<SEC-DOCUMENT>0001104659-20-123705.txt : 20201112
<SEC-HEADER>0001104659-20-123705.hdr.sgml : 20201112
<ACCEPTANCE-DATETIME>20201110190104
ACCESSION NUMBER:		0001104659-20-123705
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20201110
FILED AS OF DATE:		20201112
DATE AS OF CHANGE:		20201110

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:		201302530

	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>tm2035494-1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: gray; margin: 0pt 0; text-align: right">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; text-decoration: none">&nbsp;</FONT></P>



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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
the month of November 2020</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Commission
File Number: 001-13464</FONT></P>

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

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: 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: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Translation
of registrant&rsquo;s name into English)</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Alicia
Moreau de Justo, No. 50, 1107</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Buenos
Aires, Argentina</B></FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 29%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Form 20-F</FONT></TD>
<TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 14%"><U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</U></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: left"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Form 40-F</FONT></TD>
<TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 32%"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 29%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Yes</FONT></TD>
<TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 14%"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: left"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">No</FONT></TD>
<TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 32%"><U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</u></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 29%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Yes</FONT></TD>
<TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 14%"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: left"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">No</FONT></TD>
<TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 32%"><U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</u></TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">TABLE
OF CONTENTS</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: blue; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; text-decoration: none"><I>&nbsp;</I></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A HREF="#A1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>1.Telecom Argentina S.A. announces consolidated results for the nine month period (&ldquo;9M20&rdquo;) and third quarter of fiscal year 2020 (&ldquo;3Q20&rdquo;).</I></FONT></A></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></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: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="tm2035494-1_6kimg01.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: gray; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; text-decoration: none">Market
Cap P$455.4 billion</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 441.9pt; text-align: right; text-indent: -441.9pt; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">November
9, 2020</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2in; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Contacts:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2in; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fernando
Balmaceda</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2in; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5411)
4968 5222</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2in; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Solange
Barthe Dennin</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2in; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5411)
4968 3752</FONT></P>

<P STYLE="font: 17pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 28.35pt; color: rgb(69,118,214)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt"><B><U><A NAME="A1"></A>Telecom
Argentina S.A.</U></B></FONT></P>

<P STYLE="font: 17pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 28.35pt; color: rgb(69,118,214)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt"><B>announces
consolidated results for the nine month period <BR>
(&ldquo;9M20&rdquo;) and third quarter of fiscal year 2020 (&ldquo;3Q20&rdquo;)<SUP>*</SUP></B></FONT></P>

<P STYLE="font: 17pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 28.35pt; color: rgb(69,118,214)">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2in; text-align: justify; background-color: white; color: rgb(69,118,214)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Note:
</U>For the figures included in their FFSS, the Company has accounted for the effects of inflation adjustment adopted by Resolution
777/18 of the <I>Comisi&oacute;n Nacional de Valores</I> (&ldquo;CNV&rdquo;), which establishes that the restatement will be applied
to the annual financial statements, for intermediate and special periods ended as of December 31, 2018 inclusive. Accordingly,
the reported figures corresponding to 9M20 include the effects of the adoption of inflationary accounting in accordance with IAS
29. Finally, comments related to variations of results of 9M20 and vs. 9M19 mentioned in this press release correspond to &ldquo;figures
restated by inflation&rdquo; or &ldquo;constant&rdquo;. Moreover, <U>Table 3</U> contemplates information broken down by segment
for periods ended as of September 30 of 2020 and 2019 as analyzed by the Executive Committee and the CEO, who receive periodically
the financial information of Telecom and its subsidiaries (in historical values). <I><U>For further details, please refer to the
titles of the financial tables beginning from page 11.</U></I></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray; margin-left: 0.2in"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-bottom: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>For
                                         comparative purposes, it is important to highlight that the results restated by inflation
                                         corresponding to September 2019 contain the effect of year over year inflation as of
                                         September 2020, which amounted to 36.6%.</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray; margin-left: 0.2in"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Wingdings">&sect;</FONT></FONT></TD><TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Consolidated
                                         Revenues of Telecom Argentina amounted to P$208,220 million in 9M20, from which Service
                                         Revenues totaled P$197,044 million (-3.6% in real terms vs. 9M19). Services Revenues
                                         in 3Q20 totaled P$62,844 million (-8.0% vs. 3Q19). As it was established in the Agreement
                                         with the National Communications Entity (&ldquo;ENACOM&rdquo;), the prices of mobile
                                         and fixed telephony, Internet and pay TV did not increase from May 1 to August 31, 2020.
                                         In addition, according to the provisions set forth by Decree 690/2020, price increases
                                         or modifications established or announced as from July 31, 2020 have been suspended until
                                         December 31, 2020.</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray; margin-left: 0.2in"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Wingdings">&sect;</FONT></FONT></TD><TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Mobile
                                         clients in Argentina have reached 18.7 million in 9M20 (-150 thousand or -0.8% vs. 2Q20).
                                         In turn, cable TV subscribers totaled approximately 3.6 million (+69 thousand or +2.0%
                                         vs. 2Q20), while broadband accesses amounted to almost 4.2 million (+78 thousand or +1.9%
                                         vs. 2Q20).</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray; margin-left: 0.2in"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Wingdings">&sect;</FONT></FONT></TD><TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operating
                                         Income before Depreciation and Amortization amounted to P$74,455 million in 9M20 (+2.4%
                                         vs. 9M19). Operating Income totaled P$ 19,393 million (-1.4% vs. 9M19).</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray; margin-left: 0.2in"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Wingdings">&sect;</FONT></FONT></TD><TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
                                         Company registered a Net Loss of P$1,249 million in 9M20 (-92.8% vs. 9M19). This decrease
                                         in the Net Loss vs. 9M19 was mainly due to a reduction in FX losses in a context of lower
                                         devaluation in real terms vs. the same period of last year, and also lower income tax
                                         charges.</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: gray; margin-left: 0.2in"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><FONT STYLE="font-family: Wingdings">&sect;</FONT></B></FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investments
                                         (including rights of use assets) reached P$40,699 million in 9M20, equivalent to 19.5%
                                         of Consolidated Revenues.</B></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><FONT STYLE="font-family: Wingdings">&sect;</FONT></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
                                         Financial Debt amounted to P$132,450 million in 9M20, (-8.0% in real terms vs. 9M19)</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">.</FONT></B></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*Unaudited
                                         non financial data</FONT></P></TD></TR>
</TABLE>
<P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7.1pt 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;<IMG SRC="tm2035494-1_6kimg01.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3366FF; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: black">
    <TD STYLE="white-space: nowrap; text-align: center; background-color: rgb(6,33,88); width: 56%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; background-color: rgb(6,33,88); width: 12%"><FONT STYLE="font-size: 8pt; color: White"><B>IAS
    29</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; background-color: rgb(6,33,88); width: 12%; padding-right: 2pt; padding-left: 1.7pt"><FONT STYLE="font-size: 8pt; color: White"><B>IAS
    29</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; background-color: rgb(6,33,88); width: 10%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; background-color: rgb(6,33,88); width: 10%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: black">
    <TD STYLE="white-space: nowrap; text-align: center; background-color: rgb(6,33,88); padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; background-color: rgb(6,33,88)"><FONT STYLE="font-size: 8pt; color: White"><B>As
    of</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; background-color: rgb(6,33,88); padding-right: 2pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt; color: White"><B>As
    of</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; background-color: rgb(6,33,88); padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; background-color: rgb(6,33,88); padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: black">
    <TD STYLE="white-space: nowrap; text-align: center; background-color: rgb(6,33,88); padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; background-color: rgb(6,33,88)"><FONT STYLE="font-size: 8pt; color: White"><B>September,
    30</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; background-color: rgb(6,33,88); padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White"><B>September,
    30</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; background-color: rgb(6,33,88); padding-right: 2pt; padding-left: 5.5pt"><FONT STYLE="font-size: 8pt; color: White"><B>&Delta;$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; background-color: rgb(6,33,88); padding-right: 2pt; padding-left: 2.15pt"><FONT STYLE="font-size: 8pt; color: White"><B>&Delta;%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: black">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; background-color: rgb(6,33,88); padding-right: 2pt; padding-left: 103.9pt"><FONT STYLE="font-size: 8pt; color: White"><B><I>(in
    million P$ adjusted by inflation, except where noted)**</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; background-color: rgb(6,33,88)"><FONT STYLE="font-size: 8pt; color: White"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; background-color: rgb(6,33,88); padding-right: 2pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt; color: White"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; background-color: rgb(6,33,88); padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; background-color: rgb(6,33,88); padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: White"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Consolidated Revenues</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">208,220</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">218,182</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(9,962)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">-4.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Operating Income&nbsp;&nbsp;before&nbsp;&nbsp;D&amp;A</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">74,455</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">72,708</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">1,747</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">2.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Operating Income</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">19,393</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">19,672</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(279)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">-1.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Net income&nbsp;&nbsp;(loss)
    before&nbsp;&nbsp;income&nbsp;&nbsp;tax expense</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">6,531</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(225)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">6,756</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Net Loss&nbsp;&nbsp;attributable&nbsp;&nbsp;to
    Controlling Company</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(1,645)</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(17,680)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">16,035</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">-90.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Shareholders' equity
    attributable&nbsp;&nbsp;to Controlling Company</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">370,734</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">385,005</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(14,271)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">-3.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Net Financial&nbsp;&nbsp;Debt</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(132,450)</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(144,035)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">11,585</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">-8.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Investments&nbsp;&nbsp;in
    PP&amp;E, intangible&nbsp;&nbsp;assets&nbsp;&nbsp;&amp; rights&nbsp;&nbsp;of use&nbsp;&nbsp;assets&nbsp;&nbsp;*</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">40,699</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">60,030</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(19,331)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">-32.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Fixed lines&nbsp;&nbsp;in
    service&nbsp;&nbsp;(in thousand&nbsp;&nbsp;lines) ***</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">2,938</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">3,272</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(334)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">-10.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Mobile&nbsp;&nbsp;customers&nbsp;&nbsp;(in&nbsp;&nbsp;thousand)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">20,889</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">21,282</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(393)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">-1.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 18.5pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Personal&nbsp;&nbsp;(Argentina)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">18,654</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">18,974</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(320)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">-1.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 18.5pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">N&uacute;cleo&nbsp;&nbsp;(Paraguay)
    -including Wimax customers-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">2,235</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">2,308</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(73)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">-3.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Broadband&nbsp;&nbsp;accesses&nbsp;&nbsp;in
    Argentina&nbsp;&nbsp;(in&nbsp;&nbsp;thousand)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">4,173</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">4,144</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">30</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">0.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Pay TV Suscribers&nbsp;&nbsp;(in
    thousand)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">3,568</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">3,515</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">53</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">1.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Average&nbsp;&nbsp;Billing
    per user (ARBU) Fixed Telephony / voice&nbsp;&nbsp;&nbsp;&nbsp;(in P$ - Restated by inflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">542.7</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">532.8</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">9.9</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">1.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Average&nbsp;&nbsp;Revenue&nbsp;&nbsp;per
user (ARPU) Mobile&nbsp;&nbsp;Services&nbsp;&nbsp;- Personal&nbsp;&nbsp;(in P$ - Restated by inflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">401.2</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">387.5</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">13.7</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">3.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Average&nbsp;&nbsp;Revenue&nbsp;&nbsp;per
    user (ARPU) Broadband (in P$ - Restated&nbsp;&nbsp;by inflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">1,199.7</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">1,333.0</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(133.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">-10.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Average&nbsp;&nbsp;Revenue&nbsp;&nbsp;per
    user (ARPU) Cable&nbsp;&nbsp;TV (in P$ - Restated by inflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">1,285.3</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">1,455.6</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(170.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">-11.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: rgb(127,127,127)"><I>* (in constant
    measuring unit.)</I></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="color: rgb(127,127,127)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="color: rgb(127,127,127)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="color: rgb(127,127,127)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="color: rgb(127,127,127)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: rgb(127,127,127)"><I>**(Figures may
    not sum up due to rounding)</I></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="color: rgb(127,127,127)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="color: rgb(127,127,127)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="color: rgb(127,127,127)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="color: rgb(127,127,127)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)"><I>***
    (does not include IP telephony lines, which as of September 30, 2020 amounted to approximately 278 thousand)</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="color: rgb(127,127,127)">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="color: rgb(127,127,127)">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="color: rgb(127,127,127)">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3366FF; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; color: #3366FF"><I></I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>*
(in constant measuring unit.)</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>**(Figures
may not sum up due to rounding)</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>***
(does not include IP telephony lines, which as of September 30, 2020 amounted to approximately 278 thousand)</I></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt"></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; width: 50%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Consolidated Revenues</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(in million P$)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060"><IMG SRC="image_043.jpg" ALT=""></P></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; width: 50%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>EBITDA</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 7pt">&nbsp;</FONT>&nbsp;&nbsp;(in
million P$)</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060">&nbsp;</P><IMG SRC="image_044.jpg" ALT=""></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>EBIT</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060">&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 7pt">&nbsp;</FONT>&nbsp;&nbsp;&nbsp;(in
million P$)</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060">&nbsp;</P>

<P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><IMG SRC="image_045.jpg" ALT=""></P>
                                                             <P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: left; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Net Loss</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 7pt">&nbsp;</FONT>&nbsp;(in
million P$)</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #002060">&nbsp;</P><IMG SRC="image_046.jpg" ALT=""></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt"></TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3366FF; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3366FF; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I></I></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3366FF; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3366FF; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I><IMG SRC="tm2035494-1_6kimg01.jpg" ALT="">&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3366FF; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #3366FF"><I>Buenos
Aires, November 9, 2020</I></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal; color: gray">-
Telecom Argentina S.A. (&lsquo;Telecom Argentina&rsquo;) - (NYSE: TEO; BASE: TECO2), announced today a Net Loss of $1,249 million
for the period ended September 30, 2020 (-92.8% vs. 9M19). The Net Loss attributable to the Controlling Company was P$1,645 million.
</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; color: gray; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; color: gray; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">It
is worth mentioning, that the comparative figures for the previous fiscal year have been restated so that the resulting comparative
information is presented in terms of the current measurement unit as of September 30, 2020.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">The
following table shows the evolution of the consumer price index (National CPI) according to the official statistics (INDEC), which
were used to restate the figures in constant currency:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #002060">
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.3pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>As
    of <BR>
    December 31,<BR>
    2018</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>As
    of <BR>
    December 31,<BR>
    2019</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>As
    of September 30,<BR>
    2019</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>As
    of<BR>
    September<BR>
    30, 2020</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><U>Price
    Index Variation</U></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 2pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Annual
    </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">47.6%</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">53.8%</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">53.7%</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">36.6%</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">3
    year cumulative</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">147.8%</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">183.2%</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">159.9%</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">194.7%</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">3
    month cumulative&nbsp;&nbsp;since June</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">n/a</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">n/a</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">12.5%</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">7.7%</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">9
    month cumulative</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">n/a</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">n/a</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">37.7%</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">22.3%</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 34%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 16%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-family: Arial, Helvetica, Sans-Serif; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">During
9M20, Consolidated Revenues amounted to P$208,220 million, of which Service Revenues totaled P$197,044 million. </FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: black">
    <TD STYLE="padding-top: 2pt; background-color: rgb(0,32,96); padding-bottom: 2pt"><FONT STYLE="font-size: 8pt; color: White">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; background-color: rgb(0,32,96); padding-bottom: 2pt"><FONT STYLE="font-size: 8pt; color: White"><B>IAS
    29</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; background-color: rgb(0,32,96); padding-bottom: 2pt"><FONT STYLE="font-size: 8pt; color: White"><B>IAS
    29</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; background-color: rgb(0,32,96); padding-bottom: 2pt"><FONT STYLE="font-size: 8pt; color: White">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; background-color: rgb(0,32,96); padding-bottom: 2pt"><FONT STYLE="font-size: 8pt; color: White">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; background-color: rgb(0,32,96); padding-bottom: 2pt"><FONT STYLE="font-size: 8pt; color: White"><B>9M20</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; background-color: rgb(0,32,96); padding-bottom: 2pt"><FONT STYLE="font-size: 8pt; color: White"><B>9M19</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; background-color: rgb(0,32,96); padding-bottom: 2pt"><FONT STYLE="font-size: 8pt; color: White"><B>&Delta;
    $</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; background-color: rgb(0,32,96); padding-bottom: 2pt"><FONT STYLE="font-size: 8pt; color: White"><B>&Delta;
    %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; width: 57%"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Consolidated
    Revenues&nbsp;&nbsp;(MMP$)</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; width: 15%"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">208,220</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; width: 9%"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">218,182</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; width: 10%"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(9,962)</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; width: 9%"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(4.6%)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Net loss&nbsp;&nbsp;attributable
    to Controlling Company (MMP$)</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(1,645)</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(17,680)</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">16,035</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(90.7%)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Losses&nbsp;&nbsp;attributable
    to Controlling Company per Share (P$)</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(0.8)</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(8.2)</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">7.4</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Losses&nbsp;&nbsp;attributable
    to Controlling Company per ADR (P$)</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(3.8)</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">(41.0)</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">37.2</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Operating income before
    D&amp;A *</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">35.8%</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">33.3%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Operating income *</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">9.3%</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">9.0%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Net Loss&nbsp;&nbsp;*</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">-0.6%</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">-8.0%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">*As&nbsp;&nbsp;a percentage
    of Consolidated Revenues</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="3" STYLE="padding-left: 2pt; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">Note:
    The average of ordinary shares&nbsp;&nbsp;outstanding considered amounted to and 2,153,688,011 as <FONT STYLE="font-size: 7pt; color: rgb(127,127,127)">of 9M20
    and 9M19</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt"></TD></TR>
</TABLE>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; color: gray"></FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 141.7pt 0pt 0; text-align: justify; color: #3366FF"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 141.7pt 0pt 0; text-align: justify; color: #3366FF"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Consolidated
Operating Revenues </U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 141.7pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 141.7pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<DIV STYLE="float: left; width: 68%">

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 134.6pt 0pt 0; text-align: justify; color: #3366FF"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Mobile
Services</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 134.6pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of September 30, 2020, mobile clients in Argentina and Paraguay amounted to 20.9 million. In 9M20, mobile services revenues represented
P$79,706 million (+P$4,798 million vs. 9M19). The commercial strategy was focused on achieving higher mobile portability through
convergent offers and promoting the consumption of mobile internet.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0; color: #3366FF"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mobile
Services in Argentina</FONT></P>

<P STYLE="font: italic 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0; color: #3366FF"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of September 30, 2020, Personal reached more than 18.7 million subscribers in Argentina (-150 thousand or -0.8% vs. 2Q20). Postpaid
clients represented 41% of the subscriber base.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
9M20, mobile service revenues amounted to P$69,372 million (+6.8% vs 9M19). Mobile internet revenues reached 76% of mobile service
revenues (no changes vs. 9M19). The</FONT></P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 134.6pt 0pt 0; text-align: justify; color: gray"></P>

<DIV STYLE="float: right; width: 30%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><IMG SRC="image_014.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 134.6pt 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

</DIV>

<DIV STYLE="float: none; clear: both; width: 100%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 134.6pt 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 134.6pt 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 134.6pt 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 134.6pt 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; color: gray"><IMG SRC="tm2035494-1_6kimg01.jpg" ALT="">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: gray">average
    monthly revenue per user (&lsquo;ARPU&rsquo; &ndash; restated in constant currency as of September 30, 2020) amounted to P$401.2
    during 9M20 (+3.5% vs. 9M19). The effect generated by the restatement in terms of the measuring unit as of September 30, 2020,
    included in the ARPU amounts to P$35.8 and P$144.1, for the 9M20 and 9M19, respectively. Mobile churn was 2.2% (vs. 2.1% in
    9M19).</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="11" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top; width: 32%"><IMG SRC="tm2035494-1_img02.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #3366FF"><I>Commercial
    Initiatives</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: gray">During
    the third quarter of the year, Personal launched <I>Mi Negocio Personal</I>, an integrated and personalized virtual store
    solution designed for entrepreneurs and SMEs. This product was introduced with the objective to continue supporting our clients
    in a context where they need to have&nbsp;a digital proposal to defend their businesses.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #3366FF"><I>Personal
    in Paraguay (&lsquo;N&uacute;cleo&rsquo;)</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: gray">As
    of September 30, 2020, N&uacute;cleo&rsquo;s subscriber base reached 2.2 million clients. Prepaid and postpaid customers represented
    83% and 17%, respectively.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: gray">N&uacute;cleo
    generated service revenues equivalent to P$10,334 million during 9M20 (+3.6% vs. 9M19). Internet revenues represented 51%
    of 9M20 service revenues (vs. 50% in 9M19).</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #3366FF"><I>Cable
    TV Services</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: gray">Cable
    TV service revenues reached P$40,755 million in 9M20 (-P$4,863 million vs. 9M19). As from March 2020, revenues related to
    local soccer league programming have not been generated, because the activity was suspended but will return during November
    2020. Cable TV subscribers totaled almost 3.6 million (+69 thousand or +2.0% vs. 2Q20). Moreover, the monthly Cable TV ARPU
    (restated in constant currency as of September 30, 2020) reached P$1,285.3 during 9M20. The effect generated by the restatement
    in terms of the measuring unit as of September 30, 2020, included in the ARPU amounts to P$114.7 and P$541.5, for the 9M20
    and 9M19, respectively. Additionally, the average monthly churn during 9M20 was 0.9% (-1.3% when compared to 9M19).</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="7" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="tm2035494-1_6kimgcp6.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: gray">During
    the third quarter, the Company continued to promote new content and co-productions for its Flow platform, among others, local
    film titles as part of its strategy to promote the development of national productions.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #3366FF"><I>Fixed
    Telephony and Data Services</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: gray">Revenues
    generated by fixed telephony and data reached P$31,955 million in 9M20 (-P$2,229 million vs. 9M19).</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="8" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="tm2035494-1_6kimgcp7.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: gray">As
    a result, the average monthly revenue billed per user (&lsquo;ARBU&rsquo; - restated in constant currency as of September
    30, 2020) of fixed telephony reached P$542.7 (+1.9% vs. 9M19). The effect generated by the restatement in terms of the measuring
    unit as of September 30, 2020, included in the ARBU amounts to P$48.5 and P$198.2, for the 9M20 and 9M19, respectively.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: gray">During
    the third quarter, TELECOM | FIBERCORP, continued to develop different initiatives for the corporate segment by providing
    solutions to companies so that they can continue with their activities, maintaining productivity and growth levels.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: gray">Telecom
    announced its alliance with the IAE Business School, the Business School of <I>Universidad Austra</I>l, to work together with
    entrepreneurs in NAVES, its training, mentoring and networking program, with the aim to strengthen the agents of the digital
    economy.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-style: normal; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal; color: gray">Additionally,
    the Company presented its new IoT agribusiness solution at </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; color: gray"><I>Expoagro
    Digital</I><FONT STYLE="font-style: normal">. It is an innovative development of &quot;remote grain monitoring&quot; with
    automatic switch between fixed and mobile network that guarantees connection and provides tools that allow a better performance
    and maximum availability of service.</FONT></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #3366FF"><I>Internet
    Services</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="10" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="tm2035494-1_6kimgcp8.jpg" ALT="">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: gray">Internet
    services revenues totaled P$44,053 million during 9M20 (-P$4,938 million vs. 9M19). As of September 30, 2020, total broadband
    accesses reached almost 4.2 million (+78 thousand or +1.9% vs. 2Q20).</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: gray">Additionally,
    broadband ARPU (restated in constant currency as of September 30, 2020) amounted to P$1,199.7 per month in 9M20. The effect
    generated by the restatement in terms of the measuring unit as of September 30, 2020, included in the ARPU amounts to, approximately,
    P$107.1 and P$495.9, for the 9M20 and 9M19, respectively.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-style: normal; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal; color: gray">Moreover,
    the average monthly </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal; color: gray"><I>churn
    </I><FONT STYLE="font-style: normal">rate for the period was 1.2% vs. 1.5% in the 9M19. It is worth noting that as of 9M20,
    58% of the total customer base had a broadband service of 50Mb or higher (increasing from 33% as of 9M19).</FONT></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #3366FF"><I>Revenues
    from equipment sales</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: gray">Equipment
    revenues amounted to P$11,176 million (-P$2,565 million vs. 9M19). This reduction was mainly due to a decrease in the quantities
    sold, partially offset by the increase in the prices of handsets.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: #3366FF">Consolidated
    Operating Costs</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: gray">Consolidated
    Operating Costs (including D&amp;A and impairment of fixed assets) totaled P$188,827 million in 9M20 (-P$9,683 million or
    -4.9% vs. 9M19). Excluding D&amp;A and impairment of fixed assets, operating costs showed a reduction of 8.0%, which contributed
    to generate an increase of the Operating Income before D&amp;A margin (35.8% in 9M20 vs. 33.3% in 9M19).</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; color: gray">The cost breakdown is as follows:</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; color: gray">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; color: gray">- Employee benefit expenses and severance payments totaled P$38,668 million (-6.9% vs. 9M19). Total employees amounted to 23,407 in 9M20.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; color: gray">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; color: gray">- Interconnection and transmission costs (including TLRD, Roaming, international settlement charges and lease of circuits) totaled P$7,675 million (+10.1% vs. 9M19). This variation was mainly due to higher FX affecting dollar denominated services.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; color: gray">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; color: gray">- Fees for services, maintenance, materials and supplies amounted to P$21,848 million (-7.1% vs. 9M19). Fees for services decreased P$257 million during 9M20. On the other hand, maintenance and material costs decreased P$1.425 million compared to 9M19, mainly due to an optimization in the consumption of materials associated with the activity, partially offset by higher costs related to the maintenance of our networks, systems, connection, and disconnection of clients.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; color: gray">- Taxes and fees with regulatory authorities amounted to P$15,771 million (-7.7% vs. 9M19). This decrease is mainly due to lower sales in 9M20 vs 9M19.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; color: gray">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; color: gray">- Commissions and advertising (Commissions paid to agents, collection fees and other commissions) totaled P11,501 million (-11.7% vs. 9M19). This decline is due to the sales channel reorganization and to a decrease in advertising related to lower handset sales. All digital contact channels were strengthened, encouraging clients to make all their commercial requests by these means.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; color: gray">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; color: gray">- Cost of handsets sold amounted to P$7,236 million (-29.3% vs. 9M19). This decrease is a consequence of lower handset sales in Argentina, which was partially offset by an increase in their purchase price.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; color: gray"><BR> - Programming and content costs totaled P$13,645 million (-17.1% vs. 9M19). This reduction is mainly explained by operative efficiencies and withdrawal of signals (mainly related to sports), which were partially offset by price increases in almost all of the other broadcasting signals. Moreover, as from March 2020 there were no costs related to local soccer league programming, because the activity was suspended.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; color: gray">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: justify; color: Gray">- Other Costs totaled P$17,421 million (+4.8% vs. 9M19), from which bad debt expenses reached P$7,883 million (+32.7% vs. 9M19). Bad debt ratio was 3.8% as of September 30, 2020 (vs. 2.7% in 9M19). Additionally, other operating costs (including charges for lawsuits and other contingencies, energy and other public services, insurances, rents, internet capacity, among others), which totaled P$9,538 million (-10.7% vs. 9M19), decreased mainly due to lower charges of rents and internet capacity.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; color: gray">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; color: gray">- Depreciation, amortization and impairment of fixed assets amounted P$55,062 million (+3.8% vs. 9M19). This increase was due to the impact of the amortization of assets incorporated after September 30, 2019.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><IMG SRC="tm2035494-1_6kimg01.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5">
        <P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3366FF"><U>Net Financial Results</U></P>
        <P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">Net
Financial Results (including Financial Expenses on Debt and Other Financial Results, net) generated a lower loss of P$13,234 million
in 9M20 (vs. a loss of P$19,618 million in 9M19) due to:</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 21%; background-color: #002460; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white"><B>in million of P$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; background-color: #002460; padding-right: 0.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white"><B>9M19</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; background-color: #002460; text-align: right">M<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white">9M20</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; background-color: #002460; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: white"><B>$ Var</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">FX results</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-right: 0.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-$ 12,033</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-$ 4,289</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-$ 7,744</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Net Interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-right: 0.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-$ 7,188</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-$ 10,516</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-$ 3,328</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Results of investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-right: 0.4pt; text-align: right">-<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$ 3,066</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$ 3,145</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$ 6,211</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">RECPAM</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-right: 0.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$ 6,507</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$ 4,233</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-$ 2,274</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-top: 3pt; padding-left: 2pt">Debt refinancing results </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-right: 0.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$ 0</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-$ 3,085</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$ 3,085</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-top: 3pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Others</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-top: 3pt; padding-right: 0.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-$ 3,838</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-$ 2,722</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">$ 1,116</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 3pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 3pt; padding-right: 0.4pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>-$ 19,618</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>-$ 13,234</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>&nbsp;$ 6,384</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5">
        <P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #3366FF"><U>Consolidated Net Financial
        Debt</U></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; color: gray">As of September 30, 2020, our net financial debt position (cash, cash equivalents plus financial investments and financial NDF minus loans)
totaled P$132,450 million, decreasing by P$11,585 million or -8.0% when compared to the consolidated net financial debt position as of
September 30, 2019, which totaled P$144,035 million (restated in terms of the measuring unit as of September 30, 2020).</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3366FF"><U>Investments in PP&amp;E, intangible assets
        and rights of use assets</U></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5">
        <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; color: gray">During the 9M20, the Company invested P$40,699 million (-32.2% vs. 9M19). These investments represented 19.5% of consolidated revenues
in 9M20, and were focused on:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: gray"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;Projects
associated with the expansion of Cable TV and Internet services to improve the transmission and access speed offered to customers.</FONT></P>
        <P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: gray"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;Deployment
of 4G coverage and capacity to support the growth of our mobile Internet service.</FONT></P>
        <P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: gray"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;Extension
of our transmission networks in order to unify the different access technologies, reconverting the copper fixed networks into
fiber or hybrid fiber-coaxial networks.&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.25in; margin: 0pt 0 0pt 0.25in; color: Gray"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;Reconversion
        of systems and advances towards the complete digitization of our operations, aiming to develop an ecosystem of platforms
        that leverage on connectivity which allow to manage and evolve products and services, with a focus on the digital and
        convergent experience of our clients.</FONT></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; color: gray">Thanks to the investments
        in infrastructure done in recent years, Telecom currently counts with the equipment and systems that allow its network
        to perform efficiently, supporting the increase of up to 50% in home internet data traffic, 70% in mobile voice services
        and 30% in mobile data, plus a 75% growth in <I>upstream</I>. The renewal of the Company's core platforms (both oriented
        to customers and the back office) was another</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2035494-1_6kimgcp9.jpg" ALT=""></P></TD></TR>
</TABLE>

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    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 10pt; text-indent: -10pt"><IMG SRC="tm2035494-1_6kimg01.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">of the key factors that allowed to adapt quickly and continue operating normally during the lockdown period.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3366FF"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Relevant
Matters</U></FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3366FF"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Decree
690/2020 and amendment to Law No 27.078 (Argentina Digital Law)</U></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
August 22, 2020 was published in the Official Gazette the Decree No. 690/2020 of the National Executive Power, through which it
amended the <I>Argentina Digital</I> Law.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
part of the amendments, the status of &ldquo;competing essential and strategic public services&rdquo; was introduced to ICT services
&ndash; fixed telephony, mobile, cable TV and Internet - and to the access to telecommunications networks for and between licensees,
being the ENACOM the entity in charge of guaranteeing its effective availability.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
decree mentions that the ENACOM will establish the regulation of ICT services and the suspension of any increases or changes in
prices established or announced from July 31, 2020 until December 31, 2020, specifically mentioning the broadcasting services
by subscription through physical or radioelectric link and satellite television, as well as fixed or mobile telephony services,
in any modality.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
decree has been approved by the Congress in terms of Law No. 26,122, and it has not been regulated yet.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Refinancing
of the loans with IFC and IDB Invest </U></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
September 22, 2020, Telecom Argentina refinanced the following loan agreements:</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1-
The loan agreement between Personal and IFC entered into on October 5, 2016 for up to US$ 400 million.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2-
The loan agreement with IFC entered into on March 4, 2019 for up to US$ 450 million.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3-
The loan agreement between Personal and IIC entered into on April 7, 2017 for up to US$ 100 million.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4-
The loan agreement with IDB Invest entered into on May 29, 2019 for up to US$ 300 million.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
the case of the loans in items 1 and 2 mentioned above, it was agreed to modify the maturity schedule of all principal maturities
that operated during 2021, deferring 85% of them for a period between 24 months and 48 months and prepaying the remaining 15%
together with accrued interest and other related expenses.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
the case of items 3 and 4, it was agreed to modify the maturity schedule of all principal maturities whose maturity operated during
the last quarter of 2020 and in 2021, deferring 85% of them for a period of between 24 months and 66 months, prepaying the remaining
15% together with accrued interest and other related expenses.</FONT></P>

&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 32%">&nbsp;</TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><IMG SRC="tm2035494-1_6kimg01.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 65%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3366FF"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Other
Relevant Matters</U></FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3366FF"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Call
to Extraordinary General Shareholders&rsquo; Meeting</U></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Board of Directors of Telecom Argentina in a meeting held on October 13, 2020, which was adjourned until October 16, 2020, resolved
to call the shareholders to an Extraordinary General Shareholders&rsquo; Meeting to be held on November 13, 2020, in order to
consider: the total or partial withdrawal of the &ldquo;Voluntary reserve for future cash dividends&rdquo; and/or of the &ldquo;Voluntary
reserve to maintain the capital investments level and the Company&rsquo;s current level of solvency&rdquo;, the distribution of
cash dividends or dividends in kind or in any combination of both options according to the Company&acute;s current context, and
the delegation of powers to the Board of Directors.</FONT></P>

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    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 32%">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #A6A6A6">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #A6A6A6"><IMG SRC="tm2035494-1_6kimg01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #A6A6A6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Telecom
Argentina is a leading telecommunications company in Argentina, where it offers, either itself or through its controlled subsidiaries
local and long distance fixed-line telephony, cellular, data transmission, and pay TV and Internet services, among other services.
Additionally, Telecom Argentina offers mobile, broadband and satellite TV services in Paraguay and pay TV services in Uruguay.
The Company commenced operations on November 8, 1990, upon the Argentine government&rsquo;s transfer of the telecommunications
system in the northern region of Argentina.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: gray; width: 40%"><FONT STYLE="font-size: 8pt"><IMG SRC="image_025.jpg" ALT="">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; color: gray; width: 60%; vertical-align: top"><FONT STYLE="font-size: 8pt">As
    of September 30, 2020, Telecom Argentina has 2,153,688,011 shares issued and outstanding.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 212.65pt; text-align: justify; color: gray"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 212.65pt; text-align: justify; text-indent: -212.65pt"><FONT STYLE="font-size: 8pt"><IMG SRC="image_026.jpg" ALT=""></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 212.65pt; text-align: center; text-indent: -212.65pt; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 212.65pt; text-indent: -212.65pt; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For
more information, please contact Investor Relations:</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 212.65pt; text-align: justify; text-indent: -212.65pt; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fernando
                                         Balmaceda</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5411)
        4968 5222</FONT></P></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Solange
                                         Barthe Dennin</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5411)
        4968 3752</FONT></P></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Luis
                                         F. Rial Ubago</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5411)
        4968 3718</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Voice
Mail: (5411) 4968 3628</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fax:
(5411) 4968 3616</FONT></P>

<P STYLE="color: Blue; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: gray">E-mail:
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Blue"><U>relinver@teco.com.ar</U></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For
information about Telecom Argentina&rsquo;s services, visit:</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #3366FF">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #3366FF"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><U>www.telecom.com.ar</U></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><U>www.personal.com.ar</U></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><U>www.personal.com.py</U></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><U>www.cablevisionfibertel.com.ar</U></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

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

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><U>Disclaimer</U></FONT></P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3.5pt"><U>&nbsp;</U></FONT></P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">This
document may contain statements that could constitute forward-looking statements, including, but not limited to (i) the Company&rsquo;s
expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and
capital structure; (ii) the continued synergies expected from the merger between the Company and Cablevisi&oacute;n S.A. (or the
Merger); (iii) the implementation of the Company&rsquo;s business strategy; (iv) the changing dynamics and growth in the telecommunications
and cable markets in Argentina, Paraguay, Uruguay and the United States; (v) the Company&rsquo;s outlook for new and enhanced
technologies; (vi) the effects of operating in a competitive environment; (vii) the industry conditions; (viii) the outcome of
certain legal proceedings; and (ix) regulatory and legal developments. Forward-looking statements may be identified by words such
as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo;
&ldquo;project,&rdquo; &ldquo;will,&rdquo; &ldquo;may&rdquo; and &ldquo;should&rdquo; or other similar expressions. Forward-looking
statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict.
In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate.
Many factors could cause actual results, performance or achievements of the Company to be materially different from any future
results, performance or achievements that may be expressed or implied by forward-looking statements. These factors include, among
others: (i) the Company&rsquo;s ability to successfully implement our business strategy and to achieve synergies resulting from
the Merger; (ii) the Company&rsquo;s ability to introduce new products and services that enable business growth; (iii) uncertainties
relating to political and economic conditions in Argentina, Paraguay, Uruguay and the United States, including the policies of
the new government in Argentina; (iv) the impact of political developments, including the policies of the new government in Argentina,
on the demand for securities of Argentine companies; (v) inflation, the devaluation of the peso, the Guaran&iacute; and the Uruguayan
peso and exchange rate risks in Argentina, Paraguay and Uruguay; (vi) restrictions on the ability to exchange Argentine or Uruguayan
pesos or Paraguayan guaran&iacute;es into foreign currencies and transfer funds abroad; (vii) the impact of currency and exchange
measures or restrictions on our ability to access the international markets and our ability to repay our dollar-denominated indebtedness;
(viii) the creditworthiness of our actual or potential customers; (ix) the nationalization, expropriation and/or increased government
intervention in companies; (x) technological changes; (xi) the impact of legal or regulatory matters, changes in the interpretation
of current or future regulations or reform and changes in the legal or regulatory environment in which the Company operates, including
regulatory developments such as sanctions regimes in other jurisdictions (e.g., the United States) which impact on the Company&rsquo;s
suppliers; (xii) the effects of increased competition; (xiii) reliance on content produced by third parties; (xiv) increasing
cost of the Company&rsquo;s supplies; (xv) inability to finance on reasonable terms capital expenditures required to remain competitive;
(xvi) fluctuations, whether seasonal or in response to adverse macro-economic developments, in the demand for advertising; (xvii)
the Company&rsquo;s ability to compete and develop our business in the future; (xviii) the impact of increased national or international
restrictions on the transfer or use of telecommunications technology; and (xix) the impact of the outbreak of COVID-19 on the
global economy and specifically on the economies of the countries in which we operate, as well as on our operations and financial
performance. Many of these factors are macroeconomic and regulatory in nature and therefore beyond the control of the Company&rsquo;s
management. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual
results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned or projected.
The Company does not intend and does not assume any obligation to update the forward-looking statements contained in this document.
These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual
results, performance or achievements to differ materially from our future results, performance or achievements expressed or implied
by such forward-looking statements. Readers are encouraged to consult the Company&rsquo;s Annual Report on Form 20-F and the periodic
filings made on Form 6-K, which are periodically filed with or furnished to the United States Securities and Exchange Commission,
as well as the presentations periodically filed before the Argentine Securities and Exchange Commission (Comisi&oacute;n Nacional
de Valores) and the Buenos Aires Stock Exchange (Bolsas y Mercados Argentinos), for further information concerning risks and uncertainties
faced by the Company.</FONT></P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: Gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Financial
tables follow)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: gray"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>*******</B></FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="tm2035494-1_6kimg01.jpg" ALT="">&nbsp;</FONT></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: center; color: #3366ff"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>TELECOM
ARGENTINA S.A.</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366ff"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Consolidated
Information</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366ff"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I> Nine month
period and Third Quarter - Fiscal Year 2020</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #3366FF"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(In
million of Argentine pesos)</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365FF"><B>1-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365FF"><B><U>Consolidated
    Balance Sheet</U></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-left: 0in; padding-top: 2pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365FF"><B><I>(Restated
    by inflation, comparative figures in constant currency as of September 2020)</I></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-left: 0in; padding-top: 2pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt; width: 58%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365FF"><B>09/30/20</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365FF"><B>12/31/19</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365FF"><B>&#8710;
    $</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365FF"><B>&#8710; %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">21,092</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">31,284</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(10,192)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-32.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Financial Investments</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">18,097</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">723</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">17,374</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Trade receivables</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">16,064</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">20,746</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(4,682)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-22.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Other Receivables</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">6,104</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">5,414</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">690</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">12.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Inventories</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">3,076</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">3,928</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(852)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-21.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>Total
    current assets</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>64,433</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>62,095</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>2,338</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>3.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Financial Investments</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">249</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">1,220</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(971)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-79.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Trade receivables</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">56</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">101</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(45)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-44.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Goodwill</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">226,285</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">226,407</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(122)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-0.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Property, plant and equipment ('PP&amp;E')</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">289,846</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">300,828</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(10,982)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-3.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Intangible assets</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">95,055</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">100,953</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(5,898)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-5.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Right-of-use assets</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">13,272</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">11,616</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">1,656</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">14.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Other Receivables</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">3,656</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">3,793</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(137)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-3.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>Total
    non-current assets</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>628,419</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>644,918</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>(16,499)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>-2.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>TOTAL
    ASSETS</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>692,852</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>707,013</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>(14,161)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>-2.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Trade payables</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">33,708</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">39,087</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(5,379)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-13.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Financial debt</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">37,063</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">43,144</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(6,081)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-14.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Salaries and social security payables</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">11,094</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">12,156</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(1,062)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-8.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Taxes payables</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">3,373</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">4,051</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(678)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-16.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Dividend Payable</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">160</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">160</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Lease liabilities</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">3,455</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">3,227</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">228</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">7.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Other liabilities</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">1,590</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">2,023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(433)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-21.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Provisions</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">3,402</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">1,457</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">1,945</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">133.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>Total
    current liabilities</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>93,845</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>105,145</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>(11,300)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>-10.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Trade payables</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">3,055</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">2,880</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">175</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">6.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Financial debt</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">134,825</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">142,730</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(7,905)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-5.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Salaries and social security payables</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">798</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">1,053</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(255)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-24.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Deferred income tax liabilities</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">71,829</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">64,270</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">7,559</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">11.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Taxes payables</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(10)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-58.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Lease liabilities</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">6,114</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">4,490</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">1,624</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">36.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Other liabilities</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">1,193</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">1,860</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(667)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-35.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Provisions</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">4,821</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">5,660</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(839)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-14.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>Total
    non-current liabilities</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>222,642</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>222,960</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>(318)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>-0.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>TOTAL
    LIABILITIES</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>316,487</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>328,105</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>(11,618)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>-3.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Equity attributable to Controlling Company</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">370,734</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">373,076</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(2,342)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-0.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Non-controlling interest</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">5,631</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">5,832</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(201)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-3.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>TOTAL
    EQUITY</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>376,365</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>378,908</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>(2,543)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>-0.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>TOTAL
    LIABILITIES AND EQUITY</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>692,852</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>707,013</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>(14,161)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>-2.0%</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365FF"><B>2-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365FF"><B><U>Consolidated
    Loans</U></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 1pt; width: 58%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365FF"><B><I>(Monetary
    items)</I></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt; width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt; width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt; width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt; width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365FF"><B>09/30/20</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365FF"><B>12/31/19</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365FF"><B>&#8710; $</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365FF"><B>&#8710; %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Bank overdrafts - principal</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">3,854</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">11,874</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(8,020)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-67.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Hold-in-custody repos - principal</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">377</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(377)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-100.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Bank and other financial entities loans - principal</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">6,837</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">16,508</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(9,671)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-58.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Notes&nbsp;&nbsp;- principal</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">11,295</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">11,295</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">NDF</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">721</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">441</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">280</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">63.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Loans for purchase of equipment</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">2,108</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">1,834</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">274</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">14.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Accrued interest and related expenses</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">12,248</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">12,110</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">138</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">1.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>Total
    Current Loans</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>37,063</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>43,144</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>(6,081)</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>-14.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Notes&nbsp;&nbsp;- principal</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">43,716</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">49,558</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(5,842)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-11.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Bank and other financial entities loans - principal</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">64,810</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">69,321</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(4,511)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-6.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">NDF (net of financial debt issuance expenses)</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">16</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">-5.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Loans for purchase of equipment</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">4,067</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">3,290</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">777</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">23.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Accrued interest and related expenses</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">22,216</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">20,544</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">1,672</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">8.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>Total
    Non Current Loans</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>134,825</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>142,730</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>(7,905)</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>-5.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>Total
    Loans</B></FONT></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>171,888</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>185,874</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>(13,986)</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>-7.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">Cash and cash equivalents, and Financial Investments</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">39,438</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">33,227</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">6,211</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray">18.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>Net
    Financial Debt</B></FONT></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>(132,450)</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>(152,647)</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>20,197</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; padding-top: 2pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: gray"><B>-13.2%</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; text-align: center"></P>

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

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

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="tm2035494-1_6kimg01.jpg" ALT="">&nbsp;</FONT></P>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3365ff"><B><I>TELECOM ARGENTINA S.A.</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3365ff"><B>Consolidated Information</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3365ff"><B><I>Nine month period and
Third Quarter - Fiscal Year 2020</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3365ff"><B>(In million of Argentine
pesos)</B></P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3365ff"><B>3- <U>Segment Information</U></B></P>

<P STYLE="font: 5.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8pt; color: #3365ff"><B><I>&nbsp;</I></B></P>

<P STYLE="margin-left: 8pt; font: 7pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: rgb(51,101,255)"><B><I>(Segment
information for periods ended as of September 30 of 2020 and 2019 as analyzed by the CEO, who receive periodically the
financial information of Telecom and its subsidiaries (in historical values))</I></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: 98.5%; border-collapse: collapse; margin-left: 8pt">
<TR>
    <TD STYLE="border-top: gray 1.5pt solid; border-bottom: gray 1.5pt solid; border-left: gray 1.5pt solid; padding-top: 5.75pt; padding-left: 10.1pt; text-indent: -10.1pt; font-size: 10pt; text-align: center; width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #3365FF"><B><I><U>As
    of September 30, 2020</U></I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 5.75pt; text-align: center; font-size: 10pt; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #3365FF"><B>Services&nbsp;rendered<BR>
    in Argentina</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 5.75pt; text-align: center; font-size: 10pt; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #3365FF"><B>Services
    rendered in<BR>
    Argentina - Inflation<BR>
    restatement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: gray 1.5pt solid; border-bottom: gray 1.5pt solid; background-color: #E7E6E6; padding-top: 5.75pt; text-align: center; font-size: 10pt; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #3365FF"><B>Services
    rendered in<BR>
    Argentina restated<BR>
    for inflation</B></FONT></TD>
    <TD STYLE="border-top: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 5.75pt; text-align: center; font-size: 10pt; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #3365FF"><B>Other
    abroad<BR>
    segments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 5.75pt; text-align: center; font-size: 10pt; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #3365FF"><B>Other
    abroad<BR>
    segments -<BR>
    restatement for<BR>
    inflation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: gray 1.5pt solid; border-bottom: gray 1.5pt solid; background-color: #E7E6E6; padding-top: 5.75pt; text-align: center; font-size: 10pt; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #3365FF"><B>Other
    abroad<BR>
    segments restated<BR>
    for inflation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: gray 1.5pt solid; border-right: gray 1pt solid; border-bottom: gray 1.5pt solid; background-color: #E7E6E6; padding-top: 5.75pt; text-align: center; font-size: 10pt; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #3365FF"><B>Eliminations</B></FONT></TD>
    <TD STYLE="border-top: gray 1.5pt solid; border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 5.75pt; text-align: center; font-size: 10pt; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #3365FF"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 2pt; padding-left: 12.25pt; text-indent: -10.1pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Revenues</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">177,666</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">17,128</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; background-color: #E7E6E6; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">194,794</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">13,004</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">1,274</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; background-color: #E7E6E6; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">14,278</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; border-right: gray 1pt solid; background-color: #E7E6E6; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(852)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">208,220</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 2pt; padding-left: 2.15pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Operating
    costs (without depreciation, amortization, and impairment of fixed assets)</FONT></TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(113,782)</FONT></TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(11,806)</FONT></TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; background-color: #E7E6E6; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(125,588)</FONT></TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(8,225)</FONT></TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(804)</FONT></TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; background-color: #E7E6E6; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(9,029)</FONT></TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; border-right: gray 1pt solid; background-color: #E7E6E6; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">852</FONT></TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(133,765)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 2pt; padding-left: 2.15pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Operating
    income before D&amp;A</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">63,884</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">5,322</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; background-color: #E7E6E6; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">69,206</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">4,779</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">470</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; background-color: #E7E6E6; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">5,249</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; border-right: gray 1pt solid; background-color: #E7E6E6; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">74,455</FONT></TD></TR>
<TR>
    <TD STYLE="border-left: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 2pt; padding-left: 2.15pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Depreciation,
    amortization and impairment of fixed assets</FONT></TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(22,958)</FONT></TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(28,593)</FONT></TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; background-color: #E7E6E6; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(51,551)</FONT></TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(3,048)</FONT></TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(463)</FONT></TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; background-color: #E7E6E6; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(3,511)</FONT></TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; border-right: gray 1pt solid; background-color: #E7E6E6; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-</FONT></TD>
    <TD STYLE="border-bottom: gray 1.5pt solid; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(55,062)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 2pt; padding-left: 2.15pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Operating
    income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">40,926</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(23,271)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; background-color: #E7E6E6; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">17,655</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">1,731</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; background-color: #E7E6E6; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">1,738</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; border-right: gray 1pt solid; background-color: #E7E6E6; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">19,393</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 2.15pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1.5pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 2.15pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Earnings
    from associates</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">372</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 2.15pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Debt
    financial expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(20,669)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 2.15pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Other
    financial results, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">7,435</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 2.15pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Net
    income before income tax expenses</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">6,531</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 2.15pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Income
    tax expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(7,780)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 2.15pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Net
    income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(1,249)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 2.15pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1.5pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 2.15pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Attributable
    to:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1.5pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 2.15pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Controlling
    Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(1,645)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 2.15pt; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Non-controlling
    interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: gray 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: gray 1.5pt solid; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">396</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: 98.5%; border-collapse: collapse; margin-left: 8pt">
<TR>
    <TD STYLE="border-top: Gray 1.5pt solid; border-bottom: Gray 1.5pt solid; border-left: gray 1.5pt solid; width: 20%; padding-top: 2pt; padding-bottom: 2pt; padding-left: 10.1pt; text-align: center; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: #3365ff"><B><I><U>As of September 30, 2019</U></I></B></FONT></TD>
    <TD STYLE="border-top: Gray 1.5pt solid; border-bottom: Gray 1.5pt solid; width: 10%; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: #3365ff"><B>Services&nbsp;rendered<BR>
in Argentina</B></FONT></TD>
    <TD STYLE="border-top: Gray 1.5pt solid; border-bottom: Gray 1.5pt solid; width: 12%; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: #3365ff"><B>Services rendered in<BR>
Argentina - Inflation<BR>
restatement</B></FONT></TD>
    <TD STYLE="border-top: Gray 1.5pt solid; border-bottom: Gray 1.5pt solid; width: 12%; background-color: #E7E6E6; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: #3365ff"><B>Services rendered in<BR>
Argentina restated<BR>
for inflation</B></FONT></TD>
    <TD STYLE="border-top: Gray 1.5pt solid; border-bottom: Gray 1.5pt solid; width: 10%; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: #3365ff"><B>Other abroad<BR>
segments</B></FONT></TD>
    <TD STYLE="border-top: Gray 1.5pt solid; border-bottom: Gray 1.5pt solid; width: 10%; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: #3365ff"><B>Other abroad<BR>
segments -<BR>
restatement for<BR>
inflation</B></FONT></TD>
    <TD STYLE="border-top: Gray 1.5pt solid; border-bottom: Gray 1.5pt solid; width: 10%; background-color: #E7E6E6; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: #3365ff"><B>Other abroad<BR>
segments restated<BR>
for inflation</B></FONT></TD>
    <TD STYLE="border-top: Gray 1.5pt solid; border-right: gray 1pt solid; border-bottom: Gray 1.5pt solid; width: 8%; background-color: #E7E6E6; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: #3365ff"><B>Eliminations</B></FONT></TD>
    <TD STYLE="border-top: Gray 1.5pt solid; border-right: gray 1.5pt solid; border-bottom: Gray 1.5pt solid; width: 8%; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: #3365ff"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2pt; vertical-align: bottom; border-bottom: gray 1.5pt solid; border-left: gray 1.5pt solid; padding-top: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>Revenues</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>129,511</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>75,349</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; background-color: #E7E6E6; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>204,860</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>9,074</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>5,374</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; vertical-align: top; background-color: #E7E6E6; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>14,448</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: gray 1pt solid; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; background-color: #E7E6E6; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>(1,126)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; vertical-align: bottom; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>218,182
    </B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2pt; border-bottom: gray 1.5pt solid; border-left: gray 1.5pt solid; padding-top: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">Operating costs (without depreciation, amortization, and impairment of fixed assets)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(85,337)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(51,288)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; background-color: #E7E6E6; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(136,625)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(6,266)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(3,709)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; vertical-align: top; background-color: #E7E6E6; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(9,975)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: gray 1pt solid; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; background-color: #E7E6E6; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">1,126</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(145,474) </FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2pt; vertical-align: bottom; border-bottom: gray 1.5pt solid; border-left: gray 1.5pt solid; padding-top: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>Operating
    income before D&amp;A</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>44,174</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>24,061</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; background-color: #E7E6E6; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>68,235</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>2,808</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>1,665</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; vertical-align: top; background-color: #E7E6E6; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>4,473</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: gray 1pt solid; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; background-color: #E7E6E6; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>-</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; vertical-align: bottom; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>72,708
    </B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2pt; border-bottom: gray 1.5pt solid; border-left: gray 1.5pt solid; padding-top: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">Depreciation, amortization and impairment of fixed assets</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(18,092)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(31,583)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; background-color: #E7E6E6; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(49,675)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(2,023)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(1,338)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; vertical-align: top; background-color: #E7E6E6; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(3,361)&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: gray 1pt solid; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; background-color: #E7E6E6; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">-</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(53,036) </FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2pt; vertical-align: bottom; border-bottom: gray 1.5pt solid; border-left: gray 1.5pt solid; padding-top: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>Operating
    income</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>26,082</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>(7,522)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; background-color: #E7E6E6; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>18,560</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>785</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>327</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1.5pt solid; vertical-align: top; background-color: #E7E6E6; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>1,112</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: gray 1pt solid; border-bottom: gray 1.5pt solid; text-align: center; vertical-align: top; background-color: #E7E6E6; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>-</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; vertical-align: bottom; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>19,672
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2pt; padding-top: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1pt solid; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2pt; padding-top: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">Earnings from associates</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1pt solid; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(279) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2pt; padding-top: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">Debt financial expenses</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1pt solid; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(32,499) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2pt; padding-top: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">Other financial results, net</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1pt solid; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">12,881 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2pt; padding-top: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>Net
    ioss before income tax expenses</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1pt solid; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>(225)
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2pt; padding-top: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">Income tax expense</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1pt solid; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(17,122) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2pt; padding-top: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>Net
    loss</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1pt solid; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>(17,347)
    </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2pt; padding-top: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1pt solid; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2pt; padding-top: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray"><B>Attributable
    to:</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1pt solid; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1.5pt solid; text-align: center; padding-top: 2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2pt; padding-top: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">Controlling Company</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1pt solid; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1.5pt solid; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">(17,680) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2pt; padding-top: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">Non-controlling interest</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1pt solid; text-align: center; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-right: gray 1.5pt solid; border-bottom: gray 1.5pt solid; padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: gray">333 </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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0">&nbsp;<IMG SRC="tm2035494-1_6kimg01.jpg" ALT=""></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: center; color: #3366ff"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>TELECOM
ARGENTINA S.A.</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366ff"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Consolidated
Information</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3366ff"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I> Nine month
period and Third Quarter - Fiscal Year 2020</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #3366FF"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(In
million of Argentine pesos)</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&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; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B>4-</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 58%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B><U>Consolidated
    Income Statements - restated by inflation (constant figures)</U></B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.3pt; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 7.45pt; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 7.45pt; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 16.1pt; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 16.1pt; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B><I>(Allows
    the understanding of the variations of the Income Statement in real terms)</I></B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 16.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 16.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 7.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 16.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 16.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B>09/30/20</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B>09/30/19</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B>&#8710; $</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B>&#8710;
    %</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>Revenues</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>208,220</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>218,182</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>(9,962)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>-4.6%</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Consolidated
    Operating Costs</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(188,827)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(198,510)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">9,683</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-4.9%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>Operating
    income</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>19,393</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>19,672</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>(279)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>-1.4%</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Net
    Financial resultsand earnings from associates</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(12,862)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(19,897)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">7,035</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-35.4% </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>Net
    income (loss) before income tax expense</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>6,531</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>(225)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>6,756</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>-</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Income
    tax expense</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(7,780)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(17,122)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">9,342</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-54.6%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>Net
    loss</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>(1,249)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>(17,347)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>16,098</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>-92.8%</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt">&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Attributable
    to:</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Controlling
    Company</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(1,645)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(17,680)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">16,035</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-90.7%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Non-controlling
    interest</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">396</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">333</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">63</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">18.9%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt">&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>Operating
    income before D&amp;A</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>74,455</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>72,708</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>1,747</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>2.4%</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">As&nbsp;&nbsp;%
    of Revenues</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">35.8%</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">33.3%</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B>09/30/20</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B>09/30/19</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B>&#8710;
    $</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B>&#8710; %</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>Net
    Financial results</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Debt
    financial expenses</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Interests
    on financial debt</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(10,463)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(9,072)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(1,391)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">15.3%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Foreign
    currency exhange losses on financial&nbsp;&nbsp;debt</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(7,121)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(23,427)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">16,306</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-69.6%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Debt
    refinancing results</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(3,085)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(3,085)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>Total
    Debt financial expenses</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>(20,669)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>(32,499)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>11,830</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>-36.4%</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><I>Other
    financial results, net</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Interest
    and gains of investments</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(53)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">1,884</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(1,937)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-102.8%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Taxes
    and bank expenses</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(1,910)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(2,006)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">96</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-4.8%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Other
    foreign currency exhange gains (losses)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">2,832</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">11,394</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(8,562)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-75.1%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Financial
    discounts on assets, debts and other</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(98)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">4</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(102)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Gains
    (losses) for operations with notes and bonds</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">3,145</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">235</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">2,910</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Allowance
    for credit risk</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(3,301)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">3,301</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-100.0%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Interest
    on provisions</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(601)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(1,579)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">978</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-61.9%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Financial&nbsp;&nbsp;expenses&nbsp;&nbsp;on
    pension benefits</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(165)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(130)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(35)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">26.9%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><I>RECPAM*</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><I>4,233</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><I>6,507</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><I>(2,274)</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><I>-34.9%</I></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Others</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">52</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(127)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">179</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-140.9%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>Total
    other financial results, net</B></FONT></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>7,435</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>12,881</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>(5,446)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>-42.3%</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>Total
    Net Financial results</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>(13,234)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>(19,618)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>6,384</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>-32.5%</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><I>*
    Inflation restatement gain / (loss)</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT>&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; background-color: white">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B>5-</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B><U>Consolidated Income Statements -
restated by inflation (constant figures)</U></B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0; width: 58%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B>Three
    Months Comparison</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B>09/30/20</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B>09/30/19</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B>&#8710; $</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3365ff"><B>&#8710; %</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>Revenues</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>67,022</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>72,555</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>(5,533)</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>-7.6%</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Consolidated
    Operating Costs</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(63,229)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(67,266)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">4,037</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-6.0%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>Operating
    income</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>3,793</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>5,289</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>(1,496)</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>-28.3%</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Net
    Financial results and earnings from associates</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(2,917)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(27,568)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">24,651</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-89.4%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>Net
    income (loss) before income tax expense</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>876</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>(22,279)</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>23,155</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>-103.9%</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Income
    tax expense</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(4,236)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(5,409)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">1,173</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-21.7%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>Net
    loss</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>(3,360)</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>(27,688)</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>24,328</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>-87.9%</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt">&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Attributable
    to:</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Controlling
    Company</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(3,523)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">(27,823)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">24,300</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">-87.3%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 0.125in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">Non-controlling
    interest</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">163</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">135</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">28</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">20.7%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt">&nbsp;</TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>Operating
    income before D&amp;A</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>22,940</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>23,776</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>(836)</B></FONT></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f"><B>-3.5%</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">As&nbsp;&nbsp;%
    of Revenues</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">34.2%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7f7f7f">32.8%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

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

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

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

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

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2035494-1_6kimg01.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3265ff"><B><I>TELECOM ARGENTINA
S.A.</I></B></P>

<P STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3265ff"><B>Consolidated Information</B></P>

<P STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3265ff"><B><I>Nine month period and
Third Quarter - Fiscal Year 2020</I></B></P>

<P STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3265ff"><B>(In million of Argentine
pesos)</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; color: #3265ff">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><B>6-</B></FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 8pt"><B><U>Breakdown of consolidated revenues - restated by inflation (constant figures)</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt"><B><I>(Revenues as of 2019 restated to 2020 values include a variati on coming from the restatement of approximately 58.2% vs.<BR>
 a restatement
variation of 9.7% for revenues as of 2020)</I></B></TD></TR>
</TABLE>


<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #3265ff"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #3265ff">&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="text-align: center; padding-top: 2pt; padding-bottom: 2pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; border-bottom: Blue 1pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366ff"><B>09/30/20</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; border-bottom: Blue 1pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366ff"><B>09/30/19</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; border-bottom: Blue 1pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366ff"><B>9M20 IAS 29 vs. 9M19<BR>
 IAS 29</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="vertical-align: middle; text-align: center; padding-top: 2pt; width: 33%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-top: 2pt; width: 2%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-top: 2pt; width: 9%; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366ff"><B>9M20 IAS 29</B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-top: 2pt; width: 2%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-top: 2pt; width: 9%; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366ff"><B>IAS 29<BR>
Adjustment</B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-top: 2pt; width: 2%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-top: 2pt; width: 9%; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366ff"><B>9M19 IAS 29</B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-top: 2pt; width: 2%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-top: 2pt; width: 9%; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366ff"><B>IAS 29 Adjustment</B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-top: 2pt; width: 2%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; padding-top: 2pt; width: 9%; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366ff"><B>&Delta;$</B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-top: 2pt; width: 2%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; padding-top: 2pt; width: 9%; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366ff"><B>&Delta;%</B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-top: 2pt; width: 1%; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B><U>REVENUES FROM SERVICES</U></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>197,044</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>17,404</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>204,441</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>75,213</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>(7,397)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>-3.6%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>Mobile Services</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>79,706</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>6,932</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>74,908</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>27,515</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>4,798</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>6.4%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>Internet Services</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>44,053</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>3,941</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>48,991</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>18,050</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>(4,938)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>-10.1%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>Cable TV Services</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>40,755</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>3,682</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>45,618</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>16,840</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>(4,863)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>-10.7%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>Fixed Telephony and Data Services</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>31,955</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>2,802</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>34,184</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>12,544</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>(2,229)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>-6.5%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>Other service revenues</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>575</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>47</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>740</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>264</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>(165)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #7f7f7f"><B>-22.3%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B><U>REVENUES FROM EQUIPMENT SALES</U></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>11,176</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>921</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>13,741</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>5,091</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>(2,565)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>-18.7%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B><U>REVENUES</U></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>208,220</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>18,325</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>218,182</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>80,304</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>(9,962)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3365ff"><B>-4.6%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="color: #3365ff"><B>7-</B></FONT></TD>
    <TD><FONT STYLE="color: #3365ff"><B><U>Breakdown of consolidated revenues - restated by inflation (constant figures)<BR>
    </U>Three Months Comparison</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3365ff">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #3365ff">&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-top: 2pt; vertical-align: middle; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 2pt; border-bottom: Blue 1pt solid; vertical-align: middle; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>09/30/20</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 2pt; border-bottom: Blue 1pt solid; vertical-align: middle; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>09/30/19</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 2pt; border-bottom: Blue 1pt solid; vertical-align: middle; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>3Q20
    IAS 29 vs. 3Q19<BR>
    IAS 29</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 33%; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; width: 2%; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 9%; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>3Q20
    IAS 29</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; width: 2%; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 9%; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>IAS
    29<BR>
 Adjustment</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; width: 2%; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 9%; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>3Q19
    IAS 29</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; width: 2%; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 9%; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>IAS
    29<BR>
 Adjustment</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; width: 2%; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: right; width: 9%; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>&Delta;$</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; width: 2%; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; width: 9%; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>&Delta;%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; width: 1%; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="color: Blue; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B><U>REVENUES
    FROM SERVICES</U></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>62,844</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>1,757</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>68,304</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>20,819</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>(5,460)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>-8.0%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>Mobile
    Services</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>26,489</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>757</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>25,692</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>7,878</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>797</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>3.1%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>Internet
    Services</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>13,488</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>372</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>16,024</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>4,861</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>(2,536)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>-15.8%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>Cable
    TV Services</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>12,380</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>348</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>14,856</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>4,523</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>(2,476)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>-16.7%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>Fixed
    Telephony and Data Services</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>10,324</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>278</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>11,506</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>3,496</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>(1,182)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>-10.3%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>Other
    service revenues</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>163</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>2</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>226</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>61</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>(63)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(127,127,127)"><B>-27.9%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B><U>REVENUES
    FROM EQUIPMENT SALES</U></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>4,178</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>108</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>4,251</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>1,307</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>(73)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>-1.7%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B><U>REVENUES</U></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>67,022</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>1,865</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>72,555</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>22,126</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>(5,533)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)"><B>-7.6%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(50,101,255)">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #3365ff">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #3365ff"></P>

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: Gray; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #3365ff">&nbsp;</P>

<P STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #3365ff"><IMG SRC="tm2035494-1_6kimg01.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3365ff"><B><I>TELECOM ARGENTINA
S.A.</I></B></P>

<P STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3365ff"><B>Consolidated Information</B></P>

<P STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3365ff"><B><I>Nine month period and
Third  Quarter - Fiscal Year 2020</I></B></P>

<P STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #3365ff"><B>(In million of Argentine
pesos)</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="color: #3365ff"><B>8-</B></FONT></TD>
    <TD><FONT STYLE="color: #3365ff"><B><U>Consolidated Income Statements - restated by inflation (constant figures)<BR>
    </U><I>(Allows the understanding of the variations of the Income Statement in real terms)</I></B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; color: #3365ff">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 98%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; text-align: center; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Blue 1pt solid; padding-top: 2pt; text-align: center; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>09/30/20</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Blue 1pt solid; padding-top: 2pt; text-align: center; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>09/30/19</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Blue 1pt solid; padding-top: 2pt; text-align: center; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>9M20
    IAS 29 vs. 9M19<BR>
    IAS 29</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; text-align: center; width: 45%; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; width: 1%; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; width: 8%; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>9M20
    IAS 29</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; width: 1%; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; width: 8%; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>IAS
    29<BR>
    Adjustment</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; width: 1%; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; width: 8%; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>9M19
    IAS 29</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; width: 1%; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; width: 8%; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>IAS
    29<BR>
    Adjustment</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; width: 1%; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; width: 8%; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>&Delta;$</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; width: 1%; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; width: 8%; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>&Delta;%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; width: 1%; vertical-align: middle; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Revenues</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>208,220</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>18,325</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>218,182</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>80,304</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(9,962)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>-4.6%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Employee
    benefit expenses and severance payments</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(38,668)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(3,422)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(41,544)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(15,314)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">2,876</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-6.9%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Interconnection
    and transmission costs</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(7,675)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(628)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(6,970)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(2,566)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(705)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">10.1%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Fees&nbsp;&nbsp;for
    services, maintenance, materials&nbsp;&nbsp;and supplies</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(21,848)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(2,382)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(23,530)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(8,917)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">1,682</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-7.1%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Taxes&nbsp;&nbsp;and
    fees&nbsp;&nbsp;with the regulatory authority</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(15,771)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(1,386)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(17,090)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(6,303)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">1,319</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-7.7%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Commissions
    and advertising</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(11,501)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(1,002)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(13,031)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(4,780)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">1,530</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-11.7%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Cost
    of equipments&nbsp;&nbsp;and handsets</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(7,236)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(1,055)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(10,240)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(4,469)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">3,004</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-29.3%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Programming
    and content costs</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(13,645)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(1,255)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(16,453)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(6,082)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">2,808</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-17.1%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Bad
    debt expenses</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(7,883)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(708)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(5,940)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(2,209)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(1,943)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">32.7%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Other
    operating income and expenses</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(9,538)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(696)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(10,676)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(3,937)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">1,138</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-10.7%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Subtotal
    Operating costs before D&amp;A</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(133,765)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(12,533)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(145,474)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(54,577)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>11,709</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>-8.0%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Operating
    income before D&amp;A</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>74,455</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>5,792</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>72,708</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>25,727</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>1,747</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>2.4%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Depreciation,
    amortization ('D&amp;A') and impairment of fixed assets</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(55,062)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(29,056)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(53,036)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(32,921)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(2,026)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">3.8%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Operating
    income</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>19,393</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(23,264)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>19,672</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(7,194)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(279)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>-1.4%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Earnings
    from associates</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">372</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">38</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(279)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(324)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">651</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Financial
    expenses&nbsp;&nbsp;on debt</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(20,669)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">32,173</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(32,499)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">17,957</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">11,830</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-36.4%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Other
    financial&nbsp;&nbsp;results, net</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">7,435</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">2,643</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">12,881</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">8,577</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(5,446)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-42.3%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Net
    income (loss) before income tax expense</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>6,531</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>11,590</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(225)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>19,016</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>6,756</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>-</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Income
    tax expense</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(7,780)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(1,155)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(17,122)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(14,033)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">9,342</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-54.6%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Net
    loss</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(1,249)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>10,435</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(17,347)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>4,983</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>16,098</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>-92.8%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Attributable
    to:</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Controlling
    Company</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(1,645)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">10,441</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(17,680)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">4,892</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">16,035</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-90.7%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Non-controlling
    interest</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">396</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(6)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">333</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">91</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">63</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">18.9%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; color: #3365ff">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="color: #3365ff"><B>9-</B></FONT></TD>
    <TD><FONT STYLE="color: #3365ff"><B><U>Consolidated Income Statements - restated by inflation (constant figures)<BR>
    </U>Three Months Comparison</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3365ff"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #3365ff">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 98%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; vertical-align: middle; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Blue 1pt solid; padding-top: 2pt; vertical-align: middle; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>09/30/20</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Blue 1pt solid; padding-top: 2pt; vertical-align: middle; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>09/30/19</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Blue 1pt solid; padding-top: 2pt; vertical-align: middle; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>3Q20 IAS 29 vs.
    3Q19 <BR>
IAS 29</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; vertical-align: middle; text-align: center; width: 45%; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 1%; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 8%; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>3Q20 IAS
    29</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 1%; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 8%; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>IAS 29<BR>
 Adjustment</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 1%; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 8%; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>3Q19 IAS
    29</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 1%; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 8%; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>IAS 29<BR>
 Adjustment</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 1%; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 8%; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>&Delta;$</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 1%; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; width: 8%; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><B>&Delta;%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: middle; text-align: center; width: 1%; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Revenues</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>67,022</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>1,865</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>72,555</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>22,126</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(5,533)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>-7.6%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Employee
    benefit expenses&nbsp;&nbsp;and severance payments</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(12,380)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(346)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(13,753)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(4,181)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">1,373</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-10.0%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Interconnection
    and transmission costs</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(2,722)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(71)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(2,380)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(719)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(342)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">14.4%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Fees&nbsp;&nbsp;for
    services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(7,057)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(322)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(8,498)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(2,774)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">1,441</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-17.0%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Taxes
    and fees&nbsp;&nbsp;with the regulatory authority</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(5,088)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(138)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(5,541)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(1,694)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">453</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-8.2%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Commissions
    and advertising</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(3,953)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(112)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(4,456)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(1,359)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">503</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-11.3%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Cost
    of equipments and handsets</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(2,500)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(241)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(3,112)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(1,181)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">612</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-19.7%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Programming
    and content costs</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(3,966)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(108)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(5,475)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(1,679)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">1,509</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-27.6%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Bad
    debt expenses</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(2,114)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(48)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(1,849)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(553)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(265)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">14.3%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Other
    operating income and expenses</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(4,302)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(70)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(3,715)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(1,155)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(587)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">15.8%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Subtotal
    Operating costs before D&amp;A</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(44,082)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(1,455)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(48,779)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(15,295)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>4,697</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>-9.6%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Operating
    income before D&amp;A</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>22,940</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>410</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>23,776</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>6,831</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(836)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>-3.5%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Depreciation,
    amortization ('D&amp;A') and impairment of fixed assets</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(19,147)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(9,909)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(18,487)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(11,251)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(660)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">3.6%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Operating
    income</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>3,793</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(9,499)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>5,289</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(4,420)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(1,496)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>-28.3%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Earnings&nbsp;&nbsp;from
    associates</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">139</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">18</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(533)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(464)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">672</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-126.1%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Financial&nbsp;&nbsp;expenses
    on debt</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(6,938)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">12,982</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(35,416)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">790</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">28,478</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-80.4%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Other
    financial&nbsp;&nbsp;results, net</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">3,882</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">1,234</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">8,381</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">4,356</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(4,499)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-53.7%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Net
    income (loss) before income tax expense</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>876</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>4,735</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(22,279)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>262</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>23,155</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>-103.9%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Income
    tax expense</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(4,236)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(129)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(5,409)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(3,190)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">1,173</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-21.7%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>Net
    loss</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(3,360)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>4,606</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(27,688)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>(2,928)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>24,328</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray"><B>-87.9%</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Attributable
    to:</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Controlling
    Company</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(3,523)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">4,613</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(27,823)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(2,958)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">24,300</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">-87.3%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.125in; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">Non-controlling
    interest</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">163</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">(7)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">135</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">30</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">28</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: gray">20.7%</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #3365ff">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #3365ff"></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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #3365ff">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, 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">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date:</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">November
    10, 2020</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
    Fernando Jos&eacute; Balmaceda</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 41%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fernando
    Jos&eacute; Balmaceda</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Responsible
    for Market Relations</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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