">ELECOM
</FONT>A<FONT STYLE="text-transform: lowercase">RGENTINA</FONT> S.A.</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Item </U></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="#item1_001"><B><I><U>1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;English translation of the (i) Unaudited Condensed Consolidated Financial Statements of Telecom Argentina S.A., and (ii) Telecom Argentina S.A.&acute;s Operating and Financial Review and Prospects as of September 30, 2020</U></I></B></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 11pt"><B><A NAME="item1_001"></A>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TELECOM ARGENTINA
S.A.</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Unaudited Condensed Consolidated Financial
Statements as of <BR>
September 30, 2020</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Alicia Moreau de Justo 50</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>(1107) Ciudad Aut&oacute;noma de Buenos Aires</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Argentina</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45in; text-indent: -0.45in"><B>$: Argentine peso</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45in; text-indent: -0.45in"><B>US$: US dollar</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45in; text-indent: -0.45in"><FONT STYLE="font-size: 15pt"><B>$76.18
= US$1</B></FONT><B> as of September 30, 2020</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 11pt"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS </U></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>AS OF SEPTEMBER 30, 2020 AND 2019 </U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>INDEX</U></B></P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 97%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Unaudited consolidated financial sta</U></B></FONT><B><U><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">tements</FONT></U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2pt"><A HREF="#a_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unaudited consolidated statements of financial position</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2pt"><A HREF="#a_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unaudited consolidated income statements</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2pt"><A HREF="#a_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unaudited consolidated statements of comprehensive income</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2pt"><A HREF="#CONSOLIDATEDSTATEMENTSOFCHANGESINEQUITY"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unaudited consolidated statements of changes in equity</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2pt"><A HREF="#CONSOLIDATEDSTATEMENTSOFCASHFLOWS"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unaudited consolidated statements of cash flows</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2pt"><A HREF="#S4_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notes to the unaudited consolidated financial statements</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2pt"><A HREF="#a_004"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Operating and Financial Review and Prospects</U></B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt"><A HREF="#a_005"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Corporate information</U></B></FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_001"></A><B><U>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</U></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(In millions of Argentine pesos in current currency - Note 1.e)</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>September 30,</U></B></FONT></TD>
    <TD STYLE="width: 19%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ASSETS</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Note</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current Assets</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,092</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,284</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,097</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">524</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade receivables</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,064</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,746</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other receivables</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,104</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">613</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,076</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">928</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total current assets</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>64,433</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>62,095</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-Current Assets</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade receivables</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">101</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other receivables</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,572</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,058</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred income tax assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">336</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">358</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,997</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">597</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Goodwill</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">226,285</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">226,407</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">289,846</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300,828</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Intangible assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">95,055</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,953</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Right of use assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,272</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,616</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total non-current assets</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>628,419</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>644,918</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL ASSETS</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>692,852</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>707,013</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 9pt StempelGaramondBold; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade payables</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,708</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39,087</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial debt</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37,063</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43,144</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Salaries and social security payables</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,094</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,156</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes payables</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,373</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,051</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends payables</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">160</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Leases liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,455</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,227</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,590</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,023</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provisions</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,402</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">457</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total current liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>93,845</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>105,145</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-Current Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade payables</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,055</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">880</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial debt</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">134,825</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">142,730</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Salaries and social security payables</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">798</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,053</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred income tax liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">71,829</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64,270</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes payables</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Leases liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,114</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">490</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,193</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">860</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provisions</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,821</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">660</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total non-current liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>222,642</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>222,960</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL LIABILITIES</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>316,487</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>328,105</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EQUITY </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity attributable to Controlling Company</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">370,734</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373,076</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity attributable to non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">631</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">832</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL EQUITY</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(See Consolidated Statements of Changes in Equity)</I></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>376,365</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>378,908</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL LIABILITIES AND EQUITY</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>692,852</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>707,013</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The accompanying notes are an integral part of these unaudited
consolidated financial statements.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: center; text-indent: -62.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">TELECOM
ARGENTINA S.A.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U><A NAME="a_002"></A><B>CONSOLIDATED INCOME STATEMENTS</B></U></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(In millions of Argentine pesos in current currency, except loss
per share in Argentine pesos in current currency - Note 1.e)</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three-month periods<BR>
ended September 30,</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Nine-month periods<BR>
ended September 30,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 50%; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Note</U></B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Revenues</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>21</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>67,022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>72,555</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>208,220</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>218,182</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Employee benefit expenses and severance payments</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,380)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,753)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(38,668)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(41,544)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Interconnection and transmission costs </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,722)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,380)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,675)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,970)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Fees for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,057)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,498)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21,848)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(23,530)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Taxes and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,088)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,541)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(15,771)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17,090)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Commissions and advertising</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,953)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,456)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,501)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,031)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Cost of equipment and handsets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,500)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,112)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,236)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,240)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Programming and content costs</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,966)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,475)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,645)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(16,453)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Bad debt expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,114)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,849)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,883)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,940)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Other operating expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,302)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,715)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9,538)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,676)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Depreciation, amortization and impairment of fixed assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(19,147)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18,487)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(55,062)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(53,036)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,793</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,289</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>19,393</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>19,672</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Earnings from associates </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">139</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(533)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">372</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(279)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Debt financial expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,938)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(35,416)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(20,669)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(32,499)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Other financial results, net</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,882</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,381</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,435</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,881</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income (loss) before income tax expense</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>876</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(22,279)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,531</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(225)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Income tax expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>13</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,236)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,409)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,780)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17,122)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net loss for the period</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,360)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(27,688)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,249)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(17,347)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Controlling Company</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,523)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(27,823)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,645)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17,680)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">163</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">135</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">396</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">333</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,360)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(27,688)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,249)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(17,347)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: bottom; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Loss per share attributable to Controlling Company - Basic and diluted</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.d</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1.64)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(12.92)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.76)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(8.21)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Note 22 for additional information on operating expenses per
function.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The accompanying notes are an integral part of these unaudited
consolidated financial statements.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"><TD STYLE="width: 33%"><B>&nbsp;</B></TD><TD STYLE="width: 34%; text-align: center"><B>F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right"><B>&nbsp;</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_003"></A><B><U>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</U></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(In millions of Argentine pesos in current currency - Note 1.e)</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three-month periods<BR>
ended September 30,</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Nine-month periods<BR>
ended September 30,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 56%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net loss for the period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,360)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(27,688)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,249)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(17,347)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Other comprehensive income - Will be reclassified subsequently to profit or loss</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Currency translation adjustments (no effect on Income Tax)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">130</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,279</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(762)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(676)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;NDF effects classified as hedges </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">47</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(114)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; text-indent: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(301)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(492)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Income Tax effects on NDF classified as hedges</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(23)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">54</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">73</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">128</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Other comprehensive income (loss), net of tax</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>154</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,219</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(990)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,040)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total comprehensive loss for the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,206)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(25,469)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,239)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(18,387)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Controlling Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,303)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(26,227)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,362)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18,678)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">97</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">758</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">123</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">291</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,206)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(25,469)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,239)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(18,387)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The accompanying notes are an integral part of these unaudited
consolidated financial statements.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 11pt">TELECOM
ARGENTINA S.A.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt"><A NAME="CONSOLIDATEDSTATEMENTSOFCHANGESINEQUITY"></A><B><U>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</U></B></P>

<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0pt">(In millions of Argentine pesos in current currency
- Note 1.e)</P>

<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">Owners
    contribution</FONT></TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B>Reserves</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 15%; padding-right: 0; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; white-space: nowrap; width: 6%; padding-right: 0; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B>Outstanding<BR>
 shares -<BR>
 Capital <BR>
nominal value<BR>
(1)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; width: 5%; padding-right: 0; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B>Treasury<BR>
 shares -<BR>
 Capital<BR>
 nominal<BR>
 value<BR>
(1) (2)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 5%; padding-right: 0; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B>Inflation<BR>
 adjust-<BR>
ment </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 5%; padding-right: 0; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B>Treasury<BR>
 shares<BR>
 acquisition<BR>
 cost <BR>
(2)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 5%; padding-right: 0; padding-bottom: 2pt">
        <P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Contri-<BR>
buted<BR>
 Surplus</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 5%; padding-right: 0; padding-bottom: 2pt">
        <P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Legal<BR>
 reserve</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 5%; padding-right: 0; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B>Special<BR>
 reserve for <BR>
IFRS<BR>
 implemen-<BR>
tation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 6%; padding-right: 0; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B>Voluntary<BR>
 reserve for<BR>
 capital<BR>
 invest-<BR>
ments</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 5%; padding-right: 0; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B>Facultative<BR>
 (3)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 6%; padding-right: 0; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B>Facultative<BR>
 reserve for<BR>
 future<BR>
 dividends<BR>
 payments</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; white-space: nowrap; width: 5%; padding-right: 0; padding-bottom: 2pt">
        <P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Other<BR>
 compre-<BR>
hensive<BR>
 results</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; white-space: nowrap; width: 5%; padding-right: 0; padding-bottom: 2pt"><P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>
        <P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Other<BR>
        deferred</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 5%; padding-right: 0; padding-bottom: 2pt">
        <P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Retained<BR>
 earnings</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 6%; padding-right: 0; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B>Equity<BR>
 attributable<BR>
 to controlling<BR>
 company</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 6%; padding-right: 0; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B>Equity<BR>
 attributable<BR>
 to non-controlling<BR>
 interest</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 5%; padding-right: 0; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B>Total<BR>
 Equity</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Balances as of January 1, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>2,154</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>15</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>83,369</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(3,376)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>239,564</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>4,261</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>1,835</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>6,208</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>21,318</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>20,665</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(1,415)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(669)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>50,641</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>424,570</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>6,071</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>430,641</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Resolutions of the General Ordinary and Extraordinary Shareholders&rsquo; Meeting held on April 24, 2019:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;- Reserves constitutions</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">500</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">27,690</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">11,852</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(40,042)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;- Dividends</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(10,192)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(10,599)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(20,791)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(20,791)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Dividends to non-controlling shareholders (4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
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    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(313)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(313)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Capital Reduction</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(11)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(878)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">2,422</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(1,533)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Irrevocable Call and Put Option on the shares of AVC Continente Audiovisual (5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(140)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(140)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(140)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Increase in Tuves shareholding (6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">43</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">43</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(116)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(73)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><U>Comprehensive income: </U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Net
income (loss) for the period</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(17,680)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(17,680)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">333</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(17,347)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Other
comprehensive loss</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(998)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(998)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(42)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(1,040)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Total Comprehensive (loss) income </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(998)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(17,680)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(18,678)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>291</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(18,387)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 0; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Balances as of September 30, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>2,154</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>4</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>82,491</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(954)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>239,564</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>4,761</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>1,835</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>6,208</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>49,008</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>22,325</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(2,413)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(766)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(19,213)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>385,004</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>5,933</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>390,937</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Balances as of January 1, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>2,154</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>82,202</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>239,564</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>4,761</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>1,835</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>6,208</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>46,421</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>1,912</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(3,617)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(796)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(7,568)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>373,076</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>5,832</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>378,908</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Resolutions of the General Ordinary and Extraordinary Shareholders&rsquo; Meeting held on April 28, 2020:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">- Absorption of negative Retained earnings</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(2,191)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(5,335)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">7,526</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">- Reserves reallocation</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(12,351)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(4,017)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">12,351</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">4,017</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Dividends to non-controlling shareholders (4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(324)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(324)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Irrevocable Call and Put Option on the shares of AVC Continente Audiovisual valuation adjustment (5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">20</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">20</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>20</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><U>Comprehensive income: </U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Net
income (loss) for the period</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(1,645)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(1,645)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">396</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(1,249)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Other
comprehensive loss</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(717)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(717)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(273)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(990)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Total Comprehensive (loss) income </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(717)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(1,645)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(2,362)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>123</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(2,239)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Balances as of September 30, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>2,154</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>82,202</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>227,213</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>4,761</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>1,835</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>53,437</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>5,929</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(4,334)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(776)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(1,687)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>370,734</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>5,631</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>376,365</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt">(1) As of September 30, 2020 and 2019 total shares were
issued and fully paid. As of September 30, 2019, 3,784,720 were treasury shares.</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt">(2) As of September 30, 2019 corresponds to 3,784,720
shares of $1 argentine peso of nominal value each, equivalent to 0.18% of total capital.</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt; background-color: white">(3) Correspond to the Facultative
Reserves to maintain the capital investments level and the current level of solvency.</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt; background-color: white">(4) Corresponds to non-controlling
interest of N&uacute;cleo.</P>

<P STYLE="margin: 0pt; font: 6pt Arial, Helvetica, Sans-Serif; background-color: white">(5) On September 25, 2019,
Telecom and the non-controlling shareholders of AVC Continente Audiovisual (the &ldquo;Assignors&rdquo;) executed an Offer for
an Irrevocable Call and Put Option on all the shares of AVC Continente Audiovisual held by the Assignors. This transaction has
an impact of $120 in Other deferred under Equity Attributable to Controlling Shareholders in the unaudited consolidated financial
statements.</P>

<P STYLE="margin: 0pt; font: 6pt Arial, Helvetica, Sans-Serif; background-color: white">(6) On May 10, 2019, N&uacute;cleo
executed a stock purchase agreement with TU VES, a company incorporated under the laws of the Republic of Chile, owner of 30% of
Tuves Paraguay, of 211,848 Series B registered ordinary shares, representing the mentioned 30% stockholding in TUVES Paraguay.
After the CONATEL approval, on September 4, 2019, N&uacute;cleo effectively acquired the mentioned shares. This operation represents
a transaction between the controlling and non-controlling shareholders in the unaudited consolidated financial statements. For
this reason, the non-controlling interest as of September 30, 2019 and the difference between the purchase price, amounting to
$43 as of September 30, 2019 (in current currency as of September 30, 2020) was recorded in &ldquo;Other deferred&rdquo; within
Net Equity attributable to controlling shareholders as of such date, in accordance with IFRS 10.</P>

<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The accompanying notes are an integral part of these unaudited
consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">TELECOM
ARGENTINA S.A.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="CONSOLIDATEDSTATEMENTSOFCASHFLOWS"></A><B><U>CONSOLIDATED STATEMENTS OF CASH FLOWS</U></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(In millions of Argentine pesos in current currency &ndash; Note
1.e)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Nine-month periods<BR>
ended September 30,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Note</U></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Verdana, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net loss for the period</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,249)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17,347)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Adjustments to reconcile net income to net cash flows provided by operating activities</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Verdana, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Allowances deducted from assets </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,852</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,675</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Depreciation of property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">43,712</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">42,283</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Amortization of intangible assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,205</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,723</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Amortization of rights of use assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,865</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,999</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Earnings from associates</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2.a</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(372)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">279</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Disposals of fixed assets and consumption of materials</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">392</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">299</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Financial results and others</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,092</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,252</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Income tax expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>13</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,780</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,122</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Income tax paid (*)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,138)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,847)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Net (increase) decrease in assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2.b</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,302)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,851</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net decrease in liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2.b</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,053)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18,073)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total cash flows provided by operating activities</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>71,784</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>76,216</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Property, plant and equipment acquisitions</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(32,747)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(42,563)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Intangible asset acquisitions</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,437)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,518)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Acquisition of interest of Tuves</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(74)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Proceeds from dividends</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2.b</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">46</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">201</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Proceeds from the sale of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Investments not considered as cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,055)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,935</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total cash flows used in investing activities</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(47,193)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(38,018)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Proceeds from financial debt</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2.b</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,127</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">66,127</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Payment of financial debt</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2.b</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(57,544)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(36,804)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Payment of interests and related expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2.b</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(15,731)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,720)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Payments of leases liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,956)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,398)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Payment of cash dividends </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2.b</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(158)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(20,516)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total cash flows used in financing activities</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(36,262)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,311)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(11,671)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>36,887</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>31,284</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12,964</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>NET FOREIGN EXCHANGE DIFFERENCES AND RECPAM ON CASH AND CASH EQUIVALENTS</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,479</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,456</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>21,092</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>51,307</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(*)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Nine-month periods</U></B></P>
        <P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>ended September 30</U></B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 67%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;Corresponding to Controlling Company &ndash; tax withholdings</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(1,074)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(1,566)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;Corresponding to subsidiaries</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(64)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(281)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(1,138)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(1,847)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Note 2.b for additional information on the consolidated statements
of cash flows.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The accompanying notes are an integral part of these unaudited
consolidated financial statements.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 3 -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>AS OF SEPTEMBER 30, 2020 AND 2019 (*)</U></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(In millions of Argentine pesos, except as otherwise indicated)</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>INDEX</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 98%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; width: 90%; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Page</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#a_033"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Glossary of terms</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_033"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><A HREF="#S4_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 1 &ndash; Basis of preparation of the unaudited consolidated financial statements and significant accounting policies. Dividends payables</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#S4_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8</B></FONT></A></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 5pt; vertical-align: top"><A HREF="#a_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 2 &ndash; Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_007"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 3 &ndash; Trade receivables</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_007"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>15</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_008"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 4 &ndash; Other receivables</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_008"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>15</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_009"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 5 &ndash; Inventories</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_009"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_010"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 6 &ndash; Goodwill</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_010"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_011"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 7 &ndash; Property, plant and equipment</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_011"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_012"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 8 &ndash; Intangible assets</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_012"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>17</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_013"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 9 &ndash; Right of use assets</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_013"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>17</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_014"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 10 &ndash; Trade payables</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_014"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>18</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_015"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 11 &ndash; Financial debt</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_015"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>18</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_016"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 12 &ndash; Salaries and social security payables</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_016"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_017"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 13 &ndash; Deferred income tax assets/liabilities</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_017"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_018"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 14 &ndash; Taxes payables</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_018"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>24</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_019"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 15 &ndash; Leases liabilities</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_019"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>24</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_020"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 16 &ndash; Other liabilities</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_020"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>24</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_021"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 17 &ndash; Provisions</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_021"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>25</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_022"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 18 &ndash; Additional information</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_022"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>26</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_023"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 19 &ndash; Commitments</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_023"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>27</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_024"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 20 &ndash; Equity</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_024"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>28</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_025"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 21 &ndash; Revenues</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_025"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>28</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_026"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 22 &ndash; Operating expenses</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_026"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>29</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_027"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 23 &ndash; Financial results, net</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_027"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>30</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_028"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 24 &ndash; Balances and transactions with Companies under Section 33 - Law No. 19,550 and Related Parties</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_028"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>30</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_029"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 25 &ndash; Restrictions on distribution of profits</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_029"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>32</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_030"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 26 &ndash; Impact of Coronavirus in Telecom</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_030"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>32</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_031"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 27 &ndash; Recent developments corresponding to the nine-month period ended September 30, 2020</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_031"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>36</B></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><A HREF="#a_032"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 28 &ndash; Subsequent events to September 30, 2020</FONT></A></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: center"><A HREF="#a_032"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>37</B></FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(*) By convention the definitions used in
the notes are in the Glossary of Terms.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>




<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TELECOM
ARGENTINA S.A. </B></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_033"></A><B><U>Glossary of terms</U></B></P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The following explanations
are not technical definitions, but to assist the general reader to understand certain terms as used in these unaudited consolidated
financial statements.</P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>The
Company/Telecom Argentina/Telecom</I></FONT>: Telecom Argentina S.A.</P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>Micro
Sistemas/Pem/CV Berazategui/Cable Imagen/&Uacute;ltima Milla/AVC Continente Audiovisual/Inter Radios: </I></FONT>Names corresponding
to limited companies or limited responsibility companies that are directly or indirectly controlled according to the definition
of the General Corporations Law, or were controlled by the Company, directly or <I>indirectly: Micro Sistemas S.A.U., Pem S.A.U.,
CV Berazategui S.A., Cable Imagen S.R.L., &Uacute;ltima Milla S.A., AVC Continente Audiovisual S.A., Inter Radios S.A.U. </I></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>Telecom
USA/N&uacute;cleo/Personal Env&iacute;os/Tuves Paraguay / Televisi&oacute;n Dirigida / Adesol: </I></FONT>Names corresponding to
foreign companies Telecom Argentina USA, Inc., N&uacute;cleo S.A., Personal Env&iacute;os S.A., Tuves Paraguay S.A., Televisi&oacute;n
Dirigida S.A. y Adesol S.A., respectively, companies that are directly or indirectly controlled according to the definition of
the General Corporations Law.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>BYMA
(Bolsas y Mercados Argentinos) / NYSE: </I></FONT>Buenos Aires Stock Exchange and New York Stock Exchange, respectively.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>Cablevisi&oacute;n:</I></FONT>
Company merged by absorption into Telecom since January 1, 2018, whose activities are continued by Telecom.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>CAPEX:
</I></FONT>Capital expenditures.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>CNV
(Comisi&oacute;n Nacional de Valores):</I></FONT> The Argentine National Securities Commission.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>CPCECABA
(Consejo Profesional de Ciencias Econ&oacute;micas de la Ciudad Aut&oacute;noma de Buenos Aires): </I></FONT>The Professional Council
of Economic Sciences of the City of Buenos Aires.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>CVH:</I></FONT>
Cablevisi&oacute;n Holding S.A., controlling company of Telecom since January 1, 2018.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>DNU
(Decreto de Necesidad y Urgencia):</I></FONT> Decree of Need and Urgency.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>ENACOM
(Ente Nacional de Telecomunicaciones): </I></FONT>The Telecommunications Regulatory Authority of Argentina.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>FACPCE
(Federaci&oacute;n Argentina de Consejos Profesionales en Ciencias Econ&oacute;micas):</I></FONT> Argentine Federation of Professional
Councils of Economic Sciences.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>Fixed
Assets: </I></FONT>PP&amp;E, Intangible Assets and Right of Use Assets.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>IAS:</I></FONT>
International Accounting Standards.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>IASB</I></FONT>:
International Accounting Standards Board.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>ICT
services (Information and Communication Technology services):&nbsp;</I></FONT>Services to transport and distribute signals or data,
such as voice, text, video and images, provided or requested by third-party users, through telecommunications networks.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>IFRS</I></FONT>:
International Financial Reporting Standards, as issued by the International Accounting Standards Board.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>INDEC
(Instituto Nacional de estad&iacute;sticas y censos): </I></FONT> The National Institute of statistics and cense.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>LGS
(Ley de General de Sociedades): </I></FONT>Argentine Corporations Law No. 19,550 as amended. Since the enforcement of the new Civil
and Commercial Code its name was changed to &ldquo;General Corporations Law&rdquo;.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>NDF:
</I></FONT>Non-Deliverable Forward.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>PEN
(Poder Ejecutivo Nacional</I></FONT>): The executive branch of the Argentine Government.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>PP&amp;E: Property,
plant and equipment.</I></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>RECPAM
(Resultado por exposici&oacute;n a los cambios en el poder adquisitivo de la moneda):</I></FONT> Gain (Loss) of the changes in
the purchasing power of the Argentine peso.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>Roaming:</I></FONT>
charges from the use of networks of other national and international operators.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>RT:</I></FONT>
Technical resolutions issued by the FACPCE.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>RT
26</I></FONT>: Technical resolution No. 26 issued by the FACPCE, amended by RT 29 and RT 43.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>TMF
Administration Trust / TMF Trust:</I></FONT> Administration Trust &ndash; Telecom Argentina&rsquo;s refinancing plan agreed with
TMF Trust Co.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>VAT</I></FONT>:
Value-Added Tax.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt"><I>VLG:
VLG S.A.U. (formerly VLG Argentina LLC</I></FONT><I>)</I>: a company that is a shareholder of the Company and controlled by CVH.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In these unaudited consolidated financial
statements, unless otherwise stated, Argentine peso amounts are stated in millions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: justify; text-indent: -59.55pt"><B><A NAME="S4_001"></A>NOTE
1 &ndash; BASIS OF PREPARATION OF THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES</B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: justify; text-indent: -59.55pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><U>Basis of preparation
and significant accounting policies</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As required by the CNV, the unaudited consolidated
financial statements of the Company have been prepared in accordance with RT 26 of FACPCE (as amended by RT 29 and RT 43) that
adopted IFRS as issued by the IASB, also adopted by the CPCECABA.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">For
the preparation of these unaudited consolidated financial statements, the Company has elected to make use of the option provided
by IAS 34 and has prepared them in its condensed form. Therefore, these financial statements do not include all the information
required in an annual financial statement and, consequently, they must be read jointly with the 2019 annual consolidated financial
statements, which can be consulted at the Company&rsquo;s website (</FONT><U>https://institucional.telecom.com.ar/inversores</U>).
Therefore, these unaudited consolidated financial statements were prepared following the same accounting policies as in the most
recent annual financial statements.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">These unaudited
consolidated financial statements were prepared including in the consolidation process the following companies:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; vertical-align: top; text-align: center"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Company </B></P></TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Main Activity</B></P></TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Country</B></P></TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">Telecom Argentina's<BR> direct/indirect <BR> interest in capital<BR> stock and votes</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; width: 27%; padding-left: 3.5pt">N&uacute;cleo</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 39%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Mobile telecommunications Services</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Paraguay</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; width: 17%; text-align: center">67.50%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3.5pt">Personal Env&iacute;os</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Mobile financial services</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Paraguay</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">67.50%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3.5pt">Tuves Paraguay</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Distribution of television and audio signals direct to home</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Paraguay</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">67.50%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3.5pt">Micro Sistemas</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Services related to the use of electronic payment media</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Argentina</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">100.00%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 3.5pt">Pem</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Investments</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Argentina</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">100.00%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3.5pt">Cable Imagen</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Closed-circuit television</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Argentina</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">100.00%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3.5pt">Televisi&oacute;n Dirigida</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Cable television services</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Paraguay</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">100.00%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3.5pt">Adesol (a)</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Holding</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Uruguay</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">100.00%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3.5pt">AVC Continente Audiovisual</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Broadcasting services</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Argentina</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">60.00%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3.5pt">Inter Radios</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Broadcasting services</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Argentina</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">100.00%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 3.5pt">TMF Trust</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Administration Trust</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 3.5pt">Uruguay</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">100.00%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Telecom USA</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; padding-left: 3.5pt">Telecommunication services</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; padding-left: 3.5pt">USA</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">100.00%</TD></TR>
</TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Includes the 100% interest in Telemas S.A. which holds interests
in the following special-purpose entities: Audomar S.A., Bersabel S.A., Dolfycor S.A., Reiford S.A., Space Energy S.A., Tracel
S.A. and Visi&oacute;n Satelital S.A. </FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The preparation
of these unaudited consolidated financial statements in accordance with IFRS requires that the Company's Management make estimates
that affect the figures disclosed in the financial statements or its complementary information. Actual results may differ from
these estimates.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">These unaudited consolidated financial statements
were prepared in current currency as of September 30, 2020 (see item e) on an accrual basis of accounting (except for the statement
of cash flows). Under this basis, the effects of transactions are recognized when they occur. Therefore, income and expenses are
recognized at fair value on an accrual basis regardless of when they are received or paid. When significant, the difference between
the fair value and the nominal amount of income and expenses is recognized as finance income or expense using the effective interest
method.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">These unaudited
consolidated financial statements as of September 30, 2020, were approved by resolution of the Board of Directors&rsquo; meeting
held on November 9, 2020.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><U>Consolidated Financial
Statement Formats</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The financial statement formats adopted
are consistent with IAS 1. In particular:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>the consolidated statements of financial
position</U> have been prepared by classifying assets and liabilities according to the &ldquo;current and non-current&rdquo; criterion.
Current assets and liabilities are those that are expected to be realized/settled within twelve months after the period-end;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Courier New, Courier, Monospace; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>the consolidated income statements</U>
have been prepared by classifying operating expenses by nature of expense as this form of presentation represents the way that
the business is monitored by the Executive Committee and the CEO and, additionally, are in line with the usual presentation of
expenses in the ICT services industry;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>the consolidated statements of comprehensive
income</U> include the net income (loss) of the period included in the consolidated income statement and all components of other
comprehensive income;</FONT></TD></TR></TABLE>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>the consolidated statements of changes
in equity</U> have been prepared showing separately (i) net income (loss) of the period, (ii) other comprehensive income (loss)
of the period, and (iii) transactions with shareholders (owners and non-controlling interest) if corresponds;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>the consolidated statements of cash
flows</U> have been prepared by presenting cash flows from operating activities according to the &ldquo;indirect method&rdquo;,
as permitted by IAS 7.</FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">These unaudited consolidated financial statements
contain all disclosures required under IAS 34. Some additional disclosures required by the LGS and/or by the CNV have been also
included.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><U>Segment information</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">An operating segment is defined as a component
of an entity that engages in business activities from which it may earn revenues and incur expenses, and whose financial information
is available, held separately, and evaluated regularly by the chief operating decision maker. In the case of the Company, the Executive
Committee and the Chief Executive Officer (&ldquo;CEO&rdquo;) are responsible for controlling recourses and for the economic and
financial performance of Telecom.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The Executive Committee
and the CEO have a strategic and operational vision of Telecom as a single business unit in Argentina, according to the current
regulatory context of the converged ICT services industry (adding to the same segment the activities related to the mobile services,
internet services, cable television and fixed telephony services, services governed by the same regulatory framework of ICT services).
To exercise its functions, both the Executive Committee and the CEO receive periodically the economic and financial information
of Telecom Argentina and its subsidiaries (in currency of the date of each transaction), that is prepared as a single segment,
and evaluate the evolution of business as a results generation unit, administrating the resources in a unique way to achieve the
objectives. Regarding to costs, they are not specifically appropriated to a type of service, considering that the Company has a
single payroll and general operating expenses that affect all services in general (non-specific). On the other hand, decisions
on CAPEX affect all the types of services provided by Telecom in Argentina and not specifically to one of them. Based on what was
previously described and under the accounting principles established in the IFRS as issued by the IASB, it was defined that the
Company has a single segment of operations in Argentina.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Telecom carries out activities abroad (Paraguay,
United States of America and Uruguay). These operations are not analyzed as a separate segment by the Executive Committee and the
CEO, who analyze the consolidated information of companies in Argentina and abroad (in currency of the date of each transaction),
taking into account that the activities of foreign companies are not significant for Telecom. The operations that Telecom carries
out abroad do not meet the aggregation criteria established by the standard to be grouped within the &quot;Services rendered in
Argentina&quot; segment, and considering that they do not exceed any of the quantitative thresholds identified in the standard
to qualify as reportable segments, they are grouped within the category &quot;Other abroad segments&quot;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Split-Segment; Name: 4 -->
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">Presented below is the Segment financial
information as analyzed by the Executive Committee and the CEO for the nine-month periods ended September 30, 2020 and 2019:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Wingdings; font-size: 8pt">q</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><U>Consolidated Income Statement as of September 30, 2020</U></I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center">Services<BR>
rendered in<BR>
Argentina</TD><TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center">Services<BR>
rendered in<BR>
Argentina &ndash;<BR>
Inflation<BR>
restatement</TD><TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center">Services<BR>
rendered in<BR>
Argentina<BR>
restated for<BR>
inflation</TD><TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center">Other abroad<BR>
segments</TD><TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center">Other<BR>
abroad<BR>
segments &ndash;<BR>
Inflation<BR>
restatement</TD><TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center">Other abroad<BR>
segments<BR>
restated for<BR>
inflation</TD><TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center">Eliminations</TD><TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center">Total</TD><TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 22%">Revenues</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 8.5%; text-align: right">177,666</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 8.5%; text-align: right">17,128</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 8.5%; text-align: right">194,794</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 9.5%; text-align: right">13,004</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 8.5%; text-align: right">1,274</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 9.5%; text-align: right">14,278</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 6.5%; text-align: right">(852</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 0.5%; text-align: left">)</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 6.5%; text-align: right">208,220</TD><TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 0.5%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">Operating costs without depreciation, amortization and impairment of fixed assets</TD><TD STYLE="border-right: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(113,782</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(11,806</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(125,588</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(8,225</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(804</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(9,029</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">852</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(133,765</TD><TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; border-left: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">Adjusted EBITDA</TD><TD STYLE="padding-top: 5pt; border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">63,884</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">5,322</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">69,206</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">4,779</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">470</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">5,249</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">74,455</TD><TD STYLE="vertical-align: bottom; padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">Depreciation, amortization and impairment of fixed assets</TD><TD STYLE="border-right: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(22,958</TD><TD STYLE="border-right: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(28,593</TD><TD STYLE="border-right: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(51,551</TD><TD STYLE="border-right: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(3,048</TD><TD STYLE="border-right: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(463</TD><TD STYLE="border-right: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(3,511</TD><TD STYLE="border-right: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="border-right: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(55,062</TD><TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">Operating income</TD><TD STYLE="padding-top: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">40,926</TD><TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">(23,271</TD><TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">17,655</TD><TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">1,731</TD><TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">7</TD><TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">1,738</TD><TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">19,393</TD><TD STYLE="vertical-align: bottom; padding-top: 5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-indent: 0.125in; text-align: left">Earnings from associates</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">372</TD><TD STYLE="vertical-align: bottom; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-indent: 0.125in; text-align: left">Debt financial expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(20,669</TD><TD STYLE="vertical-align: bottom; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-indent: 0.125in; text-align: left">Other financial results, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">7,435</TD><TD STYLE="vertical-align: bottom; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">Income before income tax expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">6,531</TD><TD STYLE="vertical-align: bottom; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-indent: 0.125in; text-align: left">Income tax expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(7,780</TD><TD STYLE="padding-bottom: 2pt; font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">Net loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">(1,249</TD><TD STYLE="padding-bottom: 2pt; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">Attributable to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">Controlling Company</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(1,645</TD><TD STYLE="vertical-align: bottom; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">Non-controlling interest</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">396</TD><TD STYLE="vertical-align: bottom; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">(1,249</TD><TD STYLE="padding-bottom: 2pt; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Wingdings; font-size: 8pt">q</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><U>Consolidated Income Statement as of September 30, 2019</U></I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">Services<BR>
rendered in<BR>
Argentina</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">Services<BR>
rendered in<BR>
Argentina &ndash;<BR>
Inflation<BR>
restatement</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">Services<BR>
rendered in<BR>
Argentina<BR>
restated for<BR>
inflation</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">Other abroad<BR>
segments</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">Other <BR>
abroad<BR>
segments &ndash;<BR>
Inflation<BR>
restatement</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">Other abroad<BR>
segments<BR>
restated for<BR>
inflation</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">Eliminations</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">Total</TD><TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 22%">Revenues</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 8.5%; text-align: right">129,511</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 8.5%; text-align: right">75,349</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 8.5%; text-align: right">204,860</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 9.5%; text-align: right">9,074</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 8.5%; text-align: right">5,374</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 9.5%; text-align: right">14,448</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 6.5%; text-align: right">(1,126</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; width: 0.5%; text-align: left">)</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; width: 6.5%; text-align: right">218,182</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 0.5%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">Operating costs without depreciation, amortization and impairment of fixed assets</TD><TD STYLE="border-right: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(85,337</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(51,288</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(136,625</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(6,266</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(3,709</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(9,975</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">1,126</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(145,474</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; border-left: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">Adjusted EBITDA</TD><TD STYLE="padding-top: 5pt; border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">44,174</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">24,061</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">68,235</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">2,808</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">1,665</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">4,473</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">72,708</TD><TD STYLE="border-right: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; border-left: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">Depreciation, amortization and impairment of fixed assets</TD><TD STYLE="padding-top: 5pt; border-right: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(18,092</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(31,583</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(49,675</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(2,023</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(1,338</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(3,361</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(53,036</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">Operating income</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">26,082</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">(7,522</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">18,560</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">785</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">327</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">1,112</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">19,672</TD><TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-indent: 0.125in; text-align: left">Earnings from associates</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(279</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-indent: 0.125in; text-align: left">Debt financial expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(32,499</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-indent: 0.125in; text-align: left">Other financial results, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">12,881</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">Loss before income tax expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">(225</TD><TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-indent: 0.125in; text-align: left">Income tax expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(17,122</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">Net loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">(17,347</TD><TD STYLE="padding-bottom: 2pt; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">Attributable to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">Controlling Company</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">(17,680</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">Non-controlling interest</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">333</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">(17,347</TD><TD STYLE="padding-bottom: 2pt; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Additional information
per geographical area required under IFRS 8 (Operating Segments) is disclosed below (in current currency as of September 30, 2020):</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales revenues from customers located in Argentina amounted to $194,040
and $203,740 during the nine-month periods ended September 30, 2020 and 2019, respectively; while sales revenues from foreign customers
amounted to $14,180 and $14,442 during the nine-month periods ended September 30, 2020 and 2019, respectively.</FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CAPEX corresponding to the segment &ldquo;Services rendered in Argentina&rdquo;
amounted to $31,196 and $50,579 during the nine-month periods ended September 30, 2020 and 2019, respectively; while CAPEX corresponding
to the segment &ldquo;Other abroad segments&rdquo; amounted to $3,784 and $4,657 during the nine-month periods ended September
30, 2020 and 2019, respectively.</FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PP&amp;E, Goodwill, Intangible assets and Rights of use assets corresponding
to the segment &ldquo;Services rendered in Argentina&rdquo; amounted to $600,508 and $615,413 as of September 30, 2020 and as of
December 31, 2019, respectively; while PP&amp;E, Goodwill, Intangible assets and Rights of use assets corresponding to the segment
 &ldquo;Other abroad segments&rdquo; amounted to $23,950 and $24,391 as of September 30, 2020 and as of December 31, 2019, respectively.</FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">iv)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial Debt corresponding to the segment &ldquo;Services rendered
in Argentina&rdquo; amounted to $166,745 and $180,863 as of September 30, 2020 and as of December 31, 2019, respectively; while
Financial Debt corresponding to the segment &ldquo;Other abroad segments&rdquo; amounted to $5,143 and $5,011 as of September 30,
2020 and as of December 31, 2019, respectively.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>d)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><U>Net income per share</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Basic earnings per share are calculated
by dividing the net income (loss) attributable to owners of the Parent Company by the weighted average number of common shares
outstanding during the period. Diluted earnings per share is computed by dividing the net income (loss) for the period by the weighted
average number of common shares issued and common shares to be potentially issued at the end of the period. Since the Company has
no dilutive potential common stock outstanding, basic and dilutive earnings (loss) per share amounts are the same.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the nine-month periods ended September
30, 2020 and 2019, the weighted average number of shares outstanding amounted to 2,153,688,011.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>e)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><U>Financial reporting
in hyperinflationary economies</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">IAS 29 establishes
the conditions under which an entity shall restate its financial statements if it operates in an economic </FONT>environment considered
hyperinflationary.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">To determine the
existence of a highly inflationary economy under the terms of IAS 29, the standard details a series of characteristics to consider,
including a cumulative inflation rate over three years that approximates or exceeds 100%.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The macroeconomic
events that have taken place in the country during the year 2018 and the three-year accumulated inflation rate as of December 31,
2018, that reached 147.8%, evidenced compliance with the qualitative and quantitative factors provided for in IAS 29 to consider
Argentina as a highly inflationary economy for accounting purposes. On the other hand, the FACPCE issued Resolution No. 539/18
on September 29, 2018 in which defined the need to restate the financial statements of Argentine companies for reporting periods
ended after July 1, 2018, establishing specific issues in relation to the inflation restatement such as, for example, the indexes
to be used (Resolution approved on October 10, 2018, by the CPCECABA through Resolution No. 107/2018).</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, Law
No. 27,468 amended Section 10 of Law No. 23,928, and its amendments, 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 of the General Associations Law, as amended. In addition, it repealed Decree No. 1,269/2002, as amended, and delegated on the
PEN, through its oversight agencies, the power to set the date as from which those regulations will come into effect in relation
to the financial statements that are presented to them.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Therefore, through
Resolution No. 777/18, the CNV established the method to restate financial statements in current currency in accordance with IAS
29 for years/periods ended since December 31, 2018. Therefore, these unaudited financial statements are restated in current currency
of September 30, 2020.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">In
relation to the inflation index to be used, according to Resolution No. 539/18, it was determined according to the Internal Wholesale
Price Index (IWPI) until the year 2016, considering for the months of November and December 2015 the average variation of the Consumer
Price Index (CPI) of the City of Buenos Aires. Then, from January 2017, the National Consumer Price Index (National CPI) was considered.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The table below
shows the evolution of these indexes in the last two years and as of September 30, 2020 and 2019 according to official statistics
(INDEC) in accordance with Resolution No. 539/18 and the devaluation of the Argentine peso vs. de US dollar for the same years
/ periods:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-right: 1.3in; margin-left: 0.2in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font: bold 7.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 7.5pt Arial, Helvetica, Sans-Serif; text-align: center"><U>As of December <BR>
    31, 2018</U></TD><TD STYLE="font: bold 7.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 7.5pt Arial, Helvetica, Sans-Serif; text-align: center"><U>As of September <BR>
    30, 2019</U></TD><TD STYLE="font: bold 7.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 7.5pt Arial, Helvetica, Sans-Serif; text-align: center"><U>As of December <BR>
    31, 2019</U></TD><TD STYLE="font: bold 7.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 7.5pt Arial, Helvetica, Sans-Serif; text-align: center"><U>As of September <BR>
    30, 2020</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7.5pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; width: 48%; text-align: left">National Consumer Price Index (December 2016=100)</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">184.26</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">253.71</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">283.44</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center">346.62</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7.5pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left">Variation in Prices</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">Annual</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">47.6%</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">53.7%</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">53.8%</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">36.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: left">Accumulated 3 years</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">147.8%</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">159.9%</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">183.2%</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">194.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">Accumulated 3 months since June 2019 / 2020</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">n/a</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">12.5%</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">n/a</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">7.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">Accumulated 9 months</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">n/a</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">37.7%</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">n/a</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">22.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 4pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 4pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 4pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 4pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 4pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 4pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 4pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 4pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: left">Banco Naci&oacute;n US$/$ exchange rate</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">37.70</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">57.59</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">59.89</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">76.18</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 4pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 4pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 4pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 4pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 4pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 4pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 4pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 4pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7.5pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left">Variation in the exchange rate</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">Annual</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">102.1%</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">n/a</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">58.9%</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">n/a</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">Accumulated 3 months since June 2019 / 2020</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">n/a</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">35.6%</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">n/a</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">8.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">Accumulated 9 months</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">n/a</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">52.8%</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">n/a</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">27.2%</TD></TR>
</TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
followed the </FONT><FONT STYLE="background-color: white">same restatement policies for items </FONT>identified in the annual consolidated
financial statements as of December 31, 2019. The main financial results related to foreign currency exchange and <FONT STYLE="background-color: white">accrued
interest are determined in real terms, excluding the inflationary effect contained therein.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_006"></A><B>NOTE 2 &ndash; CASH AND CASH EQUIVALENTS
AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS. DIVIDENDS PAYABLE</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>a)</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><U>Cash and cash equivalents and Investments</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center"><U>September 30,</U></TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center"><U>December 31,</U></TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"><U>Cash and cash equivalents</U></TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center"><U>2020</U></TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center"><U>2019</U></TD><TD STYLE="padding-bottom: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; width: 70%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt">Cash and Banks</TD><TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">7,863</TD><TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,101</TD><TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt">Time deposits</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,632</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">860</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt">Mutual funds</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">10,104</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">28,323</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt">Government bonds at fair value</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">493</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2.5pt; padding-left: 1.5pt">Total cash and cash equivalents</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(a)</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;<B>21,092</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">31,284</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-decoration: underline; padding-left: 1.5pt">Investments</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-decoration: underline; padding-left: 1.5pt">Current</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt">Government bonds at fair value</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">15,848</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">363</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt">Government bonds at amortized cost</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">414</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">161</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt">Mutual funds</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,109</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">78</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt">Time deposits</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">784</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt">Allowance for credit risk (b)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(58)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(78)</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2.5pt; padding-left: 1.5pt">Total current investments</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">18,097</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">524</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left; padding-left: 1.5pt">Non- current</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt">Government bonds at amortized cost</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">408</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,418</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt">Investments in associates (c)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,747</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,375</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 1.5pt">2003 Telecommunications Fund</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt">Allowance for credit risk (b)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(159)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(1,197)</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2.5pt; padding-left: 1.5pt">Total non-current investments</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,997</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,597</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">As of September 30, 2020, includes $3,499 (equivalent
to US$46.1 million) transferred to the TMF Company Administration Trust (See Note 11). </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Constituted following the expected credit losses parameters
provided by IFRS 9 as a consequence of a significant increase in these financial instruments&rsquo; credit risk.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Information on Investments in associates is detailed
below:</FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Financial position information:</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">Companies</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">Main activity</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">Country</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">Percentage <BR>
of capital<BR>
stock owned <BR>
and<BR>
voting rights</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">Valuation as of<BR>
09.30.2020</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">Valuation <BR>
as of <BR>
12.31.2019</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; font: 7pt Arial, Helvetica, Sans-Serif; width: 30%; text-align: left">Ver T.V. S.A. (1)</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 17%; text-align: center">Cable television station</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center; width: 17%">Argentina</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: center">49.00</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right">1,033</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right">761</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">Teledifusora San Miguel Arc&aacute;ngel S.A. (1) (2) (3)</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">Cable television station</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">Argentina</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">50.10</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">391</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">309</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">La Capital Cable S.A. (1) (2)</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">Closed-circuit television</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">Argentina</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center">50.00</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">316</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">298</TD><TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0.125in; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">Other minor investments in associates at equity method</TD><TD STYLE="font: 9pt Century Gothic">&nbsp;</TD>
    <TD STYLE="font: 9pt Century Gothic; text-align: center">&nbsp;</TD><TD STYLE="font: 9pt Century Gothic">&nbsp;</TD>
    <TD STYLE="font: 9pt Century Gothic; text-align: center">&nbsp;</TD><TD STYLE="font: 9pt Century Gothic">&nbsp;</TD>
    <TD STYLE="font: 9pt Century Gothic; text-align: center">&nbsp;</TD><TD STYLE="font: 9pt Century Gothic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">7</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: right">7</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0.125in; vertical-align: middle">Total</TD><TD STYLE="font: 9pt Century Gothic">&nbsp;</TD>
    <TD STYLE="font: 9pt Century Gothic; text-align: center">&nbsp;</TD><TD STYLE="font: 9pt Century Gothic">&nbsp;</TD>
    <TD STYLE="font: 9pt Century Gothic; text-align: center">&nbsp;</TD><TD STYLE="font: 9pt Century Gothic">&nbsp;</TD>
    <TD STYLE="font: 9pt Century Gothic; text-align: center">&nbsp;</TD><TD STYLE="font: 9pt Century Gothic; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">1,747</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right">1,375</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8in; text-align: justify; text-indent: -0.8in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Data about the issuer arise from extra-accounting
information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8in; text-align: justify; text-indent: -0.8in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Direct and indirect interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8in; text-align: justify; text-indent: -0.8in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Despite owning a percentage higher than a 50% of
interest, the Company does not have the control in accordance with the requirements of IFRS. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8in; text-align: justify; text-indent: -0.8in">&nbsp;</P>


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<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>TELECOM
ARGENTINA S.A.&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Earnings information:</U></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-right: 1.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Three-months periods ended</U></B></P>
        <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>September 30,</U></B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Nine-months periods ended</U></B></P>
        <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>September 30,</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.4pt; width: 43%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5.4pt; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-top: 5.4pt; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B><U>2019</U></B></FONT></TD>
    <TD STYLE="padding-top: 5.4pt; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 5.4pt; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-top: 5.4pt; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Ver T.V. S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">102</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(425)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">272</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(246)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Teledifusora San Miguel Arc&aacute;ngel S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">32</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(131)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">82</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(64)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">La Capital Cable S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">23</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">18</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">31</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>139</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(533)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>372</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(279)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Movements in the allowance of current credit
risk are as follows:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 1.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0.625in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the fiscal year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(78)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0.625in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Additions &ndash; Exchange differences</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(47)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0.625in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Additions &ndash; Risk of doubtful government bonds results</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,429)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0.625in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reclassifications</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(547)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0.625in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Uses (includes RECPAM)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">614</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0.625in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(58)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,429)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Movements in the allowance of non-current
credit risk are as follows:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 1.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0.625in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the fiscal year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,197)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0.625in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Additions &ndash; Exchange differences</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(225)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0.625in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Additions &ndash; Risk of doubtful government bonds results</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,872)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0.625in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reclassifications</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">547</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0.625in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Uses (includes RECPAM)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">716</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0.625in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(159)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,872)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Restructuring of Government Bonds</U></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In April 2020, the PEN, through Decree No.
391/2020 and the Government of the Province of Buenos Aires, established a restructuring of certain National and Provincial Government
Bonds issued under foreign law through the invitation to lenders to exchange those bonds for others, subject to new issuance conditions.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Furthermore, the exchange offer for the
restructuring of foreign currency-denominated government bonds issued under argentine law was approved in August 2020.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In May, July and August 2020, the Company
submitted several exchange offers of its bonds portfolio that could be exchanged, in accordance with the established conditions
and procedures provided to each case.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The exchange of the National and Provincial
Bonds issued under foreign and argentine laws took place in early September 2020. As of the date of these unaudited consolidated
financial statements, the exchange of the Province of Buenos Aires Government Bonds was still pending.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of September 30, 2020, the bonds received
by the Company as part of the exchange process have been disclosed under &ldquo;Government bonds at fair value&rdquo;.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>Additional information on the consolidated
statements of cash flows</U></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company applies the indirect method
to reconcile the net income for the period with the cash flows generated by its operations.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">For purposes of
the preparation of the consolidated statements of cash flows, cash and cash equivalents comprise cash, bank and short-term highly
liquid investments (with a maturity of three months or less). Bank overdrafts are disclosed in the statement of financial position
as current financial debt and its flows in the consolidated cash flow statements as proceed and payment of financial debt, because
they are part of the short-term financial permanent structure of Telecom and its subsidiaries.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Changes in assets/liabilities components:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-right: 1in">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net (increase) decrease in assets</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,697)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,380</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,838)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,652)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">233</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">123</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(5,302)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,851</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net decrease in liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,720)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,293)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Salaries and social security payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,308)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(833)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Taxes payables </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">516</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(725)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other liabilities and provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,541)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,222)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(8,053)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(18,073)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"><TD STYLE="width: 33%"><B>&nbsp;</B></TD><TD STYLE="width: 34%; text-align: center"><B>F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right"><B>&nbsp;</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 5pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Main Financing activities components</B></P>

<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table presents the main financing
activities components:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-right: 1in">
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30,</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 72%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 14%; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank overdrafts</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,880</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Notes</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,495</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">27,520</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank and other financial entities loans</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,088</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,695</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Loans for purchase of equipment</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,544</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,032</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total financial debt proceeds</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>40,127</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>66,127</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank overdrafts</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,317)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Notes</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,443)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,844)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank and other financial entities loans</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(41,246)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(33,959)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Loans for purchase of equipment</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,538)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total payment of debt</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(57,544)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(36,804)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank overdrafts</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,283)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,187)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Notes </FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,497)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,101)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank and other financial entities loans</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,636)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,720)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">By NDF, purchase of equipment and others</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,315)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,288</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total payment of interest and related expenses</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(15,731)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(7,720)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Main non-cash operating transactions</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Main non-cash operating transactions and that were eliminated
from the consolidated statement of cash flows are the following:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-right: 1in">
<TR>
    <TD STYLE="vertical-align: top; width: 72%; padding-right: 1.5pt; padding-left: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">PP&amp;E and intangible assets acquisition financed with trade payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">15,738</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">18,256</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Income tax payments cancelled with other tax receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">49</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Trade receivables offset with </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">government bonds</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">420</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Proceeds from dividends</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Brief information on dividends proceeds
by the Company is provided below:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; border-collapse: collapse; margin-right: 2.5in; margin-left: 0.5in">
<TR>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Nine-months <BR>
periods ended<BR>
September 30,</B></P></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Paying company</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Proceeds from dividends</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Currency of the<BR>
transaction date</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Current currency<BR>
 as of September <BR>
30,2020</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 21%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ver TV</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 23%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 23%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TSMA</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>42</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>46</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ver TV</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">92</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">149</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TSMA</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">La Capital Cable</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>125</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>201</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Cash dividends from the Company and its subsidiaries</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Brief information on cash dividends paid
by the Company and its subsidiaries is provided below:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; border-collapse: collapse; margin-right: 1in">
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Distributed amount</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dividends </B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Nine-months<BR>
    periods ended<BR>
    September 30,</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Paying
    <BR>
company</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Distribution<BR>
 month</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Currency of the<BR>
transaction date</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Current currency<BR>
as of September <BR>
30,2020</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Payment <BR>
month</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>paid in current <BR>
currency as of <BR>
September 30, <BR>
2020</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N&uacute;cleo</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">April 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">295</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">324</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">May 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">158</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>295</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 0.5in; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(a)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">324</FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>158</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Telecom</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">April 2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,300</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,599</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">May 2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,946</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">August 2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,045</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,192</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">August 2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,192</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N&uacute;cleo</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">April 2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">201</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">313</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">May 2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">378</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13,546</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>21,104</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20,516</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The second installment, amounting to $160 (equivalent to 14,625
million of Guaran&iacute;es, considering the exchange rate of September 30,2020) was paid in October 2020.</FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: center; font: 5pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>TELECOM
ARGENTINA S.A.&nbsp;</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Additional information required by IAS
7</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; border-collapse: collapse; margin-right: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Century Gothic; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Century Gothic; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B><U>Balances <BR>
as of <BR>
December<BR>
 31, 2019</U></B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Century Gothic; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B><U>Cash <BR>
Flows</U></B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Century Gothic; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B><U>Accrued<BR>
 interests</U></B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Century Gothic; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B><U>Exchange<BR>
 differences, <BR>
currency <BR>
translation <BR>
adjustments <BR>
and others </U></B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Balances<BR>
as of <BR>
September <BR>
30, 2020</U></B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Century Gothic; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Bank overdrafts </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">11,874</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(6,317)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,703)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,854</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Century Gothic; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Securities&rsquo; caution - principal</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">377</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(281)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(96)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Century Gothic; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Bank and other financial entities loans &ndash; principal </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">85,829</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(19,877)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,695</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">71,647</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Century Gothic; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Notes &ndash; principal </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">49,558</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8,052</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2,599)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">55,011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Century Gothic; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">NDF</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">458</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,096)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,375</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">737</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 9pt Century Gothic; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Loans for purchase of equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,124</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,006</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">45</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,175</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 9pt Century Gothic; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Accrued interests and related expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">32,654</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(14,791)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,401</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">34,464</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Century Gothic; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total current and non-current financial debt (Note 11)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>185,874</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(33,304)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>10,200</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>9,118</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 4.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>171,888</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; border-collapse: collapse; margin-right: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Century Gothic; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Century Gothic; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B><U>Balances <BR>
as of <BR>
December <BR>
31, 2018</U></B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Cash <BR>
Flows</U></B></P></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Accrued<BR>
 interests</U></B></P></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Century Gothic; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B><U>Exchange<BR>
 differences, <BR>
currency <BR>
translation <BR>
adjustments <BR>
and Others </U></B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Century Gothic; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B><U>Balances as <BR>
of <BR>
September <BR>
30, 2019</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Century Gothic; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Bank overdrafts </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,282</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,879</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,108)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10,053</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Century Gothic; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Bank and other financial entities loans &ndash; principal </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">88,803</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(3,264)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9,750</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">95,289</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Century Gothic; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Notes &ndash; principal </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">30,244</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">24,676</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2,534)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">52,386</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Century Gothic; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">NDF</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">187</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,009)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,097</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">275</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 9pt Century Gothic; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Loans for purchase of equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,911</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,032</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">387</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,330</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 9pt Century Gothic; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Accrued interests and related expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">21,779</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(9,154)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9,498</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">14,326</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">36,449</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Century Gothic; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total current and non-current financial debt</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>149,206</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>19,160</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>9,498</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>21,918</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 4.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>199,782</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>b)</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><U>Dividends payable</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30,</U></B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;ABC Telecomunicaciones</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">160</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total dividends payable</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>160</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>-</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_007"></A><B>NOTE 3 &ndash; TRADE RECEIVABLES</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30, </U></B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current </U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Ordinary receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25,274</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26,301</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Contractual asset IFRS 15 </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">66</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">147</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Companies under section 33 - Law No. 19,550 and related parties (Note 24.c)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">135</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">167</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Allowance for doubtful accounts</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9,411)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,869)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16,064</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>20,746</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current </U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Ordinary receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">65</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Contractual asset IFRS 15 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>56</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>101</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total trade receivables, net</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16,120</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>20,847</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Movements in the allowance for current doubtful
accounts are as follows:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="width: 17%; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the fiscal year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(5,869)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(4,983)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Additions &ndash; Bad debt expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,883)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,940)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Uses and currency translation adjustments (includes RECPAM)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,341</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,121</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(9,411)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(5,802)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_008"></A><B>NOTE 4 &ndash; OTHER RECEIVABLES</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30, </U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current </U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Prepaid expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,920</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,437</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Tax credits</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,343</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,320</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Financial NDF </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">199</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Companies under section 33 - Law No. 19,550 and related parties (Note 24.c)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">156</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">141</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Receivables from sale of customer relationship</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">734</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,530</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Allowance for other receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(72)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(42)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,104</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,613</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<!-- Field: Split-Segment; Name: 6 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September
    30, </U></B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December
    31,</U></B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current </U></B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Prepaid expenses</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">223</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">267</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tax credits</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">859</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,051</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Regulatory
    receivables (N&uacute;cleo)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">243</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">254</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Receivables
    from sale of customer relationship</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">41</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">76</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">206</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">410</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,572</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,058</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    other receivables</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7,676</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7,671</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Movements in the allowance for other receivables are as follows:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30,</U></B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 58%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 21%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 21%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(42)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(29)</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(43)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decreases (includes RECPAM)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(72)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(41)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_009"></A><B>NOTE 5 &ndash; INVENTORIES</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 97%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; width: 69%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30, </U></B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top">Mobile handsets and others</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,144</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,757</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top">Radio equipment and others</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top">Fixed telephones and equipment</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">81</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top">Inventories for construction projects</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,215</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,374</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,376</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,213</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top">Allowance for obsolescence of inventories</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(300)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(285)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,076</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,928</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Movements in the allowance for obsolescence
of inventories are as follows:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 82%; border-collapse: collapse; margin-right: 1in; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.14in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30, </U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.14in; width: 69%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.14in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(285)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(251)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.14in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Additions </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(34)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(29)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.14in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decreases (includes RECPAM)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.14in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-bottom: 1.5pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(300)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-bottom: 1.5pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(257)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><A NAME="a_010"></A><B>NOTE
6 &ndash; GOODWILL</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; border-collapse: collapse; margin-right: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; font: 8.5pt Arial, Helvetica, Sans-Serif; width: 58%">&nbsp;</TD>
    <TD STYLE="width: 21%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30, </U></B></FONT></TD>
    <TD STYLE="width: 21%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font-size: 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">225,139</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">225,139</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font-size: 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Abroad </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,146</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,268</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-bottom: 1.5pt; border-top: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>226,285</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-bottom: 1.5pt; border-top: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>226,407</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 0.125in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The decrease in the amounts with respect to balance as of December
31, 2019 corresponds to temporary currency translation adjustments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_011"></A><B>NOTE 7 &ndash; PROPERTY, PLANT AND EQUIPMENT</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30, </U></B></FONT></TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PP&amp;E </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">292,490</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">303,649</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Valuation allowance for obsolescence and impairment of materials</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,786)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,840)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment of PP&amp;E</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(858)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(981)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>289,846</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>300,828</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Movements in PP&amp;E (without allowance for obsolescence and
impairment of materials and impairment of PP&amp;E) are as follows:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 88%; border-collapse: collapse; margin-right: 0.5in; margin-left: 0.5in">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30,</U></B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 68%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>303,649</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>284,111</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top">CAPEX</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33,541</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">53,718</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top">Currency translation adjustments</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(735)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">471</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top">Net carrying value of decreases and consumption of materials</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(253)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(165)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top">Depreciation of the period</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(43,712)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(42,283)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>292,490</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>295,852</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"><TD STYLE="width: 33%"><B>&nbsp;</B></TD><TD STYLE="width: 34%; text-align: center"><B>F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right"><B>&nbsp;</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Movements
in the valuation allowance for obsolescence and impairment of materials are as follows</FONT><FONT STYLE="font-size: 9pt">:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-right: 0.75in; width: 88%">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30,</U></B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; width: 68%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,840)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(675)</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Additions / Recoveries</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(382)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency translation adjustments</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,786)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; background-color: white; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,057)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Movements in the impairment of PP&amp;E are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-right: 0.75in; width: 88%">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30,</U></B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-left: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; width: 68%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(981)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(626)</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Additions</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(215)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Uses </FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">338</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(858)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(637)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 0"><A NAME="a_012"></A><B>NOTE
8 &ndash; INTANGIBLE ASSETS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt; padding-left: 0.125in; width: 63%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; width: 19%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September
    30, </U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December
    31,</U></B></FONT></TD></TR>
<TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-left: 0.125in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Intangible
    assets</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100,796</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">106,629</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-left: 0.125in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,741)</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,676)</FONT></TD></TR>
<TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-left: 0.125in; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>95,055</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>100,953</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Movements in Intangible assets (without considering impairment
of Intangible assets) are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 75%">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September
    30,</U></B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; width: 57%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 22%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 21%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>106,629</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>114,923</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CAPEX</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,439</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,518</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency
    translation adjustments</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(67)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">72</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amortization
    of the period</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,205)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,723)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>100,796</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>108,790</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Movements in Impairment of intangible assets are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 75%">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 0.125in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; padding-right: 1.5pt; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="width: 21%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(5,676)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,055)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Additions</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(65)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(5,741)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,055)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 0"><A NAME="a_013"></A><B>NOTE
9 &ndash; RIGHT OF USE ASSETS</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30, </U></B></FONT></TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Leases rights of use</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,314</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,578</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Indefeasible right of use</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">701</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">729</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Asset Retirement Obligation</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">257</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">309</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>13,272</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>11,616</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Movements in right of use assets are as follows:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 75%">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>September
    30,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; width: 57%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 22%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="width: 21%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At the beginning
    of the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,616</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,067</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.25in; vertical-align: top; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Incorporation
    by adoption of IFRS 16</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,427</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CAPEX</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,719</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,794</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    carrying value of decreases</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(139)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(135)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency
    translation adjustments</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(59)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amortization
    of the period</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,865)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,999)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At the end of
    the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13,272</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,212</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><A NAME="a_014"></A><B>NOTE
10 &ndash; TRADE PAYABLES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-right: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30, </U></B></FONT></TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Suppliers and commercial accruals</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32,794</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38,010</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Companies under sect.
33 &ndash; Law No. 19,550 and Related Parties (Note 24.c)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">914</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,077</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>33,708</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>39,087</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Suppliers and commercial accruals</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,055</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,880</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,055</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,880</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total trade payables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>36,763</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>41,967</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_015"></A><B>NOTE 11 &ndash; FINANCIAL DEBT</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; border-collapse: collapse; margin-right: 0.25in; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30, </U></B></FONT></TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank overdrafts &ndash; principal </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,854</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,874</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Securities&rsquo; caution - principal</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">377</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank and other financial entities loans &ndash; principal</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,837</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,508</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT><FONT STYLE="font-size: 9pt">Notes &ndash; principal</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,295</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NDF</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">721</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">441</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Loans for purchase of equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,108</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,834</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top; text-align: justify">Accrued interest and related
expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,248</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,110</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>37,063</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>43,144</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">Notes &ndash; principal</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">43,716</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49,558</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">Bank and other financial entities loans &ndash;
principal</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64,810</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">69,321</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">NDF</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">Loans for purchase of equipment</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,067</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,290</FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 0.125in; vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">Accrued interest and related expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,216</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,544</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>134,825</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>142,730</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total financial debt</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>171,888</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>185,874</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Most of the financial loans subscribed by
the Company contain standard compliance ratios for this kind of agreements. As of September 30, 2020, Telecom has complied with
them.</P>

<P STYLE="text-indent: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During the nine-month period ended September
30, 2020, the Company made some loan renegotiations, which were accounted for, following the guidelines of IFRS 9. In cases in
which the exchange between an existing borrower and lender of debt instruments were under substantially different terms or in cases
of a substantial modification of the terms of an existing financial liability, considering both quantitative and qualitative factors,
we have recognized a cancellation of the original liability and recognition of the new liability. Otherwise, the original liability
has not been canceled, but was considered refinanced, modifying its valuation in relation to the new terms and conditions.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Recent developments of financial debt as
of the date of these unaudited consolidated financial statements are detailed below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.95pt; text-indent: -36.95pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Global Programs for the issuance of Notes</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Telecom Argentina</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">In connection with
the Notes Global Program for a maximum outstanding amount of US$3,000 million or its equivalent in other currencies, the Company
has issued the following Series of Notes:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>Series 3 and 4 in Argentine Pesos</U></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">On January 23,
2020, the Company informed CNV about the renewal of the period of placement of Notes in two series for a total amount of nominal
value of $1,500, that can be increased to $5,000. The amount of the Notes finally issued and its main characteristics are detailed
below:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>Series 3</U></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Issuance date: </B>January 31, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Amount involved: </B>$3,196,524,154 Argentine pesos.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Expiration Date: </B>January 31, 2021.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B>Amortization:
</B>Capital will be settled by one payment in an amount equal to 100% of total capital, payable on its maturity date.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Interest rate and Payment Date: </B>It bears interest in
a quarterly basis from its issuance date until its maturity date at a variable annual rate (Badlar plus spread of 4.75%). Interest
will be paid quarterly and the last interest payment date will be maturity date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 7 -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>Series 4</U></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Issuance date: </B>January 31, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Amount involved: </B>$1,200,229,180 Argentine pesos.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Expiration Date: </B>July 31, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Amortization: </B>Capital will be settled by one payment in
an amount equal to 100% of total capital, payable on its maturity date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Interest rate and Payment Date: </B>It bears interest in a
quarterly basis from its issuance date until its maturity date at a variable annual rate (Badlar plus spread of 5.25%). Interest
will be paid quarterly and the last interest payment date will be maturity date.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company received
a disbursement for a total amount of $4,374, since $23 corresponding to debt issuance expenses were deducted from the initial disbursement
(amounts in currency of the transaction date).</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Class 5 Notes &ndash; Foreign currency financial debt renegotiation</U></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Within the
framework of continuous optimization of terms, rates and structure of its financial debt, on August 6, 2020, the Company has refinanced
part of its financial debt through the issuance of Class 5 Notes, which main </FONT>characteristics are detailed below:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B>a) Class 5 Notes </B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Issuance
date</B></FONT><B>: </B>August 6, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Amount
involved:</B></FONT> US$388.9 million (approximately $28,273 as of the date of issuance), of which US$253.5 million correspond
to instruments to be integrated in non-cash assets through the exchange of Class &ldquo;A&rdquo; Notes as described in item b)
below and US$135.4 million correspond to instruments to be integrated in cash.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Expiration
Date: </B></FONT>August 6, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Amortization:</B></FONT>
Capital will be settled as follows: 3% on February 6, 2023, 30% on August 6, 2023, 33% on August 6, 2024 and 34% on August 6, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Interest
rate and Payment Date:</B></FONT> It bears interest semiannually from the Issuance Date until the Maturity Date, at an annual fixed
rate of 8.50%. Interests will be paid semiannually, being the last interest payment date the corresponding to the Maturity Date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Integration
Options: </B></FONT>Class 5 Notes may be integrated, at the investor's choice, in cash (US$) or in non - cash assets through the
exchange of Class &ldquo;A&rdquo; Notes with maturity date in 2021. Net cash proceeds of Class 5 Notes were applied to the cancellation
of the loan with Deutsche Bank AG, London Branch, mentioned in item c) below. Class &ldquo;A&rdquo; Notes delivered for the non
 &ndash; cash assets subscription of Class 5 Notes have been settled by the Company.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>b)
O</B></FONT><B>utstanding Class &ldquo;A&rdquo; Notes at fixed annual rate maturing in 2021</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On July 7,
2020, the Company started the public offering placement process of Class 5 Notes, with the purpose of refinancing Class &ldquo;A&rdquo;
Notes and the loan with Deutsche Bank AG, London Branch mentioned in point c) below, jointly with a request for consent for the
amendment of certain terms and conditions of Class &ldquo;A&rdquo; Notes. Class &ldquo;A&rdquo; Notes holders&rsquo;, who chose
to deliver these Notes for</FONT> the non-cash assets subscription of Class 5 Notes, received for each US$1,000 of Class &ldquo;A&rdquo;
Notes delivered to the Company: i) US$700 of capital of Class 5 Notes; and ii) US$320 in cash (see point a) of section &ldquo;Agreement
with the TMF Trust Company&rdquo; below).</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">According
to the offer, the nominal value of Class &ldquo;A&rdquo; Notes delivered to the Company for the integration in non &ndash; cash
assets of Class 5 Notes amounted to </FONT>US$362.2 million, representing approximately 77.74% of total outstanding Class &ldquo;A&rdquo;
Notes, which were settled and retired. As a result, the remaining nominal value of outstanding Class &ldquo;A&rdquo; Notes amounts
to US$103.7 million.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>c) Deutsche Bank Loan</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On November
8, 2018, the Company acknowledged the acceptance of a loan facility (increased on November 14, 2018) by Deutsche Bank AG, London
Branch, as organizer of a syndicate of banks, for a total amount of </FONT>US$300 million.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On August
6, 2020, the Company fully settled the bank loan with Deutsche Bank AG, London Branch, which it total outstanding capital amounted
to US$187.5 million, including interest accrued at that date and related expenses, with cash obtained from the subscription of
Class 5 Notes previously mentioned and the payment in cash made by the Trust (</FONT>see point b) of section &ldquo;Agreement with
the TMF Trust Company&rdquo; below).</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As a result of this financial debt renegotiation,
the Company recorded a loss of $2,394, that is included in &ldquo;Financial debt renegotiation results&rdquo; item, included in
Financial Results.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>N&uacute;cleo</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The Extraordinary
Shareholders&rsquo; Meeting of N&uacute;cleo held on April 24, 2018 amended its bylaws in order to adapt them to the regulations
of the securities market, becoming N&uacute;cleo in a Public Limited Company (SAE).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On January 4, 2019, N&uacute;cleo requested
the National Securities Commission and the Stock and Products Exchange of Asunci&oacute;n to register the Global Issuance Program
that foresees the issuance of Notes for an amount of up to 500,000,000,000 of Guaran&iacute;es (approximately $3,200 as of such
date) under the conditions that are defined by the Board of Directors in each series.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On February 5, 2019, the National Securities
Commission of Paraguay authorized the Program, under Resolution N&deg; 11E/19.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Under such Program,
N&uacute;cleo issued a new Series of Notes with the following conditions:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>Series III</U></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: -62.35pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><B>Issuance date:</B> <FONT STYLE="font-weight: normal">March
12, 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><B>Amount involved:</B> <FONT STYLE="font-weight: normal">100,000,000,000
of Guaran&iacute;es (approximately $948 as of the date of issuance).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><B>Expiration Date:</B> <FONT STYLE="font-weight: normal">March
11, 2025</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><B>Amortization:</B> <FONT STYLE="font-weight: normal">Capital
will be settled by one payment in an amount equal to 100% of total capital, payable on its maturity date.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><B>Interest rate:</B> <FONT STYLE="font-weight: normal">It
bears interest from its issuance date until its maturity date at a fixed annual rate of 8.75%.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><B>Interest Payment Date:</B> <FONT STYLE="font-weight: normal">Interest
will be paid quarterly in arrears since issuance date. The last interest payment date will be at the maturity date.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Bank and other financing entities loans</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.95pt; text-indent: -36.95pt"><B><I><U>IFC (International
Finance Corporation) Loan</U></I></B></P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">On July 5, 2016,
Personal, company merged by absorption into Telecom, accepted an offer from the International Finance Corporation (IFC, member
of the World Bank Group) for the assessment and transfer of funds for purposes of financing investment needs, work capital and
debt refinancing. On October 5, 2016 Personal and the IFC entered into a loan agreement (&ldquo;IFC Loan&rdquo;) for an amount
of US$400 million and for a six-year period, payable in 8 equal half-yearly installments since the 30<SUP>th</SUP> month, , bearing
interest at LIBOR 6 month + 400bp.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">On March 4, 2019,
the Company and IFC entered into a new loan agreement for a total amount of up to US$450 million, as requested in a timely manner
by the Company in one or more disbursements (the &quot;Loan&quot;). The Loan consisted of a tranche &ldquo;A&rdquo;, a tranche
 &ldquo;B-1&rdquo;, a tranche &ldquo;B-2&rdquo;, a tranche &ldquo;B-3&rdquo; and a tranche &ldquo;B-4&rdquo; which accrue compensatory
interest payables semiannually for periods that are due at an annual rate equivalent to LIBOR plus the following spreads: 4.85%
in the case of Tranche A, Tranche B-2 and Tranche B-4, and 4.60% in the case of Tranche B-1 and Tranche B-3. Likewise, the capital
will be payable as follows: Tranche A, Tranche B-2, and Tranche B-4 in eight equal and consecutives semi-annual installments since
February 2021 and final maturity in August 2024 and Tranche B-1 and Tranche B-3 in six equal and consecutive semi-annual installments
since February 2021 and final maturity in August 2023.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On September
22, 2020, the Company refinanced those loans and agreed to change the amortization schedule of all capital maturities that would
take place during the last quarter of 2020 and 2021, by deferring the 85% of them for a term ranging between 24 and 48 months,
and pre-cancelling the remaining 15% jointly with accrued interests and other related expenses (see point c) of section </FONT>&ldquo;Agreement
with the TMF Trust Company&rdquo; below). As a result of this renegotiation, the Company recognized a loss of $469 that is included
in &ldquo;Financial debt renegotiation results&rdquo; item, within Financial Results.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">As of September
30, 2020, an amount of US$480.7 million remained unpaid (equivalent to $36,623).</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I><U>Inter-American
Development Bank (&ldquo;IDB&rdquo;) Loan</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt; background-color: white">On
April 7, 2017, Personal, </FONT>company merged by absorption into Telecom <FONT STYLE="background-color: white">and ICC (member
of the IDB Group) entered into a loan agreement </FONT>for a total amount of <FONT STYLE="background-color: white">US$100 million
maturing in September 2022, </FONT>payable in 8 equal semi-annual installments since the 24<SUP>th</SUP> month, bearing interest
at LIBOR 6 month + 400bp.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt; background-color: white">In
addition, on May 29, 2019 the Company and IDB Invest entered into a loan agreement for a total amount of up to US$300 million.
On February 4, 2020 the Company and IDB Invest executed a supplement to the original loan agreement for a total amount of US$125
million, consisting of the following: i) a first tranche of US$50 million maturing on November 15, 2023 bearing interest at LIBOR
plus 4.6%, payable in 8 consecutive semiannual installments since May 2020, and ii) a second tranche of US$75 million maturing
on November 15, 2022 bearing interest at LIBOR plus a variable spread of 7% to 7.75%, payable in 6 consecutive semiannual installments
since May 2020. The Company received a disbursement for a total amount of US$123.4 million, since US$1.6 million, corresponding
to debt issuance expenses, were deducted from the initial disbursement. </FONT>On April 7, 2020, the Company received a new disbursement
for a total amount of US$25 million maturing on November 15, 2022. The Company received US$24.6 million since US$0.4 million corresponding
to debt issuance expenses were deducted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On September
22, 2020, the Company refinanced those loans and agreed to change the amortization schedule of all capital maturities that would
take place during the last quarter of 2020 and 2021, by deferring 85% of them for a term ranging between 24 and 66 months, and
pre-cancelling the remaining 15% jointly with accrued interests and other related expenses (see point d) of section </FONT>&ldquo;Agreement
with the TMF Trust Company&rdquo; below). As a result of this renegotiation, the Company recognized a loss of $222 that is included
in &ldquo;Financial debt renegotiation results&rdquo; item, within Financial Results.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">As of September
30, 2020, an amount of US$292.2 million remained unpaid (equivalent to $22,263).</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I><U>Agreement
with TMF Trust Company </U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">To be able to meet the requirements arising
from the renegotiation of financial debts carried out by the Company, which involves significant payments in cash, on July 15,
2020 the Company entered into a trust agreement with TMF Trust Company (Uruguay), in its capacity as trustee, for the provision
of funds and the administration of those payments.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">According to the above-mentioned, by the
end of July 2020, the Company disbursed to the Trust a total amount of US$273 million. As of the date of issuance of these unaudited
consolidated financial statements, the Trust has made the following payments in cash:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">An
amount of US$120.2 million to the holders of Class &ldquo;A&rdquo; Notes to pay the cash consideration for refinancing the Class
 &ldquo;A&rdquo; Notes, including accrued interests at the date of settlement and related expenses.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">An
amount of US$62.4 million as a partial payment of the settlement of the loan with Deutsche Bank loan AG, including accrued interests
at the date of settlement and related expenses.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">An
amount of US$30.9 in accordance with the terms of the amendments of the loans signed with IFC, including accrued interests, prepayment
premiums and other amounts due.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">An
amount of US$13.4 in accordance with the terms of the amendments of the loans signed with IDB, including accrued interests, prepayment
premiums and other amounts due.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">As of September
30, 2020, maintains US$46.1 million, equivalent to $3,499, which are included as cash and cash equivalents in these unaudited consolidated
financial statements.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On November
5, 2020, the Trust Administration Committee notified the Trustee that the trust ended, since the purpose of the Trust was fulfilled,
its purpose was finished and pending expenses in charge of the Trust were paid. Also, according to its contractual terms, the Trustee
was instructed to proceed to transfer the remaining Trust Assets in accordance with the instructions provided by the Trust Administration
Committee, after deducting a minimum amount to face future termination and settlement expenses of the Trust. On that date, the
Trust transferred, as remaining Trust Assets, </FONT>US$45.5 million Treasury Bonds of the United States to the subsidiary Televisi&oacute;n
Dirigida in compliance with pre-existing obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Pre-cancellation of Term Loan </U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">On October 17,
2018, Telecom had requested a disbursement of US$500 million in relation to the loan agreement with Citibank, N.A., HSBC Mexico,
S.A., Multiple Banking Institution, Grupo Financiero HSBC, Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch,
JPMorgan Chase Bank, N.A. and Banco Santander, S.A., in its capacity as lenders and organizers, Citibank N.A. as an administrative
agent and the Citibank N.A. branch established in Argentina, as agent of local custody, for a term of 48 months.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">On
February 12, 2020, Telecom proceeded to a partial pre-cancellation of the loan paying US$50.3 million (US$50 million of capital
and US$0.3 million of interest). In addition, on March 30, 2020, Telecom proceeded to a partial pre-cancellation of the loan paying
US$60.8 million (US$60 million of capital and US$0.8 million of interest).</FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">As of September
30, 2020, an amount of US$140.4 million remained unpaid (equivalent to $10,699).</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I><U>Banco
Macro Loan</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">On March 16, 2020
the Company subscribed a loan agreement with Banco Macro S.A for a total amount of $4,000. Total capital will be settled by one
payment at maturity date, which will be on September 16, 2021. The loan bears interest that will be paid in a quarterly basis from
its issuance date until its maturity date at a variable annual rate equivalent to Badlar plus spread of 6.75%.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">As of September
30, 2020, an amount of $4,028 remained unpaid.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I><U>Banco
ICBC Loan</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">On April 13, 2020
the Company subscribed a loan agreement with Banco ICBC S.A for a total amount of $975. Total capital will be settled by one payment
at maturity date, which will be on April 13, 2021. The loan bears interest in a monthly basis from its issuance date until its
maturity date at a variable annual rate equivalent to Badlar plus spread of 9.75%.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">As of September
30, 2020, an amount of $988 remained unpaid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"><TD STYLE="width: 33%"><B>&nbsp;</B></TD><TD STYLE="width: 34%; text-align: center"><B>F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right"><B>&nbsp;</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I><U>Banco
Galicia Loan</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">On May 4, 2020
the Company subscribed a loan agreement with Banco Galicia S.A for a total amount of $2,000. Total capital will be settled by one
payment at maturity date, which will be on April 29, 2021. The loan bears interest that will be paid in a quarterly basis from
its issuance date until its maturity date at a variable annual rate equivalent to Badlar plus spread of 7.75%.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">As of September
30, 2020, an amount of $2,110 remained unpaid.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I><U>Other
loans</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
January 7, 2020 the Company proceeded to the total cancellation of a loan with Bank Macro, by paying US$4.6 million (US$4.4 million
of capital and US$0.2 million of interest).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
February 6, 2020 the Company proceeded to the total cancellation of a loan with Bank Ita&uacute; for financing imports, by paying
US$1.08 million (<FONT STYLE="background-color: white">US$1.07 million of capital and US$0.01 million of interest)</FONT>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
June 18, 2020 the Company proceeded to the total cancellation of a loan with Bank Galicia, by paying US$8.97 million (<FONT STYLE="background-color: white">US$8.43
million of capital and US$0.54 million of interest)</FONT>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Loans for purchase of equipment</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Finnvera </U></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">On May 7, 2019, the Company
submitted a proposal for an export credit line for a total amount of up to US$96 million to the following entities: (i) Banco Santander,
S.A. and JPMorgan Chase Bank, N.A., London Branch, as initial lenders, lead coordinators and guarantors of residual risk, (ii)
JPMorgan Chase Bank, N.A., London Branch, as a financing agent and ECA bank, (iii) Banco Santander, S.A. as a bank of documentation
and (iv) Banco Santander R&iacute;o S.A. as a local custody agent, which was accepted on the same date. The line of credit is guaranteed
by Finnvera plc, the official export credit agency of Finland, which granted a bond in favor of the lenders subject to certain
terms and conditions.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">On
March 5, 2020, the Company received a disbursement for a total amount of US$10.5 million. This loan will be payable in 13 consecutive
semiannual installments from November 2020 with maturity date in November 2026 and accrues an interest rate equivalent to LIBO
plus 1.04%.</FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: justify; text-indent: -59.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">On
June 18, 2020, the Company received a disbursement for a total amount of US$6.8 million. This loan will be payable in 13 consecutive
semiannual installments from November 2020 with maturity date in November 2026 and accrues an interest rate equivalent to LIBO
plus 1.04%.</FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: justify; text-indent: -59.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of September 30, 2020, an amount of US$62.3
million remained unpaid (equivalent to $4,749).</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Cisco Systems Capital Corporation </U></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company has debt agreements related
to purchase equipment financing with Cisco. During the nine-month period ended September 30, 2020 the Company received from Cisco
Systems Capital Corporation, additional financing amounting to approximately US$31.7 million under these agreements. Such agreements
have an average maturity term of fifty months with partial repayments and accrue an average annual interest of 4%.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: justify; text-indent: -59.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of September 30, 2020, an amount of US$86.3
million remained unpaid (equivalent to $6,576).</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Fair Value of Financial Debt</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">As of September 30, 2020,
fair value of financial debt is as follows:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Carrying Value</U></B></FONT></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Fair Value</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Notes</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">76,632</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">65,639</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other financial debts</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">95,256</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">92,997</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>171,888</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>158,636</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><A NAME="a_016"></A><B>NOTE
12 &ndash; SALARIES AND SOCIAL SECURITY PAYABLES</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 96%; border-collapse: collapse; margin-right: 0.35in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; padding-right: 1.5pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30, </U></B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Salaries, annual complementary salaries, vacation and bonuses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,833</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,003</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Social security payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,679</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,272</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Termination benefits</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">582</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">881</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>11,094</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12,156</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Termination benefits</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">798</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,053</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>798</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,053</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total salaries and social security payables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>11,892</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>13,209</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: center; text-indent: -62.35pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><A NAME="a_017"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>NOTE
13 &ndash; DEFERRED INCOME TAX ASSETS/LIABILITIES</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Deferred Income tax assets and liabilities,
net and the actions for recourse tax receivable are presented below:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 64%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30, </U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 19%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; font-size: 8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tax carryforward</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,189)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,505)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; font-size: 8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allowance for doubtful accounts</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,776)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,851)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; font-size: 8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,071)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,870)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; font-size: 8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PP&amp;E and Intangible assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">65,160</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">63,495</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash dividends from foreign companies</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">544</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">630</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 12pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income tax inflation adjustment effect</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,003</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,098</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 12pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other deferred tax liabilities (assets), net</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(308)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total deferred tax liabilities, net</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>72,363</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>64,976</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Actions for recourse tax receivable</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(870)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,064)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total deferred tax liability, net </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(*)&nbsp;&nbsp;71,493</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>63,912</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net deferred tax assets </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(336)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(358)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;Net deferred tax liabilities </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>71,829</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>64,270</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 14.2pt"><FONT STYLE="font-weight: normal">(*) Includes
$21 of currency translation adjustments on foreign subsidiaries&rsquo; initial balances.</FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">As
of September 30, 2020, the Company and some subsidiaries have a cumulative tax carryforward of approximately $24,756, that calculated
considering the statutory income tax rate, represents a deferred tax asset of approximately $6,189.</FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">The detail
of the maturities of estimated tax carryforward is disclosed below:</FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-right: 1in; width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Company</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Tax carryforward<BR>
generation year</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Tax carryforward amount<BR>
as of 09.30.2020</B></FONT></TD>
    <TD STYLE="width: 22%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Tax carryforward<BR>
expiration year</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Inter Radios</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2020</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Inter Radios</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2022</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Inter Radios</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2018</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2023</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Telem&aacute;s (*)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">452</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2024</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Telecom Argentina</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2018</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,906</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2023</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Telecom Argentina</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">17,391</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2024</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>24,756</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">(*) This company
is consolidated in the financial statements of Adesol.</FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Income tax expense differed from the amounts
computed by applying the Company&rsquo;s statutory income tax rate to pre-tax income as a result of the following:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-right: 1in; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Nine-month period ended<BR>
 September 30,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Profit (loss)</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pre-tax income</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,531</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(225)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-taxable items - Earnings from associates</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(372)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">279</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-taxable items &ndash; Costs valuation differences of foreign investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,901)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-taxable items &ndash; Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(666)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(465)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Restatement in current currency of Equity, goodwill and other</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37,918</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69,088</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>37,510</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>68,677</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weighted statutory income tax rate </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24.56%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24.86%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income tax expense at weighted statutory tax rate</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(9,212)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(17,073)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deferred tax liability restatement in current currency and other</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,172</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,664</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax inflation adjustment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10,634)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11,639)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax on cash dividends of foreign companies</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(106)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(74)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income tax expense</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(7,780)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(17,122)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current tax expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(147)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(192)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deferred tax expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,633)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16,930)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"><TD STYLE="width: 33%"><B>&nbsp;</B></TD><TD STYLE="width: 34%; text-align: center"><B>F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right"><B>&nbsp;</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_018"></A><B>NOTE 14 &ndash;TAXES PAYABLES</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.15in; margin-right: 0.15in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30, </U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income tax (*)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">78</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">43</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other national taxes </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,635</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,136</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provincial taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">280</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">367</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">380</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">505</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,373</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,051</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non- current</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provincial taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>17</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total taxes payables</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,380</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,068</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 7.1pt">(*) The breakdown is as follows:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-right: 0.15in; margin-left: 0.15in">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 64%; padding-right: 1.5pt; padding-left: 1.5pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30, </U></B></FONT></TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 1.5pt; padding-left: 1.5pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.625in; text-align: left; vertical-align: middle; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N&uacute;cleo</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">71</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.625in; text-align: left; vertical-align: middle; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adesol</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.625in; text-align: left; vertical-align: middle; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Telecom USA</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.625in; text-align: left; vertical-align: middle; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AVC Continente Audiovisual</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: 0.625in; text-align: left; vertical-align: middle; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cable Imagen</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; padding-right: 1.5pt; padding-left: 1.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 0.5in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(a)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">78</FONT></B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>43</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Includes $1 corresponding to currency translation adjustments of
initial foreign subsidiaries balances.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_019"></A><B>NOTE 15 &ndash; LEASES LIABILITIES</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-right: 0.15in; margin-left: 0.15in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30, </U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,175</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,869</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Abroad</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">280</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">358</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,455</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,227</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non- current</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,333</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,689</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Abroad</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">781</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">801</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,114</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,490</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total leases liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.9pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9,569</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 4pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7,717</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_020"></A><B>NOTE 16 &ndash; OTHER LIABILITIES</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 98%; border-collapse: collapse; margin-left: 0.15in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30, </U></B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Deferred revenues on prepaid calling cards</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">981</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">869</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Deferred revenues on connection fees and international capacity leases</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">154</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">161</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Deferred revenues on construction projects </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Customer loyalty program</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">351</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Compensation for directors and members of the Supervisory Committee</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">66</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 5.6pt; text-indent: -5.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Companies under sect. 33 &ndash; Law No. 19,550 and Related Parties (Note 24.c)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Other </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">373</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">500</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,590</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,023</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Deferred revenues on connection fees and international capacity leases</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">219</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">320</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Pension benefits</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">500</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">400</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Customer loyalty program</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">576</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;Other </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">474</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">564</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,193</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,860</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total other liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,783</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,883</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_021"></A><B>NOTE 17 &ndash; PROVISIONS</B></P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Movements in Provisions are as follows:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; border-collapse: collapse; margin-right: 1in">
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Balances<BR>
as of <BR>
December 31,<BR>
2019</B></P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Additions<BR>
<BR>
</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Decreases</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(iii)</B></P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Balances</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>as of<BR>
        September 30, 2020</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Capital</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(i)</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Interest<BR>
        (ii)</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Reclassifications</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="width: 14%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,457</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,040</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">817</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(912)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,402</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; font: 12pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    current provisions</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,457</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,040</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>817</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(912)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,402</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Non- Current</U></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,886</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">229</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">422</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(817)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(639)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,081</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset retirement obligations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">774</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">179</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(213)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">740</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; font: 12pt StempelGaramondBold; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    non-current provisions</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,660</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>229</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>601</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(817)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(852)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,821</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; font: bold 12pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; font: 12pt StempelGaramondBold; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    provisions</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,117</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,269</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>601</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(iv)&nbsp;&nbsp;&nbsp;(1,764)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8,223</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">$2,363
charged to Other operating expenses and ($94) charged to Other comprehensive income.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(ii)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Charged to Other finance costs, net, interest for provisions
line item.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Includes
RECPAM.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Includes
($743) of payments of provisions.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; border-collapse: collapse; margin-right: 1in">
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Balances as<BR>
 of December<BR>
 31, 2018</B></P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Additions<BR>
<BR>
</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Decreases</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(iii)</B></P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Balances<BR>
</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>as of<BR>
        September<BR>
 30, 2019</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Capital</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(i)</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Interest<BR>
        (ii)</B></P></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Reclassifications</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 34%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,399</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">234</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">847</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,238)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,242</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; font: 12pt StempelGaramondBold; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    current provisions</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,399</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>234</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>847</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,238)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,242</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Non- Current</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,592</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">939</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1366</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(847)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,099)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,951</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset retirement obligations</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">932</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">213</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(295)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">851</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; font: 12pt StempelGaramondBold; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    non-current provisions</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,524</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>940</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,579</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(847)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,394)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,802</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; font: bold 12pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; font: 12pt StempelGaramondBold; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    provisions</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,923</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,174</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,579</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(iv) (3,632)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,044</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">$1,169
charged to Other operating expenses and $5 charged to Other comprehensive income.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(ii)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Charged to Other finance costs, net, interest for provisions
line item.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Includes
RECPAM.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Includes
($1,119) of payments of provisions.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I><U>Possible Contingencies</U> </I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Resolution No. 50/10 and subsequent
ones of the Secretariat of Domestic Trade of the Nation (&ldquo;SCI&rdquo;)</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">SCI Resolution No. 50/10 approved certain
rules to commercialize pay television services. These rules provide that cable television operators must apply a formula to calculate
their monthly subscription prices. The price arising from the application of the formula was to be informed to the Office of Business
Loyalty (Direcci&oacute;n de Lealtad Comercial), having cable television operators to adjust such amount semi-annually and informing
the result of such adjustment to such Office. The Company filed an administrative appeal against Resolution No. 50/10 requesting
the suspension of its effects and its nullification.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Additionally, according to the decision
issued on August 1, 2011 in judicial cause &ldquo;LA CAPITAL CABLE S.A. V. Ministerio de Econom&iacute;a-Secretar&iacute;a de Comercio
Interior de la Naci&oacute;n&rdquo;, the Federal Court of Appeals of the City of Mar del Plata has ordered the SCI to suspend the
application of Resolution No. 50/10 with respect to all cable television licensees represented by the Argentine Cable Television
Association (&ldquo;ATVC&rdquo;). The precautionary measure ordered by the Court of Mar del Plata was notified to the SCI and the
Ministry of Economy on September 12, 2011 and became fully effective. The National Government filed an appeal against the decision
issued by the Court of Mar del Plata. Such appeal was dismissed, for which the National Government filed a direct appeal to the
Supreme Court, which was also dismissed.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, between March
2011 and October 2014 successive resolutions were published in the Official Gazette based on Resolution 50/10 that regulated the
prices that Cablevision (a company merged by absorption into Telecom) should charge in monthly basis fees to users. These resolutions
were challenged and suspended due to the aforementioned injunction. However, each Resolution had a valid period of three to six
months, with the last one expiring in October 2014.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In September 2014, the Court issued a decision
in judicial cause &ldquo;Municipalidad de Berazategui V. Cablevisi&oacute;n&rdquo; ordering the remission of the cases relating
to these resolutions to the jurisdiction of the Court of Mar del Plata, that had issued the decision on the collective action in
favor of ATVC. Currently, all judicial causes related to this issue are processed in the Federal Justice of Mar del Plata.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In April 2019, La Capital Cable S.A. was
notified of the resolution issued by the Federal Court No. 2 of Mar del Plata in which declared the unconstitutionality of certain
sections of a law on which the SCI was based for the issuance of Resolution No. 50/10 and the successive resolutions. The declaration
of unconstitutionality means that these resolutions are not applicable to La Capital Cable and the companies grouped by ATVC. However,
the National Government filed an appeal against that resolution.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On December 26, 2019, the Federal Court
of Mar del Plata rejected the grievances of the National Government and confirmed the decision rendered by the court of first instance
which declared the unconstitutionality of the sections of the law based on which the SCI issued Resolution No. 50/10 and the subsequent
resolutions. The National Government filed an appeal, which grant o denial is being analyzed by the Court of Appeals of Mar del
Plata.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">These unaudited consolidated financial statements
should be read considering the circumstances described and the decisions made based on these unaudited consolidated financial statements
should consider the potential impact that such circumstances may have on the Company and its subsidiaries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>&ldquo;Proconsumer&rdquo; lawsuit
on changes in services prices</U></I></B></P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In June 2012 the consumer trade union &ldquo;Proconsumer&rdquo;
filed a lawsuit against Personal, a company merged by absorption into Telecom, claiming that the company did not provide the clients
with enough information regarding the new prices for the services provided by Personal between May 2008 and May 2011.It demands
the reimbursement to certain customers &ndash; Abono Fijo - of an amount of a period of two months since the alleged inconsistencies
of the plaintiff.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
answered the complaint and asserted a defense to dismiss for lack of jurisdiction. The Supreme Court of Justice of the Nation</FONT>
rejected the defense and ordered that the case continued being heard by the commercial court.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The settlement agreement reached by the
parties to put an end to the lawsuit was confirmed on October 8, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Claims of some Content Providers
to the Company</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In the framework of the general reorganization
of the content business started out by Personal in 2016, and given the expiration of agreements with content providers, some of
the latter have been notified that such agreements will not be renewed.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">By virtue of that communication, some companies
required and obtained precautionary measures against Personal, in order to avoid the decision of not renewing the agreements, and
thus, forcing Personal to refrain from disconnecting or interrupting the contractual relationship. As of the date of these unaudited
consolidated financial statements, there are no precautionary measures in force.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_022"></A><B>NOTE 18 &ndash; ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Aging of assets and liabilities
as of September 30, 2020</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 33%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Date due</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Cash and cash <BR>
equivalents</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Investments</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Trade receivables</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Other receivables</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: black 2.25pt double; border-right: black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Deferred income <BR>
tax assets</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Total due</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>7,855</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>14</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Not due</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 2.25pt double; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Fourth quarter 2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">21,092</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">17,099</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">7,622</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">3,812</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">First quarter 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">861</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">357</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">336</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Second quarter 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">16</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">141</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">1,678</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Third quarter 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">121</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">89</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">264</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">October 2021 thru September 2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">169</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">56</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">1,170</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">October 2022 thru September 2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">58</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">91</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">October 2023 and thereafter</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">22</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">67</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Not due date established</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">244</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">336</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Total not due</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>21,092</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>18,347</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>8,265</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>7,662</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>336</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>21,092</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>18,347</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>16,120</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>7,676</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 2.25pt double; border-left: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>336</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Balances bearing interest</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">3,125</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">17,237</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">1,112</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 2.25pt double; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Balances not bearing interest</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">17,967</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">1,110</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">15,008</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">7,676</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 2.25pt double; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">336</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 2.25pt double; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>21,092</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>18,347</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>16,120</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>7,676</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>336</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Average annual interest rate (%)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>(a)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>(b)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>(c)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD></TR>
</TABLE>
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<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 27%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Date due</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Trade<BR>
 payables</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Financial<BR>
 debt</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Salaries and social<BR>
 security payables</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Other taxes<BR>
 payables</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Dividends<BR>
 payables</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Leases<BR>
 liabilities</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Other<BR>
 liabilities</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 2.25pt double; border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Deferred income<BR>
 tax liabilities</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Total due</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>2,509</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Not
    due</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Fourth quarter 2020</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">30,358</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">4,408</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">5,629</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">3,294</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">160</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">1,737</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">1,203</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">First quarter 2021</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">581</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">10,628</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">2,914</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">654</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">111</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Second quarter 2021</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">190</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">13,463</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">2,436</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">72</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">529</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">172</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Third quarter 2021</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">70</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">8,564</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">115</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">535</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">104</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">October 2021 thru September 2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">2,374</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">32,108</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">376</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">2,750</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">236</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">October 2022 thru September 2023</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">335</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">43,846</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">222</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">1,173</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">173</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">October 2023 and thereafter</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">346</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">58,871</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">200</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">2,191</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">784</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">Not due date established</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">71,829</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Total not due</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>34,254</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>171,888</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>11,892</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>3,380</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>160</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>9,569</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>2,783</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>71,829</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>36,763</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>171,888</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>11,892</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>3,380</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>160</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>9,569</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>2,783</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>71,829</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Balances bearing interest</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">137,123</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">17</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Balances not bearing interest</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">36,763</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">34,765</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">11,892</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">3,363</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">160</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">9,569</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">2,783</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt">71,829</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 2.25pt double; border-left: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>36,763</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>171,888</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>11,892</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>3,380</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>160</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>9,569</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>2,783</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>71,829</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>Average annual interest rate (%)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>(d)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>18</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6.5pt"><B>-</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">$1,852 are assets in foreign currency bearing interests
at annual rates between 0.01% and 1.50% and $1,273 are assets in Argentine pesos bearing interests at annual rates between 26.06%
and 30.02%</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">$14,648 are assets in foreign currency bearing interests
at annual rates between 3.75% and 12.50% and $2,589 are assets in Argentine pesos bearing interests at annual rates between 23%
and 34.15%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">$991 bear interests at annual rate of 47% and $121
bear interests at annual rate of 36%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Liabilities in Argentine pesos bear interests at
annual rates between 32.43% and 41.69%. The remaining liabilities are liabilities in U.S. dollars bearing interests at annual rates
between 1.68% and 8.50% and liabilities in Guaran&iacute;es bearing interests at an average annual rate of 8.20%.</FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Foreign currency financial assets
and liabilities</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Financial assets and liabilities denominated
in foreign currencies as of September 30, 2020 and December 31, 2019 are the following:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 32%; font-family: Courier New, Courier, Monospace; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>09.30.2020</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 32%; font-family: Courier New, Courier, Monospace; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12.31.2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-family: Courier New, Courier, Monospace; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>In equivalent millions of Argentine pesos</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Courier New, Courier, Monospace; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,768</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38,461</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Courier New, Courier, Monospace; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(188,260)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(206,817)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Courier New, Courier, Monospace; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(164,492)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(168,356)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In order to reduce this net position (debt)
in foreign currency, Telecom has NDF as of September 30, 2020 amounting to US$175 million, therefore the net liability not hedged
amounts to approximately US$1,983 million at that date.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Offsetting of financial assets
and financial liabilities in scope of IFRS 7</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The information required
by the amendment to IFRS 7 as of September 30, 2020 and December 31, 2019 is as follows:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.25in">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>As of September 30, 2020</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 55%; padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade receivables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other receivables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade payables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other liabilities</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current and non-current assets (liabilities) - Gross value</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,954</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">866</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(37,597)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(260)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Offsetting</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(834)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(51)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">834</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.4pt; vertical-align: top; padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Current and non-current assets (liabilities) &ndash; Booked value </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>16,120</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>815</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(36,763)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(209)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.25in">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>As of December 31, 2019</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 55%; padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade receivables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other receivables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade payables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other liabilities</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current and non-current assets (liabilities) - Gross value</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,043</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,985</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(42,163)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(418)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Offsetting</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(196)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(62)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">196</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.4pt; vertical-align: top; padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Current and non-current assets (liabilities) &ndash; Booked value </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20,847</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,923</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(41,967)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(356)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Telecom and its subsidiaries
offset the financial assets and liabilities to the extent that such offsetting is provided by offsetting agreements and provided
that it is intended to make such offsetting, in accordance with requirements established in IAS 32. The main financial assets and
liabilities offset correspond to transactions with other national and foreign operators including interconnection and Roaming (being
offsetting a standard practice in the telecommunications industry at the international level that Telecom and its subsidiaries
apply regularly). Offsetting is also applied to transactions with agents.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_023"></A><B>NOTE 19 &ndash; COMMITMENTS</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company has entered into various purchase
orders with domestic and foreign suppliers amounting to approximately $51,982 as of September 30, 2020 (of which $17,945 corresponds
to PP&amp;E commitments), primarily related to the supply of switching equipment, inventory, external wiring, infrastructure agreements
and other service agreements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_024"></A><B>NOTE 20 &ndash; EQUITY</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Equity includes:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Courier New, Courier, Monospace; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September 30,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Courier New, Courier, Monospace; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity attributable to Controlling Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">370,734</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">373,076</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity attributable to non-controlling interest </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,631</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,832</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total equity (*)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>376,365</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>378,908</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(*) Additional information is
given in the consolidated statements of changes in equity.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of September 30, 2020 and December 31,
2019, the total capital stock of Telecom Argentina amounted to $2,153,688,011 Argentine pesos, represented by the same number of
common book-entry shares with nominal value of $1 peso, as detailed below:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class of Shares</B></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 47%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class &ldquo;A&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;683,856,600</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class &ldquo;B&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;628,051,575</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class &ldquo;C&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113,178</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class &ldquo;D&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;841,666,658</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.4pt double; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,153,688,011</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of the date of these unaudited consolidated
financial statements, all the shares of Telecom Argentina are authorized by the CNV for public offering.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Class &ldquo;B&rdquo; Shares are listed
and traded on the leading companies&rsquo; panel of the BYMA and the American Depositary Shares (ADS) representing 5 Class &ldquo;B&rdquo;
shares of the Company are traded on the NYSE under the symbol TEO.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>Provisions of the Telecom Ordinary and Extraordinary Shareholders&rsquo;
meeting </U></B></P>

<P STYLE="font: 5pt inherit,serif; margin: 0pt 0; background-color: white; color: #212121">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The Ordinary and
Extraordinary Shareholders&rsquo; meeting of Telecom was held on April 28, 2020 and was attended remotely, according to the provisions
of CNV Resolution No. 832/2020, as free movement of people is restricted, limited or banned, as a consequence of the state of health
emergency provided by PEN Decree No. 297/2020 and subsequent regulations. The mentioned Shareholders&rsquo; meeting was attended
by video conference through Cisco Webex. Such Ordinary and Extraordinary Shareholders&rsquo; meeting decided, among other issues,
the following:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To
approve the Annual Report and the financial statements of Telecom as of December 31, 2019;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Courier New, Courier, Monospace; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">To approve the Board of Directors&rsquo;
proposal expressed in current currency of March 31, 2020 <FONT STYLE="color: #212121">using the National Consumer Price Index</FONT>
(National CPI), as provided by CNV Resolution No. 777/2018, consisting of the following absorption of the $6,633,713,897 Argentine
pesos negative Retained earnings as of December 31, 2019 ($7,525,346,092 Argentine pesos in current currency as of September 30,
2020): (i) $1,931,029,240 Argentine pesos ($2,190,577,341 Argentine pesos in current currency as of September 30, 2020) from the
 &ldquo;Voluntary Reserve for capital investments&rdquo;; (ii) $4,702,684,657 Argentine pesos ($5,334,768,751 Argentine pesos in
current currency as of September 30, 2020) from the &ldquo;Facultative Reserve to maintain the capital investments level and the
current level of solvency&rdquo;; and (iii) $10,887,950,778 Argentine pesos ($12,351,391,560 Argentine pesos in current currency
as of September 30, 2020) to be reclassified from the &ldquo;Facultative Reserve to maintain the capital investments level and
the current level of solvency&rdquo; to &ldquo;Contributed surplus&rdquo;;</FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Courier New, Courier, Monospace; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">To approve the reversal of the &ldquo;Voluntary
Reserve for capital investments&rdquo; ($3,541,443,368 Argentine pesos expressed in current currency of April 30, 2020 using the
National Consumer Price Index -National CPI- published at such date and $4,017,445,947 Argentine pesos in current currency as of
September 30, 2020), increasing the &ldquo;Facultative reserve for future cash dividends&rdquo; in such amount.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="a_025"></A><B>NOTE 21 &ndash; REVENUES</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Revenues include:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Three-month periods ended </U></B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>September 30,</U></B></P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Nine-month periods ended </U></B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>September 30,</U></B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>&nbsp;</I></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mobile Services</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26,489</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25,692</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">79,706</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">74,908</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Internet Services </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,488</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,024</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">44,053</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,991</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cable Television Services </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,380</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,856</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,755</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45,618</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fixed and Data Services</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,324</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,506</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31,955</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34,184</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other services revenues</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">163</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">226</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">575</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">740</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Subtotal Services revenues</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>62,844</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>68,304</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>197,044</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>204,441</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equipment revenues</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,178</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,251</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,176</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,741</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>67,022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>72,555</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>208,220</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.4pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>218,182</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_026"></A><B>NOTE 22 &ndash; OPERATING EXPENSES</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Operating expenses disclosed by nature of
expense amounted to $188,827 and $198,510 for the nine-month periods ended September 30, 2020 and 2019, respectively. The main
components of the operating expenses are the following:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><I>&nbsp;</I></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three-month periods<BR>
 ended September 30,</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Nine-month periods<BR>
 ended September 30,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><B><U>2020</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><B><U>2019</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Employee benefit expenses and severance payments</U></B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Profit (loss)</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Profit (loss)</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Salaries, Social security expenses and benefits</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,661)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,842)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(36,169)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(36,664)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Severance indemnities </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(359)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,487)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,597)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,993)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other employee expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(360)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(424)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(902)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(887)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(12,380)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(13,753)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(38,668)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(41,544)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Fees for services, maintenance, materials and supplies</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Maintenance and materials</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,888)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,046)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,230)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,655)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fees for services</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,115)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,418)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9,488)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9,823)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Directors and Supervisory Committee members&rsquo; fees</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(54)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(34)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(130)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(52)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(7,057)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(8,498)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(21,848)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(23,530)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Taxes and fees with the Regulatory Authority</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Turnover tax</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,439)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,584)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,517)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,910)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(696)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(673)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,136)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,262)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other taxes and fees</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,953)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,284)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,118)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,918)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(5,088)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(5,541)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(15,771)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(17,090)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Cost of equipment and handsets</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventory balance at the beginning of the period / year</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,831)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,167)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,213)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,399)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Plus:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Purchases</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,274)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,196)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,009)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,495)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">229</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">268</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">610</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">671</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Less:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventory balance at the end of the period</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,376</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,983</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,376</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,983</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,500)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,112)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(7,236)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(10,240)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Other operating expenses</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provisions</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,151)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(499)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,363)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,169)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rentals and internet capacity</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(408)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(713)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,321)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,943)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">Other</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,743)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,503)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,854)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,564)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(4,302)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,715)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(9,538)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(10,676)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Depreciation, amortization and impairment of fixed assets</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation of PP&amp;E</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(15,041)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(14,696)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(43,712)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(42,283)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amortization of intangible assets</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,737)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,917)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,205)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,723)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amortization of rights of use assets</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,249)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(979)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,865)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,999)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment of fixed assets</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(120)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">105</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(280)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(31)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(19,147)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(18,487)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(55,062)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(53,036)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Operating expenses, disclosed per function
are as follows:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Concept</B></P></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating<BR>
 costs</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Administration <BR>
costs</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Commercialization<BR>
 costs</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total <BR>
09.30.2020</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total <BR>
09.30.2019</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Employee benefit expenses and severance payments</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(22,644)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,590)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10,434)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(38,668)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(41,544)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interconnection and transmission costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,675)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(7,675)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(6,970)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fees for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9,734)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,247)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,867)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(21,848)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(23,530)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Taxes and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,627)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(48)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(96)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(15,771)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(17,090)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Commissions and advertising</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,130)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9,371)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(11,501)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(13,031)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cost of equipment and handsets</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,236)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(7,236)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(10,240)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Programming and content costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13,645)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(13,645)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(16,453)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bad debt expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,883)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(7,883)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(5,940)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other operating expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,307)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(486)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,745)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(9,538)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(10,676)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation, amortization and impairment of fixed assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(44,459)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,150)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,453)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(55,062)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(53,036)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total as of 09.30.2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(126,327)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(18,651)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(43,849)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(188,827)</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total as of 09.30.2019</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(135,852)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(17,198)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(45,460)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(198,510)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"><TD STYLE="width: 33%"><B>&nbsp;</B></TD><TD STYLE="width: 34%; text-align: center"><B>F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right"><B>&nbsp;</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><A NAME="a_027"></A><B>NOTE
23 &ndash; FINANCIAL RESULTS, NET</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>&nbsp;</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three-month periods<BR>
 ended September 30,</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Nine-month periods<BR>
 ended September 30,</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; width: 62%">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Profit (loss)</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Profit (loss)</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interests on financial debts </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(*)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,968)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,691)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,463)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9,072)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign currency exchange losses on financial debts </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(**)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(885)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(31,725)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,121)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(23,427)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial debt renegotiation results</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,085)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,085)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total Debt financial expenses </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(6,938)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(35,416)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(20,669)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(32,499)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interests and gains on investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(487)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">76</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(53)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,884</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Taxes and bank expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(668)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(673)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,910)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,006)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 7.1pt; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other foreign currency exchange gains &nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">723</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,623</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,832</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,394</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial discounts on assets, debts and other</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(22)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">72</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(98)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gains on operations with notes and bonds </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(***)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,867</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(32)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,145</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">235</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Risk of doubtful government bonds results </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,301)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,301)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interests on provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">41</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(629)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(601)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,579)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial expenses on pension benefits</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(51)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(40)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(165)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(130)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RECPAM</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,442</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,316</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,233</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,507</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(31)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(127)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total other financial results, net</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,882</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8,381</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7,435</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12,881</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total financial results, net</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,056)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(27,035)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(13,234)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(19,618)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">(*) Includes ($181) and $53 corresponding
to net (losses) / income generated by NDF in the nine-month periods ended September 30, 2020 and 2019, respectively.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(**) Includes ($1,077) and ($1,041) corresponding to net losses
generated by NDF in the nine-month periods ended September 30, 2020 and 2019, respectively.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(***) Includes $598 corresponding to the result related to the
decrease in financial assets at amortized cost in the nine-month period ended September 30, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_028"></A><B>NOTE 24 - BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION
33 - LAW No. 19,550 AND RELATED PARTIES</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Controlling Company</B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">As
of September 30, 2020, CVH is the controlling company of Telecom Argentina, holding directly and indirectly 28.16% of the total
capital stock of the Company. Additionally, both VLG S.A.U. and Fintech Telecom, LLC, contributed to the Voting Trust, shares representing
10.92% of the total capital of the Company, so, the shares subject to such agreement represent 21.84% of the total capital of the
Company (the &ldquo;Shares in Trust&rdquo;).</FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">According
to the Voting Trust Agreement, the trustee appointed by CVH must vote the Shares in Trust as instructed or voted by CVH with respect
to all issues except in respect of certain matters subject to veto under the Shareholders&acute; Agreement.</FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Public Tender Offer due to change of control</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">On June 21, 2018,
CVH informed the Company that it was promoting and formulating a mandatory public tender offer (&ldquo;PTO&rdquo;) for all Class
 &ldquo;B&rdquo; Shares issued by Telecom Argentina listed on BYMA (including outstanding Class &ldquo;C&rdquo; Shares of Telecom
Argentina that might be converted into Class &ldquo;B&rdquo; Shares before the expiration deadline) (the &ldquo;PTO Shares&rdquo;)
at a price of $110.85 Argentine pesos per PTO Share. CVH promoted the PTO under regulations applicable at the time mandating a
tender offer following a change of control in the Company.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Pursuant the Telecom
Argentina&rsquo;s Shareholders Agreement, Fintech Telecom LLC was obliged against CVH to pay and acquire the 50% of the shares
acquired in the PTO (without detriment CVH's right to acquire the first 43,073,760 Class &ldquo;B&rdquo; shares).</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Pursuant
to public releases published by CVH, as part of the administrative process to authorize the PTO, the CNV expressed its disagreement
with the price announced by CVH, and took the position that the price per PTO Share should be US$4.8658 payable in Argentine pesos
at the foreign exchange rate in effect on the business day immediate prior to the settlement of the PTO. CVH considered the CNV&rsquo;s
position unfounded and initiated the legal proceeding </FONT>&ldquo;Cablevisi&oacute;n Holding S.A. c/ Comisi&oacute;n Nacional
de Valores s/ Medidas Cautelares&rdquo; (File. No. 7998/2018) in the Federal Civil and Commercial Court No. 3. On November 1st,
2018, the Federal Civil and Commercial Court No. 3 provided the preliminary injunction in favor of CVH and ordered CNV to abstain
for six months from issuing any decision with respect to the authorization of the PTO.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">On
June 10, 2019 CVH informed Telecom that it was served with notice of the resolution of the Federal Contentious Administrative
Court No. 1, Secretariat No. 1 issued on May 9, 2019 in the legal proceeding &ldquo;</FONT>Burgue&ntilde;o Daniel c/ EN-CNV s/
Medida Cautelar (Aut&oacute;noma)&rdquo; (File. No. 89537/2018), providing a preliminary injunction suspending the PTO until the
CNV decided about the application of the new regulation (Resolution No. 779/2018) or the maximum term provided by Section 5&deg;
of Law N&deg; 26,854. is met. This preliminary injunction was extended by following court&rsquo;s resolutions, being the last
one, the court resolution issued on May 15, 2020, which extended the mentioned preliminary injunction for other six months.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">On
July 6, 2020 CVH informed Telecom that it was served with notice of the resolution of Chamber V of the Federal Contentious Administrative
Court issued on July 3, 2020 in the legal proceeding </FONT>&ldquo;Burgue&ntilde;o Daniel c/ EN - CNV s/ inc. de Medida Cautelar&rdquo;
(File No. 89537/2018/3), providing that it enables the court fair to attend the appeal requested by the CNV on May 26, 2020, reject
that appeal and, consequently confirm the preliminary injunction extension mentioned above.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On the other
hand, on July 19th, 2019, CVH informed Telecom that it was served with notice of the resolution of Chamber I of the Federal Civil
and Commercial Court of Appeals in the legal proceeding </FONT>&ldquo;Cablevisi&oacute;n Holding S.A. c/ Comisi&oacute;n Nacional
de Valores s/ Medidas Cautelares&rdquo;, (File. No. 7998/2018), providing the lifting of the preliminary injunction that ordered
CNV to abstain from issuing any decision with respect to the authorization of the PTO. Additionally, in such notice, CVH stated
that the above-mentioned Chamber ordered that any appeal that may be eventually filed by CVH against any decision rendered by the
CNV in connection with the PTO shall have staying effects. Against this resolution CVH filed a federal extraordinary appeal, which
was declared inadmissible on December 26, 2019. Notwithstanding that, as of that date, CVH's PTO was still reached by the preliminary
injunction provided in the legal proceeding &quot;Burgue&ntilde;o Daniel c / EN - CNV s / Precautionary Measure (Autonomous)&quot;
mentioned in the previous paragraphs.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">On
November 26, 2019 CVH was notified of a legal proceeding initiated by the shareholder </FONT>Daniel Burgue&ntilde;o - &ldquo;Burgue&ntilde;o
Daniel Fernando c/ EN - CNV s/ Proceso de conocimiento&rdquo; (File. No. 33763/2019) in the Federal Contentious Administrative
Court No. 1, Secretariat No. 1 seeking to obtain a declaratory judgment to the effect that the issuance by CNV of Resolution No.
779/18 had terminated CVH&rsquo;s obligation to conduct the PTO, considering the relevant provisions of specifically Section 32,
paragraph k) of Resolution No. 779/18 regulating Law No. 26,831 (as amended by Law No. 27,440).</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">On
December 27, 2019, CVH informed Telecom that it was served with notice of the first instance sentence issued in </FONT>&ldquo;Burgue&ntilde;o
Daniel Fernando c/ EN - CNV s/ Proceso de conocimiento&rdquo; (File. No. 33763/2019) ruling in favor of Mr. Burgue&ntilde;o, confirming
that CVH&acute;s obligation to conduct the PTO terminated according to the provisions of Section 32, paragraph k) of CNV Resolution
No. 779/2018 and ordered the CNV to deem concluded the legal proceedings initiated in connection with the PTO. Additionally, CVH
was informed that must decline the legal proceeding initiated in connection with PTO.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Finally,
on September 8, 2020 CVH informed Telecom that it was served with notice of the sentence of Chamber V of the Federal Contentious
Administrative Court issued in the legal proceeding </FONT>&ldquo;Burgue&ntilde;o Daniel Fernando c/ EN - CNV s/ Proceso de conocimiento&rdquo;
(File. No. 33763/2019), rejecting the appeal filed by the CNV on the first instance sentence mentioned in the above paragraph.
On October 29, 2020, the CNV filed an extraordinary appeal against the first instance sentence, which was dismissed by Chamber
V of the Federal Contentious Administrative Court.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of the
date of these unaudited consolidated financial statements, the sentence of Chamber V of the Federal Contentious Administrative
Court issued on September 8, 2020 in the legal proceeding </FONT>&ldquo;Burgue&ntilde;o Daniel Fernando c/ EN - CNV s/ Proceso
de conocimiento&rdquo; (File. No. 33763/2019) is not final, and the CNV can still initiate a complaint within the Court of Supreme
Justice against that decision.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Related Parties</B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the purposes of these unaudited consolidated
financial statements, related parties are those individuals or legal entities which are related to Telecom in terms of IAS 24.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Balances with Companies under section
33 - Law No. 19,550 and Related Parties </B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Companies under section 33 - Law
No. 19,550 &ndash; Associates</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 43%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="width: 31%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 1.5pt; padding-left: 35.4pt; text-align: center; text-indent: -35.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>September 30,</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 1.5pt; padding-left: 35.4pt; text-align: center; text-indent: -35.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Other receivables </B></FONT></TD>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; font-weight: normal">La Capital Cable S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">79</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">44</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; font-weight: normal">Teledifusora San Miguel Arc&aacute;ngel S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">12</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">27</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; font-weight: normal">Ver T.V. S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">33</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">70</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>124</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>141</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>CURRENT LIABILITIES</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Trade payables</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Televisora Privada del Oeste S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>3</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>3</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Related parties</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 43%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="width: 31%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 1.5pt; padding-left: 35.4pt; text-align: center; text-indent: -35.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>September 30,</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 1.5pt; padding-left: 35.4pt; text-align: center; text-indent: -35.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>December 31,</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Trade receivables</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Other related parties</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">135</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">167</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>135</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>167</B></FONT></TD></TR>
<TR>
    <TD STYLE="font: 9pt StempelGaramondBold; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Other
    receivables</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Other related parties</FONT></TD>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">32</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>32</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>CURRENT LIABILITIES</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Trade payables</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; font-weight: normal">Other related parties</FONT></TD>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">914</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,077</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>914</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>1,077</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"></P>

<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"><TD STYLE="width: 33%"><B>&nbsp;</B></TD><TD STYLE="width: 34%; text-align: center"><B>F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right"><B>&nbsp;</B></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>d)</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Transactions with Companies under section 33 - Law No. 19,550 and
related parties</B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Companies under section 33 - Law
No. 19,550&ndash; Associates</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Transaction</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Nine-month periods </U></B></P>
        <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>ended September 30,</U></B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 43%; padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in">&nbsp;</TD>
    <TD STYLE="width: 31%; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>2019</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Profit (loss)</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Revenues</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">La Capital Cable S.A.</FONT></TD>
    <TD STYLE="font: 9pt Century Gothic; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Services revenues and other revenues</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">28</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">46</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in">&nbsp;</TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 0.2in; text-align: center; text-indent: -0.2in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>28</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>46</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Operating costs</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">La Capital Cable S.A.</FONT></TD>
    <TD STYLE="font: 9pt Century Gothic; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Fees for services</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(37)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(36)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: bold 8pt StempelGaramondBold; padding-right: 2.95pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: bold 8pt StempelGaramondBold; padding-right: 2.95pt; padding-left: 0.2in; text-align: center; text-indent: -0.2in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(37)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(36)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: bold 8pt StempelGaramondBold; padding-right: 2.95pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: bold 8pt StempelGaramondBold; padding-right: 2.95pt; padding-left: 0.2in; text-align: center; text-indent: -0.2in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Financial results</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; font-weight: normal">Ver T.V. S.A.</FONT></TD>
    <TD STYLE="font: bold 8pt StempelGaramondBold; padding-right: 2.95pt; padding-left: 0.2in; text-align: center; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; font-weight: normal">Interests</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">30</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; font-weight: normal">Teledifusora San Miguel Arc&aacute;ngel S.A.</FONT></TD>
    <TD STYLE="font: bold 8pt StempelGaramondBold; padding-right: 2.95pt; padding-left: 0.2in; text-align: center; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; font-weight: normal">Interests</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">13</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: bold 9pt StempelGaramondBold; padding-right: 2.95pt; padding-left: 2.95pt">&nbsp;</TD>
    <TD STYLE="font: bold 8pt StempelGaramondBold; padding-right: 2.95pt; padding-left: 0.2in; text-align: center; text-indent: -0.2in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>43</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Related Parties</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Transaction</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Nine-month periods </U></B></P>
        <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>ended September 30,</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in">&nbsp;</TD>
    <TD STYLE="width: 31%; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>2019</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Profit (loss)</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.95pt; padding-left: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Revenues</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Other related parties</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Services and advertising revenues </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">146</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">150</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in">&nbsp;</TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 0.2in; text-align: center; text-indent: -0.2in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>146</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>150</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Operating costs</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Other related parties</FONT></TD>
    <TD STYLE="font: 9pt Century Gothic; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Programming costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2,219)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2,250)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Other related parties</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; font-family: Courier New, Courier, Monospace; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Editing and distribution of magazines</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(503)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(631)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Other related parties</FONT></TD>
    <TD STYLE="font: bold 8pt StempelGaramondBold; padding-right: 2.95pt; padding-left: 0.2in; text-align: center; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; font-weight: normal">Advisory services</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(244)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(271)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Other related parties</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; font-family: Courier New, Courier, Monospace; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Advertising purchases</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(325)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(343)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Other related parties</FONT></TD>
    <TD STYLE="font: bold 8pt StempelGaramondBold; padding-right: 2.95pt; padding-left: 0.2in; text-align: center; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; font-weight: normal">Other purchases and commissions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(111)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(100)</FONT></TD></TR>
<TR>
    <TD STYLE="font: bold 8pt StempelGaramondBold; padding-right: 2.95pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: bold 8pt StempelGaramondBold; padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(3,402)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(3,595)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The transactions discussed above were made
on terms no less favorable to Telecom than would have been obtained from unaffiliated third parties. When Telecom&rsquo;s transactions
represented more than 1% of its equity, these were approved according to Law No. 26,831, the Company&rsquo;s Bylaws and the Executive
Committees&rsquo; Faculties and Performance Regulation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_029"></A><B>NOTE 25 &ndash; RESTRICTIONS ON DISTRIBUTION
OF PROFITS </B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Under the LGS, the Bylaws of the Company
and rules and regulations of the CNV, a minimum of 5% of net income for the year in accordance with the statutory books, plus/less
previous years&rsquo; adjustments and accumulated losses must be appropriated to a legal reserve until such reserve reaches 20%
of the outstanding capital (common stock plus inflation adjustment of common stock).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_030"></A><B>NOTE 26 &ndash; IMPACT OF CORONAVIRUS
IN TELECOM</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-indent: -62.35pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">By the end of December 2019, the World Health
Organization (WHO) received a report of pneumonia cases originated in Wuhan, Province of Hubei, China. The report was related to
the outbreak of a new virus called Coronavirus (&ldquo;Covid-19&rdquo;), which soon spread to several provinces of China and then
to other countries. The outbreak and spread of Covid-19 has generated several consequences on businesses and economic activities
at a global level.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Given the extent of the spread, several
governments in the world have implemented drastic measures to restrict the movement of the population and to content the spread,
including, among other things, controls at airports and other transport hubs, suspension of visas, border closure and the ban to
travel to and from certain parts of the world, closure of public and private institutions, suspension of sports events, restrictions
on museums and tourist attractions, extension of vacations, and finally, the mandatory isolation of the population together with
the suspension of non-essential commercial activities with a high degree of compliance. On March 11, 2020, the WHO declared Covid-19
a global pandemic.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In Argentina, the National Government imposed
a series of measures aimed at reducing the movement of the population, ordering the Mandatory and Preventive Social Isolation
from March 20, 2020 allowing the movement of only those people involved in the provision/production of essential services and
products, among them, the provision of telecommunication, fixed and mobile Internet and digital services. Such isolation has been
modified through different stages and may be extended as deemed necessary according to the epidemiological situation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Telecom provides services that are critical
for society as it connects people, homes, companies and governments. The infrastructure deployed contributes to providing, through
the capacity of fixed and mobile networks, essential services for the coordination of the security forces and the health ecosystem
where communications at healthcare centers and new field hospitals have been strengthened and enhanced. Additionally, we have facilitated
the communication between students and teachers through virtual educational platforms, so that they guarantee pedagogical through
different applications, boosting the access to information for all the population. In the same way, services offered by Telecom
allow people to continue being informed and entertained, with content, entertainment and gaming availability provided through different
platforms, which strengthened our customers&rsquo; accompaniment.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In economic terms, the services rendered
by the Company favor the continuity of the activities of large, medium-and-small sized companies that are still operating, many
of them remotely, boosted by online platforms so that sellers and consumers can connect and sustain consumption; cooperate with
the productive processes through the implementation of home office as one of the most disruptive tools given its massive and immediate
application, contributing to sustaining the economy of the country. Also, services provided by the Company, in this context of
isolation, enable people to stay connected, entertain themselves, produce and stay informed from their homes.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Due to the investments in infrastructure
made over the last years, Telecom has equipment and systems that enable its networks to work efficiently even with the higher use
of the fixed and mobile connectivity recorded since the beginning of the Mandatory and Preventive Social Isolation, that is reflected
in the 50% increase of Internet services at home, the 70% increase in voice mobile services and 30% increase in mobile data services,
considering that mobile and fixed networks complement each other and that customers uses them alternatively, also showing a 75%
increase in upstream.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#252;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>External initiatives implemented by Telecom related to the health
emergency</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The COVID-19 pandemic has driven joint actions
by domestic companies that gave essential support to face the health emergency, reflected in the donation of funds, services, supplies
and products and other kind of assistance.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Telecom received a recognition of the NYSE
for the social value initiatives implemented as part of its permanent commitment to its community in response to the COVID-19 emergency.
The most relevant initiatives were the following:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD>connectivity
for field hospitals;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">discount
in the service for more than 500 hospitals and health centers throughout the country, to &ldquo;Cruz Roja Argentina&rdquo; (Argentine
Red Cross) and &ldquo;Banco de Alimentos&rdquo; (Food Bank Foundation);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD>services
extension for emergency lines;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD>discount
in mobile data services for the use of more than 2,900 educational platforms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD>discount
services for the use of more than 11,000 educational institutions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-family: Arial, Helvetica, Sans-Serif"><TR STYLE="font-size: 10pt; vertical-align: top"><TD STYLE="font-size: 10pt; width: 20px"></TD><TD STYLE="font-size: 10pt; width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">incorporation
                                         of own educational content through the program &ldquo;Nuestro Lugar&rdquo; (<U>www.nuestrolugar.com.ar</U>)
                                         with e-citizenship proposals for children, families and teachers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">increase
in pedagogical contents in the Flow entertainment platform, with access to Flow App extended to all the cable television customer
base;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">benefits to enable customers to take further
advantage of connection possibilities and access to valuable information and educational and entertainment content; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">support
for the solidarity initiative &ldquo;Seamos Uno&rdquo; (Let Us Be One) for the delivery of food and personal care products to
families in need, among many other initiatives; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">provision of communication tools to transmit
health information to citizens, in alliance efforts with municipalities and provincial governments throughout the country.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#252;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Internal initiatives implemented by Telecom related to the health
emergency</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On the other hand, the Company implemented
a series of initiatives to ensure the continuity of its operations, safeguarding the health and the wellness of all the employees
and of those that are part of the value chain. The main initiatives adopted by the Company comprise:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">the
early performance of the tasks planned for 2020 and the initiation of works to ensure the capacity of networks required to continue
operating;</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">expansion
of the capacity for international outgoing Internet traffic by 40% (with the possibility of increasing it further if the situation
so requires);</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD>we
entered into agreements to enhance the links with international suppliers and IP networks;</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">early
execution in public thoroughfare of infrastructure works on residential fixed data networks, strengthening of data centers and
hubs and increase of the capacity of Flow's content distribution network;</TD></TR></TABLE>






<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">expansion
of the capacity of the mobile network in certain smaller cities in the provinces where there is only one network, and the continuation
of preventive maintenance tasks in all our networks;</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">since
the first day of the mandatory isolation, the Company launched a campaign promoting all the digital communication channels and
encouraging customers to request support through those channels. In order to handle that new flow of customers, Telecom enhanced
digital support by implementing special microsites identified as &ldquo;I pay from home&rdquo;;</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in compliance with current regulations
of each locality, Telecom progressively opened commercial offices in cities which evolved their mandatory isolation stage;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">technical
support was focused on preventive maintenance and repairs in public thoroughfare and on Telecom's own infrastructure, giving priority
to critical cases such as hospitals and security forces, among others;</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">in
the case of new installations and repairs that have to be made inside our customers&rsquo; homes, Telecom provided technical teams
with personal care and safety kits, which include special protective gear such as coveralls, gloves, face masks and special goggles,
hand sanitizer and training for the proper and safe use of those elements;</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">the
Crisis Committee, composed of members of top Management, started to perform its duties periodically together with the assessment
of sanitary experts, to address the different scenarios that may arise and for quick decision-making;</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">Home
office for more than 70% of employees (including those working in commercial areas and call centers), even before to the Mandatory
and Preventive Social Isolation pronouncement, with virtual private network access so that they can work with the same tools and
security levels they have in their working places at our offices. Therefore, working teams are provided with web and mobile applications
for (i) administrative and human resources tasks, (ii) access to e-learning training and (iii) communication and collaborative
workspaces, virtual rooms and access to files and documentation from anywhere, in a collaborative and safe way;</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">enhancement of cleaning and disinfection
at working places and environments for those tasks that cannot be performed remotely, including the vans used for providing technical
support, and provision of hand washing and sanitizing methods and the distribution of personal care kits in accordance with the
protocol established by the Superintendence of Labor Risks;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">since the beginning of this health situation,
several initiatives were developed through the corporate program &ldquo;Nos Acompa&ntilde;amos&rdquo; (We Are in Company) intended
for all Company employees, for the purpose of taking care of psychological, biological and social wellness, and focused on the
work-life balance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">continuation
of ongoing communication with trade unions to agree on working protocols that allow the Company to continue providing services
and, at the same time, safeguard the health of our employees; and</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify">ongoing
communication with our strategic partners and other international operators from the countries with greater spread of the pandemic
in order to understand and foresee the potential impacts on our operations.</TD></TR></TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#252;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Regulatory Matters</B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Prohibition to disconnect services in
case of arrears or non-payment</U></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On March 24, 2020, the PEN issued Decree
No. 311/2020, whereby it provided for the temporary suspension of the disconnection of services deemed essential for the development
of daily life, such as electricity, water and gas supply, fixed or mobile telephony, Internet and radio electric link or satellite
link subscription television, among others, in order to guarantee the access to those essentials services in case of arrears or
lack of payment of up to three consecutive or alternate invoices maturing since March 1, 2020. On June 18, 2020, the PEN issued
Decree No. 543/2020 which provided the extension of such temporary suspension in case of arrears or lack of payment of up to six
consecutive or alternate invoices maturing since March 1, 2020. On September 20, 2020, the PEN issued Decree No. 756/2020, which
provided the extension of such temporary suspension in case of arrears or lack of payment of up to seven consecutive or alternate
invoices. Also, this last Decree provides that, if a customer access to a payment facility plan under the conditions established
by the Decree regulations, they will be considered, for the purposes of the Decree, as paid invoices. As of the date of these unaudited
consolidated financial statements, Decree No. 756/2020 has not been regulated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Decree No. 311/2020 also established
that, in the case of fixed or mobile telephony, Internet and cable television services, by radio-electric link or satellite link,
operators were forced to maintain a reduced service, as established in the regulations, for a period of one hundred eighty (180)
calendar days, which was extended with each extension of Decree No. 311/2020. Likewise, it established that, if users who had a
prepaid mobile service or Internet service did not pay the corresponding recharge to access consumption, operators should provide
a reduced service in the terms provided by the regulations. This obligation would apply until April 30, 2020. This obligation was
successively extended though different decrees, setting its final expiration date on December 31, 2020, throughout the Decree No.
756/2020.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Ministry of Productive Development,
designated as the Application Authority of Decree No. 311/2020, ordered the prohibition to disconnect services in case of arrears
or non-payment under the conditions established in the general rules approved. In addition, a Coordination Unit was created, composed
of a representative of each of the competent areas, in order to implement the provisions of the decree. The Coordination Unit should
issue, within a maximum term of fifteen calendar days, a report regarding the number of users that fall within the scope and the
segment of users that do not fall within the scope as deemed convenient to include.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The regulations provided that the users
that fall within the scope of the decree are all those whose bills were due as from March 1, 2020 and those with a current notice
of disconnection and if users had registered the service under their name before March 26, 2020. Also, the regulations provided
the monthly minimum features that are considered as reduced services. In addition, it also set out that the measures adopted might
be extended to other individual customers, simplified taxpayers and civil associations that provide evidence of a decrease in their
revenues. Through the Decree No. 756/2020, section 8 of Decree No. 311/2020 was amended, designating the Ministry of Economy as
the Application Authority of Decree No. 311/2020, instead of the Ministry of Productive Development.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On the other hand, ENACOM provided the information
that companies providing fixed and mobile telephony, Internet and TV services, by radio-electric link or satellite link, must submit
to the Regulatory Authority, also establishing, that the mentioned companies cannot suspend or disconnect services for non-payment
provided to any user that is not included in the report issued by the Coordination Unit.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Furthermore, the mentioned companies must
inform ENACOM all the prices established for the reduced services required to be maintained, disaggregated by type of service and
under the condition that they are fair and reasonable. The prices of the reduced services must be communicated to users through
the invoices, the institutional web sites and all social networks through which they communicate with their customers and/or advertise
their services. The mentioned companies must also inform ENACOM of the terms and conditions and/or modalities of the payment facilities
and the communication process, which must be available to users.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><U>Telecommunication
industry agreement with ENACOM </U></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In May 2020, the Company, together with
other companies of the telecommunication industry, entered into an agreement with ENACOM, which was effective until August 31,
2020. This agreement, among other issues, provides: (i) the suspension of increases in prices of mobile and fixed telephony, Internet
and cable television services from May 1, 2020 to August 31, 2020, to ease the situation of users affected by the quarantine, (ii)
the creation of inclusive plans for mobile and fixed telephony and mobile and fixed Internet for users who request such benefit,
establishing a fixed price until September 30, 2020, (iii) the extension of the benefit of &ldquo;reduced service&rdquo; ensuring
connectivity for users of the prepaid mobile service or Internet service, maintaining the price until October 31, 2020, (iv) that
during the term of this agreement there will be no dismissals without cause, and (v) that, in the case of salary increases as a
result of trade union agreements, this agreement will be renegotiated and its effects immediately suspended. However, on August
22, 2020, the PEN issued Decree No. 690/2020, through which many of the mentioned items agreed became obligations. For more information
on Decree No. 690/2020, see Note 27 to these unaudited consolidated financial statements.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><U>Universal
Service</U></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">ENACOM, through Resolution No. 478/2020,
published in the Official Gazette on June 3, 2020, approved the Project &ldquo;Villa Azul - Connectivity for Mobile Communications
Services&rdquo; within the emergency program to guarantee access and ICT services for inhabitants of &ldquo;Barrios Populares&rdquo;
(Popular Neighborhoods) in the context of health emergency related to COVID-19.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#252;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Main Accounting Impacts</B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of the
date of these unaudited consolidated financial statements, </FONT>the Company has not experienced any significant impacts on its
results as a consequence of the pandemic. Despite the several difficulties that caused a slowdown or complexities in our operations;
such as the increased Internet data traffic, the increase in mobile voice service, the decrease in the collection of service fees,
and mainly the inconveniences to make repairs and installations inside our customers&rsquo; homes; among others, the operations
are still in place and are expected to continue in spite of the difficulties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In accordance with IAS 36, the Company&rsquo;s
Management has assessed if there are indicators of impairment of the recoverable value of its fixed assets. Even though the pandemic
could have a significant impact in the economic activity in Argentina, what could be an impairment trigger, according to mentioned
assessment, no negative impacts have been identified in the capacity of generation of future cash flows of the Company, as the
volume of operations is expected to remain stable. Therefore, the Company has not deemed it necessary to estimate the recoverable
value of its fixed assets as of September 30, 2020.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On the other hand, the implementation of
measures aimed at reducing the movement of people included, initially, the closure of in-person collection channels, affecting
the collections of the Company since March 20, 2020. However, this situation was gradually regularized during the second quarter
of 2020 as in-person collection channels reopened and digital channels were strengthened through the implementation of &ldquo;I
pay from home&rdquo;. The Company&rsquo;s Management estimates that the deterioration of the economic situation of the country
represents an increase in trade receivables credit risk at the end of the reporting period. These unaudited consolidated financial
statements include an increase in the allowance for doubtful accounts as a consequence of the application of the expected credit
losses of IFRS 9. For further information on the breakdown and maturity dates of trade receivables, see Notes 3 and 18, respectively.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Liquidity Risk</I></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The negative effects generated on the collection
of service fees mentioned above does not represent a liquidity risk regarding the fulfillment of short-term financial obligations,
since the Company has been working long strengthening its liquidity. Telecom and its subsidiaries have enough liquidity, bank credit
lines and a notes program that allow them to finance their short-term obligations and the investment plan in addition to the projected
operating cash flows.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">However, the Company implemented measures
that allow it to have the highest possible liquidity to face the volatility of the context with greater uncertainty, offset the
potential decrease in cash flows and fulfill its obligations. Such measures include the subscription to the following installment
payment plans within the framework of General Resolution No. 4,268:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">a) Employer's and Social Security
Contributions: on April 15, 2020, the Company filed an installment payment plan for the payment of employer's and social security
contributions corresponding to March 2020 for an aggregate of $1,136. The plan provides for the settlement of the debt in 6 equal
consecutive installments as from May 16, 2020 and bears an annual interest rate of 30%.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">b) VAT and Internal Taxes: On
April 21, 2020, the Company filed an installment payment plan for the settlement of VAT and internal taxes payable under the tax
return corresponding to March 2020 for an aggregate of $642. The plan provides for the settlement of the debt in 6 equal consecutive
installments as from May 16, 2020 and bears an annual interest rate of 30%.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The ultimate effects of Covid-19 and its
impact on the global and local economy are still unknown. Governments may issue stricter measures, which cannot be predicted at
this stage. The Company&rsquo;s Management will continue to develop actions that minimize the potential impairment on its results,
as a result of these situations, maintaining a level of service and customer satisfaction, and seeking to maximize the precautions
in social management in this context.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company's Board of Directors and the
Crisis Committee continue monitoring the evolution of the situation and taking the necessary measures to preserve human life and
the sustainability of Telecom's businesses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_031"></A><B>NOTE 27 &ndash; RECENT DEVELOPMENTS CORRESPONDING
TO THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2020</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in; vertical-align: bottom"></TD><TD STYLE="text-align: left; width: 0.25in; vertical-align: bottom"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>a)</B></FONT></TD><TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Amendment to Law No. 27,078 &ndash;
Argentine Digital Law</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On August 22, 2020, the PEN issued Decree
No. 690/2020 whereby it amended the Argentina Digital Law.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">With the amendments introduced, ICT services
 &ndash; fixed and mobile telephony services, cable television and Internet &ndash; and - the access to telecommunications networks
for and between licensees are now considered as &ldquo;Essential and Strategic Competition Public Services&rdquo;, being their
availability guaranteed by the ENACOM.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">It was further established that the prices
of the Essential and Strategic Competition Public ICT Services, those provided in accordance with the Universal Service and those
determined by ENACOM for public interest reasons, shall be regulated by ENACOM.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Decree also provides that ENACOM shall
set, in the respective regulations, the mandatory universal basic provision of ICT services under equal conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>


<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Finally, the Decree suspended from July
31, 2020 to December 31, 2020 the price increases or changes set or announced by the ITC licensees, specifically mentioning the
subscription broadcasting service by physical and / or radio-electric link and fixed or mobile telephony services, in any modality.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of the date of these unaudited consolidated
financial statements, the Decree has been ratified by Congress under the terms of Law No. 26,122, and it has not yet been implemented.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company's Management, with the assistance
of its legal advisors, is evaluating the impacts that the aforementioned decree will have on Telecom's operations and the pertinent
legal actions in defense of its rights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in; vertical-align: bottom"></TD><TD STYLE="text-align: left; width: 0.25in; vertical-align: bottom"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>b)</B></FONT></TD><TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>International Roaming Regulations
between Argentina and Chile</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On August 31, 2020, ENACOM Resolution No.
927/2020 was published in the Official Gazette. In such resolution, the International Roaming Regulations between Chile and Argentina
was approved. Under those Regulations, it was established, among other things, that Argentina's mobile communications service providers,
including Virtual Mobile Operators, shall offer customers who use international Roaming services with Chile the same prices that
they offer in their own country for voice communications, messaging and mobile data while they stay in that country.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_032"></A><B>NOTE 28 &ndash; SUBSEQUENT EVENTS TO
SEPTEMBER 30, 2020</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><U>a) Conversion of Class &ldquo;C&rdquo;
shares into Class &ldquo;B&rdquo; shares</U></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In accordance with the provisions of the
Ordinary, Extraordinary and Special General Meetings of Class &quot;C&quot; Shares of Telecom Argentina held on December 15, 2011,
on October 23, 2020, 6,444 Class &quot;C&quot; shares have been converted into the same number of Class &ldquo;B&rdquo; shares.
This conversion is the thirteenth tranche of the total number of shares authorized for conversion by the aforementioned Meetings.
After this conversion, the total capital stock of Telecom Argentina is still comprised of 2,153,688,011 common book-entry shares
with nominal value of $1 peso and entitled to one vote per share and its composition per class of shares is as follows: 683,856,600
Class &ldquo;A&rdquo; shares, 628,058,019 Class &ldquo;B&rdquo; shares, 106,734 Class &ldquo;C&rdquo; shares and 841,666,658 Class
 &ldquo;D&rdquo; shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><U>b) Call to Extraordinary
General Meeting</U></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Board of Directors of Telecom Argentina
in a meeting held on October 13, 2020, which was postponed to October 16, 2020, resolved to call an Extraordinary General Shareholders&rsquo;
Meeting to be held on November 13, 2020, in order to consider: total or partial disaffection of the &ldquo;Voluntary reserve for
future dividends payments&rdquo; and / or the &ldquo;Facultative Reserve to maintain the capital investments level and the current
level of solvency&rdquo;, the distribution of dividends in cash or in non-cash or in any combination of both options according
to the current context of the Company, and the delegation of powers to the Board of Directors.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 35.45pt"><B><U>c) Offer for Irrevocable Call and
Put Option on the Shares of AVC Continente Audiovisual</U></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On September 25, 2019, Telecom and the non-controlling
shareholders of AVC Continente Audiovisual (the &ldquo;Assignors&rdquo;) executed an Offer for an Irrevocable Call and Put Option
(the &ldquo;Offer&rdquo;) on all the shares of AVC Continente Audiovisual held by the Assignors, who are the holders of 497,479
common shares with nominal value of $1 each, representing 40% of the capital stock. The call and put options include, together
with the shares, the assignment and transfer of all the equity and political rights inherent to them.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of September 30, 2020 the Company owed,
according to the Offer provisions, an equivalent amount in Argentine Pesos of 45,536 average cable TV subscription fees. On October
16, 2020, Telecom made a partial payment in the amount of $39, equivalent to 50% of such cable TV subscription fees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 36%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Carlos Moltini </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>President</U></B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><A NAME="a_004"></A><B><U>OPERATING AND FINANCIAL REVIEW AND
PROSPECTS AS OF SEPTEMBER 30, 2020</U></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(In millions of Argentine pesos or as expressly
indicated)</P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="font-weight: bold; vertical-align: top">
<TD STYLE="font-weight: bold; width: 0"></TD><TD STYLE="font-weight: bold; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>1.</I></B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>General considerations</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As required by CNV regulations, the Company
has prepared its unaudited consolidated financial statements as of September 30, 2020 under IFRS.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As provided under Resolution No. 777 issued
by the CNV on December 28, 2018, this Report discloses the comparative balances for the nine-month period ended September 30, 2019,
restated to current currency as of September 30, 2020.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The table below
shows the evolution of the National Consumer Price Index (National CPI with the characteristics identified in Note 1.e) to the
unaudited consolidated financial statements) of the last two years and as of September 30, 2020 and 2019 according to official
statistics (INDEC) used for the preparation of this operating and financial review and prospects and the accompanying financial
statements:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt"><B><U>As
                                         of December</U></B></FONT></P>
                                                                                <P STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>31,
                                         2018</U></B></FONT></P></TD>
    <TD STYLE="font-size: 8pt; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>As
    of September<BR>
    30, 2019</U></B></FONT></TD>
    <TD STYLE="font-size: 8pt; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>As
    of December <BR>
    31, 2019 </U></B></FONT></TD>
    <TD STYLE="font-size: 8pt; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>As
    of September<BR>
    30, 2020</U></B></FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">National
    Consumer Price Index (December 2016=100)</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">184.26</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">253.71</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">283.44</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">346.62</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Variation
    in Prices</U></B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    </FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47.6%</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53.7%</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53.8%</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36.6%</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated
    3 years</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">147.8%</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">159.9%</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">183.2%</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">194.7%</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated
    3 months since June 2019 / 2020</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">12.5%</FONT></P></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.7%</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated
    9 months</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37.7%</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.3%</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Banco
    Naci&oacute;n US$/$ exchange rate </FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37.70</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57.59</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">59.89</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76.18</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Variation
    in the exchange rate</U></B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">102.1%</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58.9%</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated
    3 months since June 2019 / 2020</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35.6%</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.1%</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated
    9 months</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52.8%</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27.2%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="font-weight: bold; vertical-align: top">
<TD STYLE="font-weight: bold; width: 0"></TD><TD STYLE="font-weight: bold; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>2.</I></B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>Telecom&rsquo;s activities for the nine-month
periods ended September 30, 2020 (&ldquo;9M20&rdquo;) and 2019 (&ldquo;9M19&rdquo;)</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Variation</B></FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; width: 63%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; width: 9%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9M20</B></FONT></TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9M19</B></FONT></TD>
    <TD STYLE="font-size: 8pt; width: 9%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="font-size: 8pt; width: 9%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues
    </FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>208,220</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>218,182</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(9,962)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(4.6)</B></FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Employee
    benefit expenses and severance payments</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(38,668)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(41,544)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,876</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6.9)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interconnection
    and transmission costs </FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,675)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,970)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(705)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.1</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fees
    for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(21,848)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(23,530)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,682</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7.1)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Taxes
    and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,771)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17,090)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,319</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7.7)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Commissions
    and advertising</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11,501)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13,031)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,530</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11.7)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cost
    of equipment and handsets</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,236)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10,240)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,004</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(29.3)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Programming
    and content costs</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13,645)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16,453)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,808</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17.1)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bad
    debt expenses</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,883)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,940)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,943)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32.7</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    operating expenses</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9,538)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10,676)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,138</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10.7)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation,
    amortization and impairment of fixed assets</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(55,062)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(53,036)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,026)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.8</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating
    income</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>19,393</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>19,672</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(279)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1.4)</B></FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Earnings
    from associates</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">372</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(279)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">651</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(233.3)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    results, net</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13,234)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(19,618)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,384</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(32.5)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income
    (loss) before income tax expense</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; border-top: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,531</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; border-top: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(225)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; border-top: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,756</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>n/a</B></FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income
    tax expense</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,780)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17,122)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,342</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(54.6)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    loss</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,249)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(17,347)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>16,098</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(92.8)</B></FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Attributable
    to:</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Controlling
    Company</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,645)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17,680)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,035</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(90.7)</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">396</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">333</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">63</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.9</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,249)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(17,347)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>16,098</B></FONT></TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(92.8)</B></FONT></TD></TR>
<TR STYLE="font-size: 8pt; background-color: white">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Basic and diluted loss
        per share attributable to the Controlling Company</B></FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>(in Argentine pesos)</B></FONT></P></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.76)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(8.21)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 12.65pt; text-align: right; text-indent: -12.65pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 12.65pt; text-align: right; text-indent: -12.65pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Net loss amounted to $1,149 in 9M20 vs.
$17,347 in 9M19, representing a decrease of $7,645. The decrease in net loss was mainly due to lower financial results of $6,384
and lower income tax expenses of $9,342. Net loss represents 0.6% of consolidated revenues in 9M20 (vs. 8.0% in 9M19).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt; font-weight: normal">&#183;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Revenues </FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-right: 0.25in">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>&nbsp;</I></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 48%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>&nbsp;</I></B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M20</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M19</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>%</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mobile Services</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">79,706</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">74,908</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,798</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.4</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Internet Services </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">44,053</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,991</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,938)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10.1)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cable Television Services </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,755</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45,618</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,863)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10.7)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fixed and Data Services</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31,955</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34,184</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,229)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6.5)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other services revenues</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">575</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">740</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(165)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(22.3)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Subtotal Services revenues</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>197,044</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>204,441</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(7,397)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3.6)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equipment revenues</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,176</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,741</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,565)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18.7)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>208,220</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>218,182</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(9,962)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(4.6)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">During 9M20 consolidated
revenues showed a decrease of 4.6% (-$9,962 vs. 9M19) amounting to $208,220. This decrease is mainly due to lower Internet Services,
Cable Television Services, Fixed and Data Services and Equipment revenues, partially offset by higher Mobile Services revenues.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Services revenues amounted to $197,044 in
9M20 (-3.6% vs. 9M19) and represent 94.6% of consolidated revenues. Mobile Services revenues amounted to $79,706 in 9M20 (+$4,798
vs. 9M19), Internet Services revenues amounted to $44,053 in 9M20 (-$4,398 vs. 9M19), Cable Television Services revenues amounted
to $40,755 in 9M20 (-$4,863 vs. 9M19) and Fixed and Data Services revenues amounted to $31,955 in 9M20 (-$2,229 vs. 9M19). Equipment
revenues decreased 18.7%, amounting to $11,176 in 9M20 and represent 5.4% of total consolidated revenues.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Total revenues
include $18,325 and $80,304 in 9M20 and 9M19, respectively, related to the effect of restatement in terms of current currency as
of September 30, 2020.</P>

<P STYLE="font: 1pt inherit,serif; margin: 0pt 0; background-color: white; color: #212121">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Mobile Services</U></I></B></P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Mobile
Services revenues amounted to $79,706 (+$4,798 or +6.4% vs. 9M19), being the main business in terms of service revenues </FONT>(40.5%
and 36.6% of services revenues in 9M20 and 9M19, respectively). The variation was mainly due to mobile services revenues in Argentina,
which amounted to $69,372 (+$4,443 or +6.8% vs. 9M19), due to a 3.5% increase in ARPU.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The effect generated by the restatement
in terms of the current currency as of September 30, 2020 included in mobile services revenues amounts to $6,932 and $27,515 in
9M20 and 9M19, respectively.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Personal's mobile
customers amount to 18.7 million and 19.0 million as of September 30, 2020 and 2019, respectively, of which 7.7 million and 7.5
million correspond to postpaid customers, respectively. The main ratios related to the services provided to these customers were:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As of September 30, 2020, 59% of total
customers consist of prepaid customers, and 41% consist of postpaid customers, while, as of September 30, 2019, 60% of total customers
consist of prepaid customers and 40% consist of postpaid customers.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mobile Internet services revenues are equivalent
to 76% of Personal&rsquo;s customer&rsquo;s total services revenues.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The monthly average revenue per user (&ldquo;ARPU&rdquo;)
is $401.2 Argentine pesos per month in 9M20 (vs. $387.5 Argentine pesos per month in 9M19), representing an increase of 3.5%. The
effect generated by the restatement in terms of the current currency as of September 30, 2020 included in ARPU amounts to $35.8
Argentine pesos and $144.1 Argentine pesos in 9M20 and 9M19, respectively.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The average churn rate per month amounted
to 2.2% in 9M20 (vs. 2.1% average in 9M19).</FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During 3Q20, &ldquo;Mi Negocio Personal&rdquo;
(My Personal Business) was launched, an e-commerce platform that allows micro-entrepreneurs to digitize the commercial experience
of their business and sell to its customers in a personalized way through social networks chosen and with integrated payment methods.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Regarding infrastructure, the Company continued
to enhance the mobile Internet experience of its customers through the deployment of its 4G and 4G+ network throughout the country,
reaching more than 12.9 million customers with 4G devices throughout the country.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Mobile services
revenues generated in Paraguay amounted to $10,334 (+$355 or +3.6% vs. 9M19) due to the appreciation of the Guaran&iacute; against
the Argentine Peso by 16.6% and to the increase in ARPU, while the customer base remained stable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The main ratios related
to the mobile services in Paraguay were:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">N&uacute;cleo's mobile customers remained
stable in 2.4 million as of September 30, 2020 and 2019.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As of September 30, 2020 and 2019, 83%
of total customers consist of prepaid customers and 17% consist of postpaid customers.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
monthly ARPU amounted to $437.8 Argentine pesos in 9M20 (vs. $413.0 Argentine pesos in 9M19), representing a 6.0% increase. This
increase is mainly due to a 10.4% increase in the ARPU in Guaran&iacute;es in addition to the variation of the average exchange
rate.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The average churn rate per month amounted
to 3.5% in 9M20 (vs. 3.2% in 9M19).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Internet Services</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Internet services revenues amounted to $44,053
in 9M20 (-$4,938 or -10.1% vs. 9M19) driven mainly by the 10.0% decrease in broadband ARPU, which amounted to $1,199.7 Argentine
pesos in 9M20 (vs. $1,333.0 Argentine pesos in 9M19). The effect generated by the restatement in terms of the current currency
as of September 30, 2020 included in ARPU amounts to $107.1 Argentine pesos and $495.9 Argentine pesos in 9M20 and 9M19, respectively.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">It should be noted
that customers with service of 20Mb or higher represent 69.8% and 59.2% of the total customer base as of September 30, 2020 and
2019, respectively. Within this range, there are customers who have plans of 100 Mb, 300 Mb and 1,000 Mb that as of September 30,
2020 amount to 503,337, 77,120 and 205, respectively.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">By the end of June 2020, the Company launched
 &ldquo;Infinite&rdquo;. It is a new technology with an automatic switch between fixed and mobile network to have a secure Internet
connection designed for corporate customers that require high-quality access and higher Internet speed. Infinite will allow customers
to have access to a &quot;Control Center&quot;, which will provide tools for the supervision and management of the purchased link,
analyzing its development and its use. It will also provide customers with tools such as access to statistics and alarms of the
most important parameters of their link through a service web portal.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Internet services churn rate per month amounted
to 1.2% and 1.5% as of September 30, 2020 and 2019, respectively, remaining stable the total customer base in 9M20, which amounted
to 4.2 million.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The effect generated by the restatement
in terms of the current currency as of September 30, 2020 included in Internet Services revenues amounts to $3,941 and $18,050
in 9M20 and 9M19, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Cable Television Services</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Cable Television Services revenues amounted
to $40,755 in 9M20 (-$4,683 or -10.7% vs. 9M19). The variation is mainly due to the ARPU, which decreased 11.7% amounting to $1,285.3
Argentine pesos in 9M20 (vs. $1,455.6 Argentine pesos in 9M19). The effect generated by the restatement in terms of the current
currency as of September 30, 2020 included in ARPU amounts to $114.7 Argentine pesos and $541.5 Argentine pesos in 9M20 and 9M19,
respectively.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">It should be noted since March 2020 no revenues
related to domestic soccer transmissions were recorded, considering that the activity was suspended as a consequence of the COVID-19
pandemic, with its consequent impact in ARPU. However, as of the date of this Operating and Financial Review and Prospects, soccer
activity has returned and the Company will star billing the corresponding services during the most of the last quarter of 2020.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The average monthly
churn in 9M20 amounted to 0.9% (vs. 1.3% in 9M19).</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The effect generated by the restatement
in terms of the current currency as of September 30, 2020 included in Cable Television Services revenues amounts to $3,682 and
$16,840 in 9M20 and 9M19, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I><U>Fixed Telephony and Data Services</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Fixed Telephony and Data Services revenues
amounted to $31,955 (-$2,229 or -6.5% vs. 9M19).</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The effect generated by the restatement
in terms of the current currency as of September 30, 2020 included in Fixed and Data Services revenues amounts to $2,802 and $12,544
in 9M20 and 9M19, respectively.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The average monthly
revenue billed per user (&ldquo;ARBU&rdquo;) of fixed telephony services amounted to $542,7 Argentine pesos in 9M20 (vs. $532,8
Argentine pesos in 9M19). The effect generated by the restatement in terms of the current currency as of September 30, 2020 included
in ARBU amounts to $48.5 Argentine pesos and $198.2 Argentine pesos in 9M20 and 9M19, respectively.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">In May 2020, the
 &ldquo;Centro de Ciberdefensa&rdquo; (Cyber Defense Center) was launched, a new security solution designed to meet the demand for
online security in productive organizations. This solution, aimed exclusively to cybersecurity monitoring, is a tailored and flexible
service depending on the needs of each company, which permanently monitors the events that may occur and notifies the customer
to take any necessary remediation action.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I><U>Equipment</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Equipment revenues
amounted to $11,176 (-$2,565 or -18.7% vs. 9M19). This variation is mainly due to a 35% decrease in handsets sold, partially offset
by an approximately 71% increase in handset average sale prices as compared to 9M19.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">It is important
to highlight that the Company, in terms of devices, has continued to promote the updating of the handsets with financed offers
and special discounts focused on the convergence of services.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The effect generated by the restatement
in terms of the current currency as of September 30, 2020 included in Equipment revenues amounts to $921 and $5,091 in 9M20 and
9M19, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Operating
                                         costs (without depreciation, amortization and impairment of fixed assets)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Operating costs without depreciation, amortization
and impairment of fixed assets amounted to $133,765 in 9M20, which represents a decrease of $11,709 or -8.0% vs. 9M19. These lower
costs are related with the decrease in all operating costs, except for interconnection and transmission costs and bad debt expenses.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The effect generated by the restatement
in terms of the current currency as of September 30, 2020 included in operating costs amounts to $12,533 and $54,577 in 9M20 and
9M19, respectively.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The operating costs breakdown is mainly
as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I><U>Employee benefit expenses and severance payments</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Employee
benefit expenses and </FONT>severance payments amounted to $38,668 in 9M20 (-$2,876 or -6.9% vs. 9M19). The decrease is mainly
due to a decrease in the Company&rsquo;s headcount (23,415 employees by the end of 9M20) and lower charges for dismissals, partially
offset by increases in salaries agreed by the Company with several trade unions with respect to unionized employees as well as
to non-unionized employees, together with related social security charges.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The effect generated
by the restatement in terms of the current currency as of September 30, 2020 included in employee benefit expenses and severance
payments amounts to $3,422 and $15,314 in 9M20 and 9M19, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I><U>Interconnection and transmission costs</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Interconnection
and transmission costs, which also includes charges for roaming, cost of international outbound calls and lease of lines and circuits,
amounted to $7,675 in 9M20 </FONT>(+$705 or +10.1% vs. 9M19). The variation is mainly due to the increase in the exchange rate
in relation to services set in US.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The effect generated
by the restatement in terms of the current currency as of September 30, 2020 included in interconnection and transmission costs
amounts to $628 and $2,566 in 9M20 and 9M19, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I><U>Fees for services, maintenance, materials and supplies</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Fees for services,
maintenance, materials and supplies amounted to $21,848 in 9M20 (-$1,662 or -7.1% vs. 9M19).</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Fees for services
in 9M20 decrease $257 vs. 9M19 while fees for maintenance, materials and supplies decreased $1,425 vs. 9M19, mainly due to the
optimization of consumption of materials and to the effect of lower activity as a result of the mandatory isolation, partially
offset by increases in supplier&rsquo;s services prices related to the maintenance of our networks and systems and home connections
and disconnections of customers, among others.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The effect generated
by the restatement in terms of the current currency as of September 30, 2020 included in fees for services, maintenance, materials
and supplies amounts to $2,382 and $8,917 in 9M20 and 9M19, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I><U>Taxes and fees with the Regulatory Authority</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Taxes and fees
with the Regulatory Authority, that include turnover tax, municipal taxes and other taxes and fees, decreased, amounted to $15,771
in 9M20 (-$1,319 or -7.7% vs. 9M19). This decrease corresponds mainly to the effect of lower revenues in 9M20 vs. 9M19.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The effect generated
by the restatement in terms of the current currency as of September 30, 2020 included in taxes and fees with the Regulatory Authority
amounts to $1,386 and $6,303 in 9M20 and 9M19, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I><U>Commissions and advertising</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Commissions (that
include commissions paid to agents, collection commissions and other commissions) and advertising, amounted to $11,501 in 9M20
(-$1,530 or -11.7% vs. 9M19). The decrease is due to lower charges for agent commissions, lower equipment sold and, consequently,
lower advertising cost related to them as a result of lower activity in connection with the mandatory isolation.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Since the first
day of the mandatory isolation, the Company launched a campaign promoting all the digital communication channels and encouraging
customers to use those channels for commercial issues. In order to handle that new demand, we enhanced digital support by implementing
special microsites identified as &ldquo;I pay from home&rdquo;.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The effect generated
by the restatement in terms of the current currency as of September 30, 2020 included in commissions and advertising amounts to
$1,002 and $4,780 in 9M20 and 9M19, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I><U>Cost of equipment and handsets</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Cost
of equipment and handsets sold amounted to </FONT>$7,236 in 9M20 (-$3,004 or -29.3% vs. 9M19). Thereby, $6,609 of this amount correspond
to cost of handsets sold in Argentina, which decreased 31.7% vs. 9M19, mainly due to a 35% decrease in handsets sold as compared
to 9M19, partially offset by the increase in the purchase prices of handsets as compared to 9M19.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The effect generated
by the restatement in terms of the current currency as of September 30, 2020 included in cost of equipment and handsets amounts
to $1,055 and $4,469 in 9M20 and 9M19, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I><U>Programming and content costs</U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Programming and
content costs amounted to $13,645 (-$2,808 or -17.1% vs. 9M19), mainly due to operating efficiencies and some sport signals unsubscription,
partially offset by prices increases of almost all other signals. It is worth mentioning that since March 2020 no costs related
to domestic soccer programming were accrued, considering that the activity was suspended as a consequence of the pandemic.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">The
effect generated by the restatement in terms of the current currency as of September 30, 2020 included in </FONT>programming and
content costs amounts to $1,255 and $6,082 in 9M20 and 9M19, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I><U>Bad debt expenses</U></I></B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Bad
debt expenses amounted to </FONT>$7,833 (+$1,943 or +32.7% vs. 9M19). This increase was mainly due to the deterioration of the
economic situation of the country, which includes the effects generated by the mandatory isolation, as disclosed in Note of COVID
(Note 26 to the unaudited consolidated financial statements). Bad debt expenses represent 3.8% and 2.7% of consolidated revenues
in 9M20 and in 9M19, respectively.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The effect generated
by the restatement in terms of the current currency as of September 30, 2020 included in bad debt expenses amounts to $708 and
$2,209 in 9M20 and 9M19, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I><U>Other operating expenses </U></I></B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Other operating
expenses, which include provisions, energy and other public services, insurance, leases and internet capacity, among others, amounted
to $9,538 (-$1,138 or -10.7% vs. 9M19). The decrease is mainly due to lower rentals and internet capacity charges, partially offset
by higher provisions and electricity and public services charges.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The effect generated
by the restatement in terms of the current currency as of September 30, 2020 included in other operating expenses amounts to $696
and $3,937 in 9M20 and 9M19, respectively.</P>

<P STYLE="font: 10pt inherit,serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212121">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I><U>Depreciation, amortization and impairment of fixed assets</U></I></B></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Depreciation,
amortization and impairment of fixed assets amounted to </FONT>$55,062 (+$2,026 or +3.8% vs. 9M19). The increase is due to the
impact of the amortization of the CAPEX after September 30, 2019 as a consequence of the adjusted investment plan that the Company
is developing.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">On the other hand,
the effect generated by the restatement in terms of the current currency as of September 30, 2020 included in depreciation, amortization
and impairment of fixed assets amounts to $29,056 and $32,921 in 9M20 and 9M19, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt; font-weight: normal">&#183;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Operating income</FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Operating
income amounted to </FONT>$19,393 in 9M20 (-$279 or -1.4% vs. 9M19), representing 9.3% of revenues in 9M20 (vs. 9.0% in 9M19).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt; font-weight: normal">&#183;</FONT></TD><TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial results, net</FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; border-collapse: collapse; margin-right: 1in">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Variation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9M20</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9M19</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>%</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interests on financial debts</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10,463)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9,072)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,391)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.3</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign currency exchange losses on financial debts</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,121)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(23,427)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,306</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(69.6)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial debt renegotiation results</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,085)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,085)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;Total Debt financial expenses</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(20,669)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(32,499)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11,830</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(36.4)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other foreign currency exchange gains </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,832</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,394</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8,562)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(75.1)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gains (losses) on operations with notes and bonds</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,145</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,066)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,211</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RECPAM </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,233</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,507</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,274)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(34.9)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,775)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,954)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(821)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42.0</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total other financial results, net</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,435</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12,881</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(5,446)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(42.3)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total financial results, net</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(13,234)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(19,618)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,384</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(32.5)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Financial results, net resulted in a loss
of $13,234 in 9M20 (vs. a loss of $19,618 in 9M19). The amount recorded in Financial results, net in 9M20 mainly includes losses
on (i) interest on financial debt measured in real terms of $10,463 (vs. $9,072 in 9M19), (ii) financial debt renegotiation results
of $3,085, as a consequence of the partial refinancing of our financial debt (see Note 11 to our unaudited consolidated financial
statements) and (iii) foreign exchange differences losses measured in real terms of $4,289 as a result of a 27.2% devaluation of
the Argentine peso against the US dollar vs. a 22.3% inflation (vs. a loss of $12,033 in 9M19 as a result of the devaluation of
the Argentine peso against the US dollar of 52.8 vs. an inflation of 37.7%), partially offset by a gain on operations with notes
and bonds of $3,145 (vs. a loss of $3,066 in 9M19) and the effect generated by the restatement in terms of the current currency,
which amounted to a gain of $4,233 (vs. $6,507 in 9M19).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt; font-weight: normal">&#183;</FONT></TD><TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Income tax expense</FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Telecom&rsquo;s income tax charge includes
the following effects: (i) the current tax payable pursuant to tax legislation applicable to Telecom and (ii) the effect of applying
the deferred tax method on temporary differences arising out of the Company&rsquo;s asset and liability valuation according to
tax versus financial accounting criteria, including the income tax inflation effect.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Income tax expense amounted to $7,780 in
9M20 vs. $17,122 in 9M19. Current tax expenses amounted to $147 in 9M20 (-$45 vs. 9M19). On the other hand, Telecom recorded a
deferred tax loss of $7,633 in 9M20 (-$9,297 vs. 9M19), which includes an income tax inflation adjustment effect of $10,634 in
9M20 (vs. $11,639 in 9M19), according to the provisions of Law No. 27,430, as amended by Law No. 27,468.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt; font-weight: normal">&#183;</FONT></TD><TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Net loss</FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Telecom Argentina recorded a net loss of
$1,249 in 9M20 vs. a net loss of $17,347 in 9M19. The variation was mainly due to lower losses in financial results of $6,384 as
a result of the macroeconomic context, which showed a higher devaluation in real terms and a decrease in income tax expenses of
$9,342. Net loss represents 0.6% of consolidated revenues in 9M20 (vs. 8.0% in 9M19).</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Net loss attributable to controlling shareholders
amounted to $1,645 in 9M20 vs. $17,680 in 9M19.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt; font-weight: normal">&#183;</FONT></TD><TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial position, net</FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The consolidated
financial position, net (that is: Cash and cash equivalents plus Financial investments and NDF less Financial debts) is debt and
amounted to $132,450 and $152,647 as of September 30, 2020 and as of December 31, 2019, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt; font-weight: normal">&#183;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Capital expenditures (CAPEX) and Rights of use assets
additions</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">CAPEX and Rights of use assets additions
composition in 9M20 and 9M19 is as follows:</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; border-collapse: collapse; margin-right: 1in">
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Variation </B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 45%; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9M20</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 16%; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9M19</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>%</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PP&amp;E</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33,541</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53,718</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(20,177)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(37.6)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Intangibles assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,439</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,518</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(79)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5.2)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total CAPEX</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>34,980</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>55,236</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(20,256)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(36.7)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rights of use assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,719</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,794</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">925</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.3</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>40,699</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>60,030</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(19,331)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(32.2)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company and its subsidiaries&rsquo;
main PP&amp;E CAPEX projects are related to the expansion of cable TV and internet services in order to improve the transmission
and speed offered to customers; the deployment of 4G services to support the growth of mobile Internet services, improvement of
the quality service together with the launch of innovative VAS services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Additionally, Telecom has deployed the unification
of the logical network and has defined the new structure for the physical transport network. It also continued with the expansion
of transmission and transport networks to join the different access technologies, converting the fixed copper networks to fiber
or hybrid fiber-coaxial networks to meet, in this way, the demand of services of both fixed telephony and mobile services customers.
Likewise, significant investments have also been made in the pricing, billing and customer relationship systems.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="font-weight: bold; vertical-align: top">
<TD STYLE="font-weight: bold; width: 0"></TD><TD STYLE="font-weight: bold; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>3.</I></B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>Telecom Group&rsquo;s activities for the three-month
periods ended September 30, 2020 (&ldquo;3Q20&rdquo;) and 2019 (&ldquo;3Q19&rdquo;)</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; border-collapse: collapse; margin-right: 1in">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Variation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%; padding-right: 3.5pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q20</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3Q19</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>%</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67,022</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">72,555</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,533)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7.6)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating costs without depreciation, amortization and impairment of fixed assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(44,082)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(48,779)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,697</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9.6)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation, amortization and impairment of fixed assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(19,147)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18,487)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(660)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,793</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,289</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,496)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(28.3)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Earnings from associates</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">139</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(533)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">672</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial results, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,056)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(27,035)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,979</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(88.7)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income (loss) before income tax expense</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>876</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(22,279)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>23,155</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>n/a</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,236)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,409)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,173</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(21.7)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net loss</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,360)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(27,688)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>24,328</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>n/a</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Controlling Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,523)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(27,823)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,300</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(87.3)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">163</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">135</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20.7</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,360)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(27,688)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>24,328</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>n/a</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Basic
    and diluted loss per share attributable to the Controlling Company (in Argentine pesos)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1.64)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(12.92)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 12.65pt; text-align: right; text-indent: -12.65pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 12.65pt; text-align: right; text-indent: -12.65pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Revenues in 3Q20 amounted to $67,022, operating
costs -including depreciation, amortization and impairment of fixed assets- amounted to $63,229, operating income amounted to $3,793
 &ndash;equivalent to 5.7% of consolidated revenue in 3Q20 vs. 7.3% in 3Q19- and net loss amounted to $3,360 (-5.0% of consolidated
revenues). Net loss attributable to the Controlling Company amounted to $3,523.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Services revenues amounted to $62,844 in
3Q20 -equivalent to 93.8% of consolidated revenues-, and equipment revenues amounted to $4,178 in 3Q20 -equivalent to 6.2% of consolidated
revenues-.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Mobile services revenues amounted to $26,489
in 3Q20 -equivalent to 42.2% of consolidated services revenues- which were mainly generated by Personal&rsquo;s customers in Argentina
and, to a lesser extent, by Personal&rsquo;s customers in Paraguay.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Internet services revenues amounted to $13,488
in 3Q20 -equivalent to 21.5% of consolidated services revenues-.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Additionally, cable television services
revenues amounted to $12,380 &ndash;equivalent to 19.7% of consolidated service revenues and they are mainly composed of services
revenues provided in Argentina and Uruguay. Fixed and data services revenues amounted to $10,324 in 3Q20 &ndash;equivalent to 16.4%
of consolidated service revenues-.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Operating costs without depreciation, amortization
and impairment of fixed assets amounted to $44,082 in 3Q20, being the main components, employee benefit expenses and severance
payments (amounted to $12,380); fees for services, maintenance, materials and supplies (amounted to $7,057); taxes and fees with
the Regulatory Authority (amounted to $5,088); programming and content costs (amounted to $3,966); and commissions and advertising
(amounted to $3,953). It is worth mentioning that lower operating costs were registered related to the lower activity as a result
of the mandatory isolation.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Depreciation, amortization and impairment
of fixed assets amounted to $19,147 in 3Q20 -equivalent to 29.0% of consolidated revenues-.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Operating income amounted to $<FONT STYLE="background-color: white">3,793
in 3Q20</FONT>, resulting in a margin over consolidated revenues of 5.7% (vs. 7.3% in 3Q19).</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Financial
results, net amounted to a loss of $3,056 in 3Q20, mainly due to net foreign exchange differences losses, measured in real
terms, amounting to $162, interests on debts amounting to $2,968 and financial debt renegotiation results amounting to $3,085,
partially offset by a gain on operations with notes and bonds of $2,867 and a gain on </FONT>restatement in terms of current
currency amounting to $1,442.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Telecom Argentina obtained a net loss amounting
to $3,360 in 3Q20, which represents -5.0% of consolidated revenues. Net loss attributable to the controlling shareholders amounted
to $3,523 in 3Q20.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="font-weight: bold; vertical-align: top">
<TD STYLE="font-weight: bold; width: 0"></TD><TD STYLE="font-weight: bold; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>4.</I></B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>Summary of comparative consolidated statements
of financial position</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; border-collapse: collapse; margin-right: 1in">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>September 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; padding-right: 1.5pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2019</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2018</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64,433</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">88,037</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">80,457</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">628,419</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">643,037</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">624,398</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>692,852</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>731,074</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>704,855</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">93,845</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">103,657</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">179,252</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">222,642</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">236,478</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">118,382</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>316,487</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>340,135</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>297,634</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;Equity attributable to the Controlling Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">370,734</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">385,005</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">400,722</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;Equity attributable non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,631</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,934</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,499</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>376,365</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>390,939</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>407,221</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total liabilities and equity</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>692,852</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>731,074</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>704,855</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="font-weight: bold; vertical-align: top">
<TD STYLE="font-weight: bold; width: 0"></TD><TD STYLE="font-weight: bold; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>5.</I></B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>Summary of comparative consolidated income statements</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; border-collapse: collapse; margin-right: 1in">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 56%; padding-right: 1.5pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9M20</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9M19</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9M18</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">208,220</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">218,182</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">243,045</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(188,827)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(198,510)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(204,333)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>19,393</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>19,672</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>38,712</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Earnings from associates</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">372</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(279)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">286</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial results, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13,234)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(19,618)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(70,387)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income (loss) before income tax expense</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,531</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(225)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(31,389)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax expense (gain)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,780)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17,122)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,426</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net loss </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,249)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(17,347)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(15,963)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other comprehensive (loss) gain, net of tax</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(990)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,040)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,827</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total comprehensive income</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,239)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(18,387)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(10,136)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Attributable to Controlling Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,362)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18,678)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11,747)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Attributable to non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">123</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">291</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,611</FONT></TD></TR>
</TABLE>
<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="font-weight: bold; vertical-align: top">
<TD STYLE="font-weight: bold; width: 0"></TD><TD STYLE="font-weight: bold; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>6.</I></B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Summary of comparative <FONT STYLE="font-size: 11pt">consolidated
statements of cash flow</FONT></I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; border-collapse: collapse; margin-right: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%; padding-right: 1.5pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9M20</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9M19</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9M18</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net cash flows provided by operating activities</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">71,784</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76,216</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53,316</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net cash flows used in investing activities</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(47,193)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(38,018)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(34,161)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net cash flows used in financing activities </FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(36,262)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,311)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17,134)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net foreign exchange differences and RECPAM on cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,479</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,456</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,778</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total cash and cash equivalents (used) provided during the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 2.5pt double; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(10,192)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 2.5pt double; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>38,343</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 2.5pt double; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,799</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="font-weight: bold; vertical-align: top">
<TD STYLE="font-weight: bold; width: 0"></TD><TD STYLE="font-weight: bold; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>7.</I></B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>Statistical data (in physical units in index-term)</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 98%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>09.30.20</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>09.30.19</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 2.25pt double; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>09.30.18</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Cable TV Subscribers (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">102.2%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">100.6%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">102.0%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Internet Access (ii)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">102.5%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">102.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">101.7%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fixed telephony services lines (ii)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">84.4%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">87.7%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">95.6%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Personal Mobile telephony services lines (ii)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">98.3%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">97.4%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">N&uacute;cleo&rsquo;s customers (ii)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">96.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">95.9%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 2.25pt double; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">96.8%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(i)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Base December 2013= 100</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Base
December 2017= 100</FONT></TD>
</TR></TABLE>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 48pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="font-weight: bold; vertical-align: top">
<TD STYLE="font-weight: bold; width: 0"></TD><TD STYLE="font-weight: bold; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>8.</I></B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>Consolidated ratios</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 98%; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: Black 2.25pt double; vertical-align: top; width: 49%; border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 2.25pt double; width: 17%; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>09.30.20</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; width: 17%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>09.30.19</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 2.25pt double; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>09.30.18</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Liquidity (1)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">0.69</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">0.85</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">0.45</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Solvency (2)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1.19</FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1.15</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1.37</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; border-left: Black 2.25pt double; padding-bottom: 2.5pt; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Locked-up capital (3)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">0.91</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">0.88</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; border-bottom: Black 2.5pt double; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">0.89</FONT></TD></TR>
</TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Current assets/Current liabilities.</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total equity/Total liabilities.</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Non-current assets/Total assets.</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="font-weight: bold; vertical-align: top">
<TD STYLE="font-weight: bold; width: 0"></TD><TD STYLE="font-weight: bold; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>9.</I></B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>Outlook</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We started 2020 with an unprecedented and
challenging scenario for humanity as a whole since the health crisis triggered by COVID-19. Governments all over the world have
implemented drastic social isolation measures to safeguard their people. In an attempt to contain the extent of the spread of the
virus and protect the population, public and private institutions were closed, free movement of people was limited, borders were
closed, and massive shows and sports events were banned, among other.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In Argentina, through a Decree issued on
March 20, the National Government established a series of measures aimed at reducing the movement of the population to minimize
the massive impact of the pandemic on the health system. To this end, the National Government ordered the Mandatory and Preventive
Social Isolation and the suspension of non-essential commercial activities, allowing the movement of only those people involved
in the provision/production of essential services and products. The mentioned isolation, depending on the evolution of the epidemiological
situation in different country regions, has had modifications and showed progress and setbacks in the levels of restriction on
the movement of people and allowed economic activities.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Argentine
already had difficulties by the end of 2019 and, with the impact of the pandemic, they have deepened after several months of isolation.
Macroeconomic </FONT>variables continued falling down, within economic slowdown and recession of several sectors of the national
economy.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For most of the companies in Argentina,
the current context is causing a further deterioration of the economic variables.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During the third quarter of the year an
acceleration of the monthly devaluation rate over the inflation rate was emphasized. Telecom's economic and financial results,
like those of other companies operating in the country, are not unrelated to the impact of these currency fluctuations, especially
considering that we need to continue investing in dollarized supplies for the deployment of our infrastructure and systems to maintain
and expand the capacity of our networks and platforms, being our revenues source mainly in Argentine pesos, since we operate in
the local market.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">According to this, the economic situation
has forced us to strongly focus management on operating efficiencies in order to maintain growth levels in line with the investments
committed.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In addition to the complex Argentine macroeconomic
context, a future of greater uncertainty for ICT companies is driven by the publication of Decree No. 690/2020 through which the
PEN determined that ICT services are considered Public Service in Competition.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Telecom, as well as the entire ICT industry,
considers this change of rules in the regulatory framework of the sector harmful, since that, in addition to qualifying the industry
unnecessarily as a public service, it introduces, among other definitions, price control, transforming competition prices into
prices regulated by the State, which could affect the sustainability of operations.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Although the regulatory authority is still
working on the regulation of the aforementioned decree, we understand that this measure could have a negative impact on all actors
in the ICT sector -which are capital intensive companies that require permanent investments to maintain the quality of the service-
, investors, the hundreds of thousands of employees nationwide, customers and the entire value chain, also affecting all other
industries and sectors that depend on connectivity to develop their activities. Therefore, it could impact the entire digital ecosystem,
an essential sector for the recovery of Argentina. We consider a key factor to deepen the cooperation path between the private
and the public sector and civil society organizations, to continue expanding the possibilities of digitization for all of society.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Despite the context, in Telecom we continue
to bet on the evolution of the business with a long-term perspective that will allow us to continue promoting the digital life
of argentines.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">With the vision of developing an ecosystem
of platforms leveraged on connectivity, we have been undergoing a comprehensive digital transformation, which had a great boost
during the pandemic. In these months, we have achieved major milestones in the renewal of our core platforms, focused on the omnichannel
experience of our clients and on the transformation of the back office of all areas, which allowed us to quickly and timely put
into operation digital tools, according to the needs of our customers in the context of isolation.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In the same way, we managed to ensure the
Company's operations continuity, thanks to the relocated work and effort of our 23 thousand employees, to minimize the possible
negative effects in the results of operations, as a result of this scenario, while maintaining the service level and satisfaction
of our more than 29 million customers.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Finally, Telecom obtained, once again, the
support of the international market and in early August issued new Notes for a nominal value of US$388.9 million, maturing in August
2025. The subscription of these notes was made through the exchange of 77.74% of outstanding Class &ldquo;A&rdquo; Notes maturing
in 2021 and in cash, which was used to refinance financial debt. Likewise, during September 2020 Telecom refinanced several loans
with different institutions, modifying the amortizations schedule of all the capital maturities of the last quarter of 2020 and
2021, differing the 85% of such maturities to a 2-5 years&rsquo; term.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Now more than ever, we continue fulfilling
our commitment: ensure the continuity and quality of all our services to continue accompanying our customers with the challenge
of staying at home, taking care of our people and continue transforming our processes and systems to become more agile, efficient
and digital.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 36%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Carlos Moltini</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>President</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_005"></A><B>CORPORATE INFORMATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>INDEPENDENT AUDITORS</U></B> Price
Waterhouse &amp; Co S.R.L. (member of PricewaterhouseCoopers)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 3%"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border: Black 1pt solid; text-align: justify; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BYMA</B></FONT></TD>
                                                                                                                   <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; width: 92%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 0.25in; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Market quotation ($/share)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Volume of shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Quarter</B></FONT></TD>
    <TD STYLE="width: 21%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>High</B></FONT></TD>
    <TD STYLE="width: 21%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Low</B></FONT></TD>
    <TD STYLE="width: 36%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>traded (in millions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q19</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">153.25</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">107.05</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q19</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">170.80</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q20</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">215.35</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">141.20</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q20</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">259.35</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">151.95</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q20</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">235.00</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">166.15</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.7</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 17.1pt; text-align: justify"><B><I>&nbsp;&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 5%; border: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NYSE*</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 17.1pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 0.25in; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Market quotation (US$/ADS)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Volume of ADSs</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Quarter</B></FONT></TD>
    <TD STYLE="width: 21%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>High</B></FONT></TD>
    <TD STYLE="width: 21%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Low</B></FONT></TD>
    <TD STYLE="width: 36%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>traded (in millions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q19</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.03</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.94</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q19</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.71</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.64</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q20</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.22</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.79</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q20</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.44</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.64</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q20</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.26</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.47</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.4</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2in; text-align: justify">* Calculated at 1 ADS = 5 shares</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>INVESTOR RELATIONS</U></B> for information
about Telecom Argentina S.A., please contact:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 3in; margin-left: 0.35in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>In Argentina</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Telecom Argentina S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investor Relations Division</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alicia Moreau de Justo 50, 10<SUP>th</SUP> Floor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1107) Autonomous City of Buenos Aires</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Argentina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tel: 54-11-4968-3628</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19.95pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 3in; margin-left: 0.35in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Outside Argentina</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JPMorgan Chase Bank N.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383 Madison Avenue, Floor 11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">New York, NY10179</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Attn: Depositary Receipts Group</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Tel: +1 212 622 5935</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>INTERNET</U></B> http://institucional.telecom.com.ar/inversores/</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>DEPOSIT AND TRANSFER AGENT FOR ADSs</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 3in; margin-left: 0.35in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JPMorgan Chase Bank N.A.</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383 Madison Avenue, Floor 11</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">New York, NY10179</FONT></TD></TR>
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        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Attn: Depositary Receipts Group</P>
        <P STYLE="color: Blue; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>adr@jpmorgan.com</U></FONT>
        &ndash; <U>www.adr.com</U></P></TD></TR>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">SIGNATURES</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

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    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Telecom Argentina S.A.</B></P>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 12, 2020</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Fernando J. Balmaceda</FONT></TD></TR>
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    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fernando J. Balmaceda</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responsible for Market Relations</FONT></TD></TR>
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