<SEC-DOCUMENT>0001104659-21-066562.txt : 20210514
<SEC-HEADER>0001104659-21-066562.hdr.sgml : 20210514
<ACCEPTANCE-DATETIME>20210514104259
ACCESSION NUMBER:		0001104659-21-066562
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210514
FILED AS OF DATE:		20210514
DATE AS OF CHANGE:		20210514

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:		21922577

	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>a21-14904_36k.htm
<DESCRIPTION>6-K
<TEXT>


<html>
<head>




  </head>
<body link=blue lang="EN-US">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 3.0pt;padding:1.0pt 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Arial" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;6-K</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">Report of Foreign Private Issuer</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">Pursuant to Rule&nbsp;13a-16 or 15d-16</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">of the Securities Exchange Act of 1934</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">For the month of May&nbsp;2021</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Commission File Number: 001-13464</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Arial" style="font-size:16.0pt;font-weight:bold;">Telecom </font></b><b><font size="5" face="Arial" style="font-size:16.0pt;font-weight:bold;">Argentina S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">(Translation of registrant&#146;s name into English)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Alicia Moreau de Justo, No.&nbsp;50, 1107</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Buenos Aires, Argentina</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">(Address of principal executive offices)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="46%" style="border-collapse:collapse;">
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Form&nbsp;20-F</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">X</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.28%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Form&nbsp;40-F</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1):</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="46%" style="border-collapse:collapse;">
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Yes</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.28%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">No</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">X</font></p>    </td>   </tr>  </table>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7):</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="46%" style="border-collapse:collapse;">
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Yes</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.28%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">No</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">X</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\111375\21-14904-3\task10463694\14904-3-ba.htm',USER='111375',CD='May 14 04:42 2021' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">Telecom </font></b><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">Argentina S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">TABLE<a name="TableOfContents"></a> OF CONTENTS</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Item</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">1.</font></i></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a href="#UnauditedCondensedConsolidatedFi_115318" title="Click to goto "><b><i style="font-weight:bold;">English translation of the (i) Unaudited Condensed Consolidated Financial Statements of Telecom Argentina S.A. as of March 31, 2021, and (ii) Telecom Argentina S.A.&#180;s Operating and Financial Review and Prospects as of March&nbsp;31, 2021</i></b></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\111375\21-14904-3\task10463694\14904-3-ba.htm',USER='111375',CD='May 14 04:42 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Unaudited Condensed Consolidated Financial Statements as of March&nbsp;31, 2021</font></b><a name="UnauditedCondensedConsolidatedFi_115318"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Alicia Moreau de Justo 50</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">(1107) Ciudad Aut&#243;noma de Buenos Aires</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Argentina</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .45in;text-indent:-.45in;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">$: Argentine peso</font></b></p>
<p style="margin:0in 0in .0001pt .45in;text-indent:-.45in;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">US$: US dollar</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.45in;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">$92.00 = US$1</font></b><b><font face="Arial" style="font-weight:bold;"> as of March&nbsp;31, 2021</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\111375\21-14904-3\task10463694\14904-3-ba.htm',USER='111375',CD='May 14 04:42 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH&nbsp;31, 2021 AND 2020</font></u></b><a name="UNAUDITEDCONSOLIDATEDFINANCIALST_124833"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">INDEX</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Unaudited   consolidated financial statements</font></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.22%;">
<p style="margin:6.0pt 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDSTATEMENTSOFFINANCIA_121307" title="Click to goto "><font face="Arial">Unaudited   consolidated statements of financial position</font></a></font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.22%;">
<p style="margin:6.0pt 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDINCOMESTATEMENTS_121259" title="Click to goto "><font face="Arial">Unaudited   consolidated income statements</font></a></font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.22%;">
<p style="margin:6.0pt 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDSTATEMENTSOFCOMPREHE_121252" title="Click to goto "><font face="Arial">Unaudited   consolidated statements of comprehensive income</font></a></font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.22%;">
<p style="margin:6.0pt 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDSTATEMENTSOFCHANGESI_101521" title="Click to goto "><font face="Arial">Unaudited   consolidated statements of changes in equity</font></a></font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.22%;">
<p style="margin:6.0pt 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDSTATEMENTSOFCASHFLOW_075242" title="Click to goto "><font face="Arial">Unaudited   consolidated statements of cash flows</font></a></font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.22%;">
<p style="margin:6.0pt 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#NOTESTOTHEUNAUDITEDCONSOLIDATEDF_033618" title="Click to goto "><font face="Arial">Notes   to the unaudited consolidated financial statements</font></a></font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.22%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#OPERATINGANDFINANCIALREVIEWANDPR_124821" title="Click to goto "><b><font face="Arial" style="font-weight:bold;">Operating and Financial Review and Prospects</font></b></a></font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="92%" valign="top" style="padding:0in 0in 0in 0in;width:92.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CORPORATEINFORMATION_124944" title="Click to goto "><b><font face="Arial" style="font-weight:bold;">Corporate information</font></b></a></font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\111375\21-14904-3\task10463694\14904-3-ba.htm',USER='111375',CD='May 14 04:42 2021' -->


<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFFINANCIA_121307"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos </font><font size="1" face="Arial" style="font-size:8.0pt;">in current currency</font><font size="1" face="Arial" style="font-size:8.0pt;"> - Note 1.e)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ASSETS</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Note</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Current Assets</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash and cash equivalents</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">31,640</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">20,927</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Investments</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,431</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">7,390</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade receivables</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22,166</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">21,411</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other receivables</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7,996</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">6,230</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Inventories</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,874</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">4,204</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total current assets</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">71,107</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">60,162</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Non-Current Assets</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade receivables</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">67</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">67</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other receivables</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,960</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1,807</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred income tax assets</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">13</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">475</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">465</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Investments</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,205</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2,431</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Goodwill</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">284,429</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">284,537</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Property, plant and equipment</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">356,433</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">362,424</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">8</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">115,092</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">117,500</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Right of use assets</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23,555</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">20,074</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total non-current assets</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">784,216</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">789,305</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TOTAL ASSETS</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">855,323</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">849,467</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">LIABILITIES</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Current Liabilities</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade payables</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">10</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">44,208</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">44,456</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial debt</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">49,628</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">46,991</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Salaries and social security payables</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">12</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">12,164</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">16,193</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Taxes payables</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">14</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4,793</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">4,223</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Leases liabilities</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4,367</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">3,768</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other liabilities</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">16</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,216</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2,329</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Provisions</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">17</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,640</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1,826</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total current liabilities</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">119,016</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">119,786</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Non-Current Liabilities</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade payables</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">10</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,485</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2,765</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial debt</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">172,868</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">179,141</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Salaries and social security payables</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">12</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">900</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">949</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred income tax liabilities</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">13</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">93,174</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">89,994</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Taxes payables</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">14</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">6</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Leases liabilities</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10,404</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">7,868</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other liabilities</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">16</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,277</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">1,306</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Provisions</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">17</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7,900</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">8,429</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total non-current liabilities</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">288,010</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">290,458</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TOTAL LIABILITIES</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">407,026</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">410,244</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">EQUITY </font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Equity attributable to Controlling Company</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">440,771</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">431,995</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Equity attributable to non-controlling interest</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7,526</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">7,228</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TOTAL EQUITY</font></b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;">(See   Consolidated Statements of Changes in Equity)</font></i></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">448,297</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">439,223</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TOTAL LIABILITIES AND EQUITY</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">855,323</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">849,467</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these unaudited consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">1</font></b><a name="PB_1_100730_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-1',FILE='C:\JMS\109920\21-14904-3\task10460938\14904-3-bc.htm',USER='109920',CD='May 13 13:12 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">CONSOLIDATED INCOME STATEMENTS</font></u></b><a name="CONSOLIDATEDINCOMESTATEMENTS_121259"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos in current currency, except per share data in Argentine pesos in current currency - </font><font size="1" face="Arial" style="font-size:8.0pt;">Note 1.e</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="32" style="height:24.15pt;">
<td width="67%" height="32" valign="top" bgcolor="white" style="background:white;height:24.15pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="32" valign="top" bgcolor="white" style="background:white;height:24.15pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" colspan="2" height="32" valign="top" bgcolor="white" style="background:white;height:24.15pt;padding:0in 0in 0in 0in;width:25.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Three-month periods<br>   ended March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="67%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Note</font></u></b></p>    </td>
<td width="11%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="13%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">21</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">82,547</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">89,529</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Employee benefit expenses and severance payments</font></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(15,331)</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(16,724)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Interconnection and transmission costs </font></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,193)</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,876)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Fees for services, maintenance, materials and supplies</font></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(9,315)</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(9,812)</font></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="67%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Taxes and fees with the Regulatory Authority</font></p>    </td>
<td width="6%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(6,420)</font></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(6,816)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Commissions and advertising</font></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(4,382)</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(5,093)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Cost of equipment and handsets</font></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,912)</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,210)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp; Programming and content costs</font></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(6,083)</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(6,742)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp; Bad debt expenses</font></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,037)</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,207)</font></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="67%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Other operating expenses</font></p>    </td>
<td width="6%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,829)</font></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,631)</font></p>    </td>   </tr>
<tr height="17" style="height:12.5pt;">
<td width="67%" height="17" valign="top" bgcolor="white" style="background:white;height:12.5pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Depreciation, amortization and   impairment of fixed assets</font></p>    </td>
<td width="6%" height="17" valign="bottom" style="height:12.5pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="11%" height="17" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.5pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(24,658)</font></p>    </td>
<td width="13%" height="17" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.5pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(23,193)</font></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="67%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="6%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">5,</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">387</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">8,225</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Earnings   from associates </font></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">82</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">131</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Debt financial expenses</font></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,093</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(4,414)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Other financial results, net</font></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,678</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2,240</font></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="67%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Income before income tax expense</font></b></p>    </td>
<td width="6%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">12,240</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">6,</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">182</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Income tax expense</font></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">13</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,228)</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,415)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net income for the period</font></b></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">9,012</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">3,767</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="67%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Controlling Company</font></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">8,741</font></p>    </td>
<td width="13%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,636</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Non-controlling interest</font></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">271</font></p>    </td>
<td width="13%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">131</font></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="67%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:11.2pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">9,012</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:11.2pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">3,767</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="67%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="32" style="height:24.15pt;">
<td width="67%" height="32" valign="top" style="height:24.15pt;padding:0in 0in 0in 0in;width:67.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Earnings per share attributable to Controlling Company</font></b></p>
<p style="margin:0in 0in .0001pt;text-indent:2.25pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Basic and diluted</font></b></p>    </td>
<td width="6%" height="32" valign="bottom" style="height:24.15pt;padding:0in 0in 0in 0in;width:6.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1.d</font></b></p>    </td>
<td width="11%" height="32" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:24.15pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4.06</font></b></p>    </td>
<td width="13%" height="32" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:24.15pt;padding:0in 0in 0in 0in;width:13.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1.69</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these unaudited consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">See Note 22 for additional information on operating expenses per function.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">2</font></b><a name="PB_2_100730_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-2',FILE='C:\JMS\109920\21-14904-3\task10460938\14904-3-bc.htm',USER='109920',CD='May 13 13:12 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFCOMPREHE_121252"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos in current currency - </font><font size="1" face="Arial" style="font-size:8.0pt;">Note 1.e</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="33" style="height:24.45pt;">
<td width="75%" height="33" valign="top" bgcolor="white" style="background:white;height:24.45pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" colspan="2" height="33" valign="top" bgcolor="white" style="background:white;height:24.45pt;padding:0in 0in 0in 0in;width:24.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Three-month periods<br>   ended March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="75%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:12.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="11%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="75%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="16" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:12.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="75%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net income for the period</font></b></p>    </td>
<td width="12%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:12.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">9,012</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,767</font></b></p>    </td>   </tr>
<tr height="5" style="height:4.1pt;">
<td width="75%" height="5" valign="top" bgcolor="white" style="background:white;height:4.1pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="5" valign="bottom" bgcolor="white" style="background:white;height:4.1pt;padding:0in 0in 0in 0in;width:12.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="5" valign="bottom" bgcolor="white" style="background:white;height:4.1pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="75%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other comprehensive income - Will be reclassified subsequently to   profit or loss</font></b></p>    </td>
<td width="12%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:12.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="75%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Currency translation adjustments   (no effect on Income Tax)</font></p>    </td>
<td width="12%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:12.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">23</font></p>    </td>
<td width="11%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,432)</font></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="75%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; NDF effects classified as hedges </font></p>    </td>
<td width="12%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:12.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">62</font></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(458)</font></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="75%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Income Tax effects on NDF   classified as hedges and others</font></p>    </td>
<td width="12%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:12.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(31)</font></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">124</font></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="75%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other comprehensive income, net of tax</font></b></p>    </td>
<td width="12%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:12.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">54</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">1,766</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="75%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:12.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="75%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total comprehensive income for the period</font></b></p>    </td>
<td width="12%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:12.2pt;padding:0in 0in 0in 0in;width:12.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">9,066</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">2,001</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="75%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:12.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="75%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="12%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:12.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="75%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Controlling   Company</font></p>    </td>
<td width="12%" height="15" valign="bottom" style="height:11.35pt;padding:0in 0in 0in 0in;width:12.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">8,768</font></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.35pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2,224</font></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="75%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Non-controlling interest</font></p>    </td>
<td width="12%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:12.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">298</font></p>    </td>
<td width="11%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(223)</font></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="75%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:75.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="16" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.2pt;padding:0in 0in 0in 0in;width:12.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">9,066</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">2,001</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these unaudited consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">3</font></b><a name="PB_3_100730_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-3',FILE='C:\JMS\109920\21-14904-3\task10460938\14904-3-bc.htm',USER='109920',CD='May 13 13:12 2021' -->


<div style="page-break-before:always;"></div>
<div>
<!-- COMMAND=ROTATED_TABLE WIDTH="150%" -->
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><b><u><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFCHANGESI_101521"></a></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos in current currency - </font><font size="1" face="Arial" style="font-size:8.0pt;">Note 1.e</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="16%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">Owners contribution</font></p>    </td>
<td width="35%" colspan="6" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:35.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Reserves</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Outstanding<br>   shares<br>   Capital<br>   nominal value<br>   (1)</font></b></p>    </td>
<td width="5%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Inflation<br>   adjust-<br>   ment <br><br></font></b></p>    </td>
<td width="5%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Contri-<br>   buted<br>   Surplus</font></b></p>    </td>
<td width="5%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Legal<br>   reserve</font></b></p>    </td>
<td width="5%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Special<br>   reserve for<br>   IFRS<br>   implemen-<br>   tation</font></b></p>    </td>
<td width="5%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Voluntary<br>   reserve for<br>   capital<br>   invest-<br>   ments</font></b></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Facultative<br>   (2)</font></b></p>    </td>
<td width="5%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Facultative<br>   reserve for<br>   future<br>   dividends<br>   payments</font></b></p>    </td>
<td width="5%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Other<br>   compre-<br>   hensive<br>   results</font></b></p>    </td>
<td width="5%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Other<br>   deferred</font></b></p>    </td>
<td width="5%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Retained<br>   earnings</font></b></p>    </td>
<td width="5%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Equity<br>   attributable<br>   to controlling<br>   company</font></b></p>    </td>
<td width="5%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Equity<br>   attributable<br>   to non-<br>   controlling<br>   interest</font></b></p>    </td>
<td width="5%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Total<br>   Equity</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances as of   January&nbsp;1, 2020</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,154</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">103,921</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">301,246</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">5,988</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">2,</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">308</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">7,806</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">58,373</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">2,404</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(4,552)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(997)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(9,516)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">469,135</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">7,331</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">476,466</font></b></p>    </td>   </tr>
<tr>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt .4in;"><u><font size="1" face="Arial" style="font-size:6.0pt;">Comprehensive income: </font></u></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;&nbsp; Net income   for the period</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">3,636</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">3,636</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">131</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">3,767</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;&nbsp; Other comprehensive income</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(1,412)</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(1,412)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(354)</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">1,766</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total   Comprehensive Income </font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">1,</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">412)</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">3,636</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">2,224</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(223)</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">2,001</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances   as of March&nbsp;31, 2020</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,154</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">103,921</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">301,246</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">5,988</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">2,</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">308</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">7,806</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">58,373</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">2,404</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">5,</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">964)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(997)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">5,</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">880)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">471,359</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">7,108</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">478,467</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances as of   January&nbsp;1, 2021</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,154</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">103,921</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">285,714</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">5,988</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,308</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">45,607</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(6,227)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(960)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(6,510)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">431,995</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">7,228</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">439,223</font></b></p>    </td>   </tr>
<tr>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:6.0pt;">Irrevocable Call and Put Option on the shares of AVC   Continente Audiovisual value adjustment (3)</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">8</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">8</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">8</font></b></p>    </td>   </tr>
<tr>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt .4in;"><u><font size="1" face="Arial" style="font-size:6.0pt;">Comprehensive income: </font></u></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;&nbsp; Net income   for the period</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">8,741</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">8,741</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">271</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">9,012</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;&nbsp; Other comprehensive income</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">27</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">27</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">27</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">54</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total   Comprehensive Income </font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">27</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">8</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">8,741</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">8,768</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">298</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">9,066</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances   as of March&nbsp;31, 2021</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,154</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">103,921</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">285,714</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">5,988</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,308</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">45,607</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(6,200)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(952)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,231</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">440,771</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">7,526</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.96%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">448,297</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(1)&nbsp;See Note 20 to these unaudited consolidated financial statements.</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(2)&nbsp;Correspond to the Facultative Reserves to maintain the capital investments level and the current level of solvency.</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(3)&nbsp;On September&nbsp;25, 2019, Telecom and the non-controlling shareholders of AVC Continente Audiovisual (the &#147;Assignors&#148;) executed an Offer for an Irrevocable Call and Put Option on all the shares of AVC Continente Audiovisual held by the Assignors. This transaction has an impact of $127 in Other deferred under Equity Attributable to Controlling Shareholders in the unaudited consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these unaudited consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">4</font></b><a name="PB_4_005309_5079"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-4',FILE='C:\JMS\109920\21-14904-3\task10460938\14904-3-be.htm',USER='109920',CD='May 13 13:13 2021' -->


<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFCASHFLOW_075242"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos in current currency &#150; </font><font size="1" face="Arial" style="font-size:8.0pt;">Note 1.e</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr height="32" style="height:23.65pt;">
<td width="67%" height="32" valign="top" style="height:23.65pt;padding:0in 0in 0in 0in;width:67.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="32" valign="top" style="height:23.65pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" colspan="2" height="32" valign="top" style="height:23.65pt;padding:0in 0in 0in 0in;width:25.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Three-month periods<br>   ended March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Note</font></u></b></p>    </td>
<td width="11%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="13%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES</font></u></b></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net income for the   period</font></p>    </td>
<td width="7%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,012</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,767</font></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="67%" height="1" valign="bottom" style="height:1.0pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="1" valign="top" style="height:1.0pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" style="height:1.0pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="1" valign="bottom" style="height:1.0pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="67%" height="1" valign="bottom" style="height:1.0pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Adjustments to reconcile net   income to net cash flows provided by operating activities</font></b></p>    </td>
<td width="7%" height="1" valign="top" style="height:1.0pt;padding:0in 0in 0in 0in;width:7.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" style="height:1.0pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="1" valign="bottom" style="height:1.0pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Allowances   deducted from assets </font></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,632</font></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,525</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;   Depreciation of property, plant and equipment</font></p>    </td>
<td width="7%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">19,877</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">18,563</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Amortization of intangible assets</font></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,919</font></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,058</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;   Amortization of rights of use assets</font></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,789</font></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,475</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Earnings from associates</font></p>    </td>
<td width="7%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2.a</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(82)</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(131)</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;   Disposals of fixed assets and consumption of materials</font></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">359</font></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">255</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Financial results and others</font></p>    </td>
<td width="7%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(8,980)</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,329</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Income tax expense</font></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">13</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,228</font></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,415</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Income tax paid (*)</font></p>    </td>
<td width="7%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(291)</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(609)</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;   Net increase in assets</font></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2.b</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,003)</font></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10,254)</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;   Net increase (decrease) in liabilities</font></p>    </td>
<td width="7%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2.b</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,095</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;height:12.25pt;padding:0in 0in 0.375pt 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(385)</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total cash flows provided by   operating activities</font></b></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">27,555</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;height:11.4pt;padding:0in 0in 0.375pt 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">23,008</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CASH FLOWS FROM (USED IN)   INVESTING ACTIVITIES</font></u></b></p>    </td>
<td width="7%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;   Property, plant and equipment acquisitions</font></p>    </td>
<td width="7%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(14,415)</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(15,620)</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Intangible asset acquisitions</font></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(426)</font></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(546)</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Proceeds from dividends</font></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2.b</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">175</font></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">31</font></p>    </td>   </tr>
<tr height="15" style="height:11.1pt;">
<td width="67%" height="15" valign="bottom" style="height:11.1pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;   Proceeds from the sale of property, plant and equipment and intangible   assets</font></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.1pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.1pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.1pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;   Investments not considered as cash and cash equivalents</font></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">844</font></p>    </td>
<td width="13%" height="15" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(367)</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total cash flows used in   investing activities</font></b></p>    </td>
<td width="7%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(13,819)</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(16,502)</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CASH FLOWS FROM (USED IN)   FINANCING ACTIVITIES</font></u></b></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Proceeds from financial debt</font></p>    </td>
<td width="7%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2.b</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">13,065</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">30,782</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Payment of financial debt</font></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2.b</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,407)</font></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(17,733)</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;   Payment of interests and related expenses</font></p>    </td>
<td width="7%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2.b</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,092)</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,135)</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;   Payments of leases liabilities</font></p>    </td>
<td width="7%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,185)</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,439)</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total cash flows (used in)   from financing activities</font></b></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(2,619)</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,475</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">NET INCREASE IN CASH AND   CASH EQUIVALENTS</font></b></p>    </td>
<td width="7%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">11,117</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">10,981</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CASH AND CASH EQUIVALENTS AT   THE BEGINNING OF THE YEAR</font></b></p>    </td>
<td width="7%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">20,927</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">39,338</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="67%" height="1" valign="bottom" style="height:1.0pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" height="1" valign="top" style="height:1.0pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" style="height:1.0pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="1" valign="bottom" style="height:1.0pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="67%" height="1" valign="bottom" style="height:1.0pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">NET FOREIGN EXCHANGE DIFFERENCES AND RECPAM ON CASH AND CASH   EQUIVALENTS</font></b></p>    </td>
<td width="7%" height="1" valign="top" style="height:1.0pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(404)</font></b></p>    </td>
<td width="13%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(101)</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CASH AND CASH EQUIVALENTS AT   THE END OF THE PERIOD</font></b></p>    </td>
<td width="7%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:11.4pt;padding:0in 0in 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">31,640</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:11.4pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">50,218</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="50%" style="border-collapse:collapse;">
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(*)</font></p>    </td>
<td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Three-month periods<br>   ended March&nbsp;31</font></u></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;Corresponding to Controlling Company &#150; tax   withholdings</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(276)</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(592)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;Corresponding to subsidiaries</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(15)</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(17)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(291)</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(609)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">See Note 2.b for additional information on the consolidated statements of cash flows.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these unaudited consolidated financial statements.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">5</font></b><a name="PB_5_033602_7297"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-5',FILE='C:\JMS\109920\21-14904-3\task10460328\14904-3-bg.htm',USER='109920',CD='May 13 10:17 2021' -->


<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="line-height:18.0pt;margin:0in 0in .0001pt;"><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS<a name="NOTESTOTHEUNAUDITEDCONSOLIDATEDF_033618"></a> AS OF MARCH&nbsp;31, 2021 AND 2020 (*)</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">(In millions of Argentine pesos, except as otherwise indicated)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">INDEX</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;margin-left:4.5pt;">
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Page</font></u></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Glossaryofterms_080400" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Glossary of terms</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-7</font></b></p>    </td>   </tr>
<tr height="22" style="height:16.85pt;">
<td width="90%" height="22" valign="top" style="height:16.85pt;padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE1BASISOFPREPARATIONOFTHEUNAU_102653" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 1 &#150; Basis of   preparation of the unaudited consolidated financial statements and   significant accounting policies</font></a></font></p>    </td>
<td width="9%" height="22" style="height:16.85pt;padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-9</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE2CASHANDCASHEQUIVALENTSANDIN_104013" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 2 &#150; Cash and   cash equivalents and Investments. Additional information on the consolidated statements   of cash flows</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-13</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE3TRADERECEIVABLES_104154" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 3 &#150; Trade   receivables</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-15</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE4OTHERRECEIVABLES_104158" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 4 &#150; Other   receivables</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-15</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE5INVENTORIES_104306" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 5 &#150; Inventories</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-16</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE6GOODWILL_104310" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 6 &#150; Goodwill</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-16</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE7PROPERTYPLANTANDEQUIPMENT_104313" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 7 &#150; Property,   plant and equipment</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-16</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE8INTANGIBLEASSETS_104319" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 8 &#150; Intangible   assets</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-17</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE9RIGHTOFUSEASSETS_104324" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 9 &#150; Right of   use assets</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-17</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE10TRADEPAYABLES_104328" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 10 &#150; Trade   payables</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-17</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE11FINANCIALDEBT_120639" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 11 &#150; Financial   debt</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-18</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE12SALARIESANDSOCIALSECURITYP_045248" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 12 &#150; Salaries   and social security payables</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-20</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE13DEFERREDINCOMETAXASSETSLIA_051805" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 13 &#150; Deferred   income tax assets/liabilities</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-20</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE14TAXESPAYABLES_050908" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 14 &#150; Taxes   payables</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-21</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE15LEASESLIABILITIES_051440" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 15 &#150; Leases   liabilities</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-21</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE16OTHERLIABILITIES_073412" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 16 &#150; Other   liabilities</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-22</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE17PROVISIONS_073409" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 17 &#150;   Provisions</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-22</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE18ADDITIONALINFORMATION_073909" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 18 &#150;   Additional information</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-24</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE19PURCHASECOMMITMENTS_074414" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 19 &#150; Purchase   Commitments</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-24</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE20EQUITY_074418" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 20 &#150; Equity</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-24</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE21REVENUES_075117" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 21 &#150; Revenues</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-25</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE22OPERATINGEXPENSES_075121" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 22 &#150; Operating   expenses</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-25</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE23FINANCIALRESULTSNET_073341" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 23 &#150; Financial   results, net</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-26</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE24BALANCESANDTRANSACTIONSWIT_070750" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 24 &#150; Balances   and transactions with Companies under Section&nbsp;33 - Law No.&nbsp;19,550   and Related Parties</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-26</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE25RESTRICTIONSONDISTRIBUTION_070912" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 25 &#150;   Restrictions on distribution of profits</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-28</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE26IMPACTOFCORONAVIRUSINTELEC_070920" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 26 &#150; Impact of   Coronavirus in Telecom</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-28</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE27RECENTDEVELOPMENTSCORRESPO_071116" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 27 &#150; Recent   developments corresponding to the three-month period ended March&nbsp;31,   2021</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-29</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.76%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE28SUBSEQUENTEVENTSTOMARCH312_114901" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 28 &#150;   Subsequent events to March 31, 2021</font></a></font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.24%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-31</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">(*) By convention the definitions used in the notes are in the Glossary of Terms.</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">6</font></b><a name="PB_6_013948_3540"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-6',FILE='C:\JMS\109920\21-14904-3\task10460938\14904-3-bi.htm',USER='109920',CD='May 13 13:14 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Glossary of terms</font></u></b><a name="Glossaryofterms_080400"></a></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The following explanations are not technical definitions, but to assist the general reader to understand certain terms as used in these unaudited consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">The Company/Telecom Argentina/Telecom</font></i><font face="Arial">: Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Micro Sistemas/Pem/Cable Imagen/AVC Continente Audiovisual/Inter Radios/Personal Smarthome: </font></i><font face="Arial">Names corresponding to limited companies or limited responsibility companies that are directly or indirectly controlled according to the definition of the </font><font face="Arial">General Corporations Law</font><font face="Arial">, or were controlled by the Company, directly or indirectly: <i>Micro Sistemas S.A.U., Pem S.A.U., Cable Imagen S.R.L., AVC Continente Audiovisual S.A.,&nbsp;Inter Radios S.A.U., Personal Smarthome S.A.</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Telecom USA/N&#250;cleo/Personal Env&#237;os/Tuves Paraguay/Televisi&#243;n Dirigida/Adesol: </font></i><font face="Arial">Names corresponding to foreign companies Telecom Argentina USA,&nbsp;Inc., N&#250;cleo S.A.E, Personal Env&#237;os S.A., Tuves Paraguay S.A., Televisi&#243;n Dirigida S.A. y Adesol S.A., respectively, companies that are directly or indirectly controlled according to the definition of the General Corporations Law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">La Capital Cable/Ver TV/TSMA: </font></i><font face="Arial">Names corresponding to limited companies La Capital Cable S.A., Ver T.V. S.A. and Teledifusora San Miguel Arc&#225;ngel S.A., respectively, companies that are directly or indirectly associates according to the definition of the General Corporations Law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">BYMA (Bolsas y Mercados Argentinos): </font></i><font face="Arial">Buenos Aires Stock Exchange<i>.</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Cablevisi&#243;n:</font></i><font face="Arial"> Company absorbed by Telecom since January&nbsp;1, 2018, whose activities are continued by Telecom.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CAPEX: </font></i><font face="Arial">Capital expenditures.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CNV (Comisi&#243;n Nacional de Valores):</font></i><font face="Arial"> The Argentine National Securities Commission.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CPCECABA (Consejo Profesional de Ciencias Econ&#243;micas de la Ciudad Aut&#243;noma de Buenos Aires): </font></i><font face="Arial">The Professional Council of Economic Sciences of the City of Buenos Aires.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CVH:</font></i><font face="Arial"> Cablevisi&#243;n Holding S.A., controlling company of Telecom since January&nbsp;1, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">D&amp;A: </font></i><font face="Arial">Depreciation and amortization.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">DNU (Decreto de Necesidad y Urgencia):</font></i><font color="black" face="Arial" style="color:black;"> Decree of Urgency issued by the Argentine Government.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">ENACOM (Ente Nacional de Telecomunicaciones): </font></i><font face="Arial">The Telecommunications Regulatory Authority of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">FACPCE (Federaci&#243;n Argentina de Consejos Profesionales en Ciencias Econ&#243;micas):</font></i><font face="Arial"> Argentine Federation of Professional Councils of Economic Sciences.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Fintech: Fintech Telecom LCC, a Telecom shareholder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Fixed assets: </font></i><font face="Arial">Includes PP&amp;E,&nbsp;Intangible assets, Goodwill and Rights of use assets.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IGJ (Inspecci&#243;n General de Justicia): </font></i><font face="Arial">General Board of Corporations<i>.</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">LAD (Ley Argentina Digital): </font></i><font face="Arial">Argentine Digital Law No.&nbsp;27,078.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;">IAS:</font></i><font color="black" face="Arial" style="color:black;"> International Accounting Standards.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IASB</font></i><font face="Arial">: International Accounting Standards Board.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;">ICT services (Information and Communication Technology services):&nbsp;</font></i><font color="black" face="Arial" style="color:black;">Services to transport and distribute signals or data, such as voice, text, video and images, provided or requested by third-party users, through telecommunications networks.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IFRS</font></i><font face="Arial">: International Financial Reporting Standards, as issued by the International Accounting Standards Board.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;">INDEC (Instituto Nacional de estad&#237;sticas y censos): </font></i><font face="Arial">The National Institute of statistics and cense.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">LGS (Ley de General de Sociedades): </font></i><font face="Arial">Argentine Corporations Law No.&nbsp;19,550 as amended. Since the enforcement of the new Civil and Commercial Code its name was changed to &#147;General Corporations Law&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">NDF: </font></i><font face="Arial">Non-Deliverable Forward.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">NYSE: </font></i><font face="Arial">New York Stock Exchange<i>.</i></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">7</font></b><a name="PB_7_014044_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-7',FILE='C:\JMS\109920\21-14904-3\task10460938\14904-3-bi.htm',USER='109920',CD='May 13 13:14 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">PEN (Poder Ejecutivo Nacional): </font></i><font face="Arial">The executive branch of the Argentine government.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">PP&amp;E: </font></i><font face="Arial">Property, plant and equipment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">RECPAM (Resultado por exposici&#243;n a los cambios en el poder adquisitivo de la moneda):</font></i><font face="Arial"> Inflation Adjustment Gain (Loss).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Roaming:</font></i><font face="Arial"> charges from the use of networks of other national and international operators.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">RT:</font></i><font face="Arial"> Technical resolutions issued by the FACPCE.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">RT 26</font></i><font face="Arial">: Technical resolution No, 26 issued by the FACPCE, amended by RT29 and RT43.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">RMB:</font></i><font face="Arial"> Official currency of Popular Republic of China.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SEC:</font></i><font face="Arial"> Securities and Exchange Commission of the United States of America.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">UVA (Unidad de Valor Adquisitivo): </font></i><font face="Arial">Purchasing Value Unit.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">VAT</font></i><font face="Arial">: Value-Added Tax.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">VLG:</font></i><font face="Arial"> VLG S.A.U. (formerly VLG Argentina LLC</font><font face="Arial">), a company that is a shareholder of the Company and controlled by CVH.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In these unaudited consolidated financial statements, unless otherwise stated, Argentine peso amounts are stated in millions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">8</font></b><a name="PB_8_014207_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-8',FILE='C:\JMS\109920\21-14904-3\task10460938\14904-3-bi.htm',USER='109920',CD='May 13 13:14 2021' -->


<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-align:justify;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 1 &#150; BASIS OF PREPARATION OF THE <font color="black" style="color:black;">UNAUDITED</font></font></b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">  </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES</font></b><a name="NOTE1BASISOFPREPARATIONOFTHEUNAU_102653"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">a)</font></b><font size="2" style="font-size:11.0pt;">&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Basis of preparation and significant accounting policies</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As required by the CNV, the unaudited consolidated financial statements of the Company have been prepared in accordance with RT 26 of FACPCE (and its amendments), which adopted IFRS as issued by the IASB, standards adopted by the CPCECABA.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">For the preparation of these unaudited consolidated financial statements, the Company has elected to make use of the option provided by IAS 34 and has prepared them in its condensed form. Therefore, these financial statements do not include all the information required in an annual financial statement and, consequently, they must be read jointly with the annual financial statements as of December&nbsp;31, 2020, which can be consulted at the Company&#146;s website (<u><font color="blue" style="color:blue;">https://institucional.telecom.com.ar/inversores/informacionfinanciera.html</font></u>). Therefore, these unaudited consolidated financial statements were prepared following the same accounting policies as in the most recent annual financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">These unaudited consolidated financial statements were prepared including in the consolidation process the following companies:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr height="42" style="height:31.55pt;">
<td width="28%" height="42" valign="top" style="border:solid windowtext 1.0pt;border-right:none;height:31.55pt;padding:.7pt 2.15pt .7pt 2.15pt;width:28.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Company </font></b></p>    </td>
<td width="39%" height="42" valign="top" style="border:solid windowtext 1.0pt;height:31.55pt;padding:.7pt 2.15pt .7pt 2.15pt;width:39.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Main Activity</font></b></p>    </td>
<td width="13%" height="42" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:31.55pt;padding:.7pt 2.15pt .7pt 2.15pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Country</font></b></p>    </td>
<td width="17%" height="42" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:31.55pt;padding:.7pt 2.15pt .7pt 2.15pt;width:17.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Telecom   Argentina&#146;s<br>   direct and indirect<br>   interest in capital<br>   stock and votes </font></b></p>    </td>   </tr>
<tr height="14" style="height:10.35pt;">
<td width="28%" height="14" style="border:none;border-left:solid windowtext 1.0pt;height:10.35pt;padding:.7pt 2.15pt .7pt 2.15pt;width:28.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">N&#250;cleo </font></p>    </td>
<td width="39%" height="14" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.35pt;padding:.7pt 2.15pt .7pt 2.15pt;width:39.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Mobile telecommunications Services</font></p>    </td>
<td width="13%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.35pt;padding:.7pt 2.15pt .7pt 2.15pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Paraguay</font></p>    </td>
<td width="17%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.35pt;padding:.7pt 2.15pt .7pt 2.15pt;width:17.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">67.50%</font></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="28%" height="15" style="border:none;border-left:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:28.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Personal Env&#237;os</font></p>    </td>
<td width="39%" height="15" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:39.96%;">
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Mobile financial services</font></p>    </td>
<td width="13%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Paraguay</font></p>    </td>
<td width="17%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:17.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">67.50%</font></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="28%" height="15" style="border:none;border-left:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:28.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Tuves Paraguay</font></p>    </td>
<td width="39%" height="15" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:39.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Distribution of   television and audio signals direct to home</font></p>    </td>
<td width="13%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Paraguay</font></p>    </td>
<td width="17%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:17.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">67.50%</font></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="28%" height="15" style="border:none;border-left:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:28.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Micro Sistemas</font></p>    </td>
<td width="39%" height="15" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:39.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Services related to   the use of electronic payment media</font></p>    </td>
<td width="13%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="17%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:17.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="28%" height="15" style="border:none;border-left:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:28.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Pem </font></p>    </td>
<td width="39%" height="15" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:39.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Investments</font></p>    </td>
<td width="13%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="17%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:17.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr height="14" style="height:10.35pt;">
<td width="28%" height="14" style="border:none;border-left:solid windowtext 1.0pt;height:10.35pt;padding:.7pt 2.15pt .7pt 2.15pt;width:28.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cable Imagen </font></p>    </td>
<td width="39%" height="14" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.35pt;padding:.7pt 2.15pt .7pt 2.15pt;width:39.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Closed-circuit television</font></p>    </td>
<td width="13%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.35pt;padding:.7pt 2.15pt .7pt 2.15pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="17%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.35pt;padding:.7pt 2.15pt .7pt 2.15pt;width:17.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr height="14" style="height:10.35pt;">
<td width="28%" height="14" style="border:none;border-left:solid windowtext 1.0pt;height:10.35pt;padding:.7pt 2.15pt .7pt 2.15pt;width:28.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Televisi&#243;n Dirigida </font></p>    </td>
<td width="39%" height="14" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.35pt;padding:.7pt 2.15pt .7pt 2.15pt;width:39.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Cable television services</font></p>    </td>
<td width="13%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.35pt;padding:.7pt 2.15pt .7pt 2.15pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Paraguay</font></p>    </td>
<td width="17%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.35pt;padding:.7pt 2.15pt .7pt 2.15pt;width:17.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="28%" height="15" style="border:none;border-left:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:28.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Adesol (a)</font></p>    </td>
<td width="39%" height="15" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:39.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Holding</font></p>    </td>
<td width="13%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Uruguay</font></p>    </td>
<td width="17%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:17.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr height="14" style="height:10.45pt;">
<td width="28%" height="14" style="border:none;border-left:solid windowtext 1.0pt;height:10.45pt;padding:.7pt 2.15pt .7pt 2.15pt;width:28.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">AVC Continente Audiovisual </font></p>    </td>
<td width="39%" height="14" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.45pt;padding:.7pt 2.15pt .7pt 2.15pt;width:39.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Broadcasting services</font></p>    </td>
<td width="13%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.45pt;padding:.7pt 2.15pt .7pt 2.15pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="17%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.45pt;padding:.7pt 2.15pt .7pt 2.15pt;width:17.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">60.00%</font></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="28%" height="15" style="border:none;border-left:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:28.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Inter Radios </font></p>    </td>
<td width="39%" height="15" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:39.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Broadcasting services</font></p>    </td>
<td width="13%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="17%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:17.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="28%" height="15" style="border:none;border-left:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:28.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Telecom USA</font></p>    </td>
<td width="39%" height="15" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:39.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Telecommunication services</font></p>    </td>
<td width="13%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">USA</font></p>    </td>
<td width="17%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:17.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="28%" height="15" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:28.32%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Personal Smarthome   S.A. (b)</font></p>    </td>
<td width="39%" height="15" style="border:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:.7pt 2.15pt 1pt 2.15pt;width:39.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Security solutions and services</font></p>    </td>
<td width="13%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="17%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:.7pt 2.15pt .7pt 2.15pt;width:17.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(a)&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:7.0pt;">Includes the 100% interest in Telemas S.A. </font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">which holds interests i</font><font size="1" face="Arial" style="font-size:7.0pt;">n the following special-purpose entities: Audomar S.A., Bersabel S.A., Dolfycor S.A., Reiford S.A., Space Energy S.A., Tracel S.A. and Visi&#243;n Satelital S.A.</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(b)&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:7.0pt;">Company started on December&nbsp;30, 2020, whose registration in the IGJ is still pending and it is a dormant entity as of March&nbsp;31, 2021.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The preparation of these unaudited consolidated financial statements in accordance with IFRS requires that the Company&#146;s Management make estimates that affect the figures disclosed in the financial statements or its complementary information. Actual results may differ from these estimates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">These unaudited consolidated financial statements were prepared in current currency as of March&nbsp;31, 2021 (see item e) on an accrual basis of accounting (except for the statement of cash flows). Under this basis, the effects of transactions are recognized when they occur. Therefore, income and expenses are recognized at fair value on an accrual basis regardless of when they are received or paid. When significant, the differences between the fair value and the nominal amount of income and expenses are recognized as finance income or expense using the effective interest method.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">These unaudited consolidated financial statements as of March&nbsp;31, 2021, were approved by resolution of the Board of Directors&#146; meeting held on May&nbsp;10, 2021.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">b)</font></b><font size="2" style="font-size:11.0pt;">&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Unaudited consolidated financial statement formats</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The financial statement formats adopted are consistent with IAS 1. In particular:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font color="black" face="Arial" style="color:black;">the consolidated statements of financial position</font></u><font color="black" face="Arial" style="color:black;"> have been prepared by classifying assets and liabilities according to the &#147;current and non-current&#148; criterion. Current assets and liabilities are those that are expected to be realized/settled within twelve months after the period-end;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font color="black" face="Arial" style="color:black;">the consolidated income statements</font></u><font color="black" face="Arial" style="color:black;"> have been prepared by classifying operating expenses by nature of expense as it represents the way that the business is monitored by the Executive Committee and the CEO and, additionally, is in line with the usual presentation of expenses in the ICT services industry;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font color="black" face="Arial" style="color:black;">the consolidated statements of comprehensive income</font></u><font color="black" face="Arial" style="color:black;"> include the net income (loss) of the period included in the consolidated income statement and all components of other comprehensive income;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">9</font></b><a name="PB_9_010812_3365"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-9',FILE='C:\JMS\109920\21-14904-3\task10460328\14904-3-bk.htm',USER='109920',CD='May 13 10:27 2021' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font color="black" face="Arial" style="color:black;">the consolidated statements of changes in equity</font></u><font color="black" face="Arial" style="color:black;"> have been prepared showing separately (i)&nbsp;net income (loss) of the period, (ii)&nbsp;other comprehensive income (loss) of the period, and (iii)&nbsp;transactions with shareholders (controlling and non-controlling interest) if corresponds;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font color="black" face="Arial" style="color:black;">the consolidated statements of cash flows</font></u><font color="black" face="Arial" style="color:black;"> have been prepared</font><font face="Arial"> by presenting cash flows from operating activities according to the &#147;indirect method&#148;, as permitted by IAS<font color="black" style="color:black;"> 7.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">These unaudited consolidated financial statements contain all disclosures required under IAS 34. Some additional disclosures required by the LGS and/or by the CNV have been also included.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">c)</font></b><font size="2" style="font-size:11.0pt;">&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Segment information</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">An operating segment is defined as a component of an entity that engages in business activities from which it may earn revenues and incur expenses, and whose financial information is available, held separately, and evaluated regularly by the chief operating decision maker. In the case of the Company, the Executive Committee and the Chief Executive Officer (&#147;CEO&#148;) are responsible for controlling recourses and for the economic and financial performance of Telecom.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Executive Committee and the CEO have a strategic and operational vision of Telecom as a single business unit in Argentina, according to the current regulatory context of the converged ICT services industry (adding to the same segment the activities related to the mobile services, internet services, cable television services and fixed telephony services, services governed by the same regulatory framework of ICT services). To exercise its functions, both the Executive Committee and the CEO receive periodically the economic and financial information of Telecom Argentina and its subsidiaries (in currency of the date of each transaction), that is prepared as a single segment, and evaluate the evolution of business as a results generation unit, administrating the resources in a unique way to achieve the objectives. Regarding costs, they are not specifically appropriated to a type of service, considering that the Company has a single payroll and general operating expenses that affect all services in general (non-specific). On the other hand, decisions on CAPEX affect all the types of services provided by Telecom in Argentina and not specifically one of them. Based on what was previously described and under the accounting principles established in IFRS as issued by the IASB, it was defined that the Company has a single segment of operations in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom carries out activities abroad (Paraguay, United States of America and Uruguay). These operations are not analyzed as a separate segment by the Executive Committee and the CEO, who analyze the consolidated information of companies in Argentina and abroad (in currency of the date of each transaction), considering that the activities of foreign companies are not significant for Telecom. The operations that Telecom carries out abroad do not meet the aggregation criteria established by the standard to be grouped within the &#147;Services rendered in Argentina&#148; segment, and considering that they do not exceed any of the quantitative thresholds identified in the standard to qualify as reportable segments, they are grouped within the category &#147;Other abroad segments&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Presented below is the Segment financial information as analyzed by the Executive Committee and the CEO for the three-month periods ended March&nbsp;31, 2021 and 2020:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">Consolidated Income Statement as of March&nbsp;31, 2021</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;margin-left:-.25pt;width:100.1%;">
<tr height="13" style="height:9.6pt;">
<td width="18%" height="13" valign="top" style="border:solid windowtext 1.0pt;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina</font></b></p>    </td>
<td width="9%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina &#150; <br>   Inflation<br>   restatement </font></b></p>    </td>
<td width="11%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina<br>   restated for<br>   inflation</font></b></p>    </td>
<td width="11%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other abroad<br>   segments </font></b></p>    </td>
<td width="9%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other<br>   abroad<br>   segments &#150; <br>   Inflation<br>   restatement</font></b></p>    </td>
<td width="11%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other   abroad<br>   segments<br>   restated for<br>   inflation</font></b></p>    </td>
<td width="10%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Eliminations</font></b></p>    </td>
<td width="6%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Total </font></b></p>    </td>   </tr>
<tr height="7" style="height:5.15pt;">
<td width="18%" height="7" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:5.15pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Revenues </font></b></p>    </td>
<td width="9%" height="7" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:5.15pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">73,563&nbsp; </font></b></p>    </td>
<td width="9%" height="7" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:5.15pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">3,192&nbsp; </font></b></p>    </td>
<td width="11%" height="7" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:5.15pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">76,755&nbsp; </font></b></p>    </td>
<td width="11%" height="7" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:5.15pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">5,937&nbsp; </font></b></p>    </td>
<td width="9%" height="7" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:5.15pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">249&nbsp; </font></b></p>    </td>
<td width="11%" height="7" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:5.15pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">6,186&nbsp; </font></b></p>    </td>
<td width="10%" height="7" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:5.15pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(394)&nbsp; </font></b></p>    </td>
<td width="6%" height="7" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:5.15pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">82,547&nbsp; </font></b></p>    </td>   </tr>
<tr height="13" style="height:9.55pt;">
<td width="18%" height="13" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Operating costs without depreciation, amortization and impairment of   fixed assets</font></p>    </td>
<td width="9%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(45,933)&nbsp; </font></p>    </td>
<td width="9%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(3,167)&nbsp; </font></p>    </td>
<td width="11%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(49,100)&nbsp; </font></p>    </td>
<td width="11%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(3,645)&nbsp; </font></p>    </td>
<td width="9%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(151)&nbsp; </font></p>    </td>
<td width="11%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(3,796)&nbsp; </font></p>    </td>
<td width="10%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">394&nbsp; </font></p>    </td>
<td width="6%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(52,502)&nbsp; </font></p>    </td>   </tr>
<tr height="8" style="height:6.0pt;">
<td width="18%" height="8" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Adjusted EBITDA</font></b></p>    </td>
<td width="9%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">27,630&nbsp; </font></b></p>    </td>
<td width="9%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">25</font></b></p>    </td>
<td width="11%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">27,655&nbsp; </font></b></p>    </td>
<td width="11%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">2,292&nbsp; </font></b></p>    </td>
<td width="9%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">98&nbsp; </font></b></p>    </td>
<td width="11%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">2,390&nbsp; </font></b></p>    </td>
<td width="10%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="6%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">30,045</font></b></p>    </td>   </tr>
<tr height="26" style="height:19.55pt;">
<td width="18%" height="26" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:19.55pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Depreciation, amortization and impairment of fixed assets</font></p>    </td>
<td width="9%" height="26" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:19.55pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(9,653)&nbsp; </font></p>    </td>
<td width="9%" height="26" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:19.55pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(13,416)&nbsp; </font></p>    </td>
<td width="11%" height="26" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:19.55pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(23,069)&nbsp; </font></p>    </td>
<td width="11%" height="26" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:19.55pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(1,461)&nbsp; </font></p>    </td>
<td width="9%" height="26" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:19.55pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(128)&nbsp; </font></p>    </td>
<td width="11%" height="26" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:19.55pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(1,589)&nbsp; </font></p>    </td>
<td width="10%" height="26" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:19.55pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-&nbsp;&nbsp;&nbsp; </font></p>    </td>
<td width="6%" height="26" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:19.55pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(24,658)&nbsp; </font></p>    </td>   </tr>
<tr height="11" style="height:8.6pt;">
<td width="18%" height="11" style="border:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="9%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">17,977&nbsp; </font></b></p>    </td>
<td width="9%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(13,391)&nbsp; </font></b></p>    </td>
<td width="11%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">4,586&nbsp; </font></b></p>    </td>
<td width="11%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">831&nbsp; </font></b></p>    </td>
<td width="9%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(30)&nbsp; </font></b></p>    </td>
<td width="11%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">801&nbsp; </font></b></p>    </td>
<td width="10%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;-</font></b></p>    </td>
<td width="6%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">5,387</font></b></p>    </td>   </tr>
<tr height="5" style="height:3.5pt;">
<td width="18%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Earnings from associates</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">82&nbsp; </font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Debt financial expenses</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">3,093&nbsp; </font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Other financial results, net</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">3,678&nbsp; </font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Income before income tax   expense</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">12,240</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Income tax expense</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(3,228)&nbsp; </font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net income</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">9,012</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Controlling Company</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">8,741&nbsp; </font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Non-controlling interest</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">271&nbsp; </font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">9,012&nbsp; </font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">10</font></b><a name="PB_10_011758_9862"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-10',FILE='C:\JMS\109920\21-14904-3\task10460328\14904-3-bk.htm',USER='109920',CD='May 13 10:27 2021' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">Consolidated Income Statement as of March&nbsp;31, 2020</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr height="13" style="height:9.6pt;">
<td width="18%" height="13" valign="top" style="border:solid windowtext 1.0pt;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina</font></b></p>    </td>
<td width="9%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina &#150; <br>   Inflation<br>   restatement </font></b></p>    </td>
<td width="11%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina<br>   restated for<br>   inflation</font></b></p>    </td>
<td width="11%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other abroad<br>   segments </font></b></p>    </td>
<td width="9%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other   abroad<br>   segments &#150; <br>   Inflation<br>   restatement</font></b></p>    </td>
<td width="11%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other   abroad<br>   segments<br>   restated for<br>   inflation</font></b></p>    </td>
<td width="10%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Eliminations</font></b></p>    </td>
<td width="6%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Total </font></b></p>    </td>   </tr>
<tr height="19" style="height:13.9pt;">
<td width="18%" height="19" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.9pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Revenues </font></b></p>    </td>
<td width="9%" height="19" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.9pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">57,209</font></b></p>    </td>
<td width="9%" height="19" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.9pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">26,758</font></b></p>    </td>
<td width="11%" height="19" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.9pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">83,967</font></b></p>    </td>
<td width="11%" height="19" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.9pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">3,986</font></b></p>    </td>
<td width="9%" height="19" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.9pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">1,865</font></b></p>    </td>
<td width="11%" height="19" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.9pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">5,851</font></b></p>    </td>
<td width="10%" height="19" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.9pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(289)</font></b></p>    </td>
<td width="6%" height="19" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.9pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">89,529</font></b></p>    </td>   </tr>
<tr height="13" style="height:9.55pt;">
<td width="18%" height="13" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Operating costs without depreciation, amortization and impairment of   fixed assets</font></p>    </td>
<td width="9%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(36,696)</font></p>    </td>
<td width="9%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(17,833)</font></p>    </td>
<td width="11%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(54,529)</font></p>    </td>
<td width="11%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(2,638)</font></p>    </td>
<td width="9%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(1,233)</font></p>    </td>
<td width="11%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(3,871)</font></p>    </td>
<td width="10%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">289</font></p>    </td>
<td width="6%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(58,111)</font></p>    </td>   </tr>
<tr height="19" style="height:14.05pt;">
<td width="18%" height="19" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Adjusted EBITDA</font></b></p>    </td>
<td width="9%" height="19" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">20,513</font></b></p>    </td>
<td width="9%" height="19" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">8,925</font></b></p>    </td>
<td width="11%" height="19" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">29,438</font></b></p>    </td>
<td width="11%" height="19" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">1,348</font></b></p>    </td>
<td width="9%" height="19" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">632</font></b></p>    </td>
<td width="11%" height="19" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">1,980</font></b></p>    </td>
<td width="10%" height="19" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="6%" height="19" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">31,418</font></b></p>    </td>   </tr>
<tr height="27" style="height:20.5pt;">
<td width="18%" height="27" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Depreciation, amortization and impairment of fixed assets</font></p>    </td>
<td width="9%" height="27" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(7,290)</font></p>    </td>
<td width="9%" height="27" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(14,479)</font></p>    </td>
<td width="11%" height="27" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(21,769)</font></p>    </td>
<td width="11%" height="27" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(924)</font></p>    </td>
<td width="9%" height="27" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(500)</font></p>    </td>
<td width="11%" height="27" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(1,424)</font></p>    </td>
<td width="10%" height="27" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="6%" height="27" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(23,193)</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" style="border:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">13,223</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(5,554)</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">7,669</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">424</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">132</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">556</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">8,225</font></b></p>    </td>   </tr>
<tr height="5" style="height:3.5pt;">
<td width="18%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="5" valign="bottom" style="height:3.5pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Earnings from associates</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">131</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Debt financial expenses</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(4,414)</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Other financial results, net</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">2,240</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Income before income tax   expense</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">6,182</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Income tax expense</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(2,415)</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net income</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">3,767</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Controlling Company</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">3,636</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Non-controlling interest</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">131</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:18.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:9.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:11.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;height:10.3pt;padding:0in 1.45pt 0in 1.45pt;width:6.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">3,767</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional information per geographical area required under IFRS 8 (Operating Segments) is disclosed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="97%" style="border-collapse:collapse;margin-left:.25pt;width:97.96%;">
<tr height="11" style="height:8.45pt;">
<td width="59%" height="11" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:8.45pt;padding:.7pt 1.45pt .7pt 1.45pt;width:59.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" colspan="2" height="11" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:8.45pt;padding:.7pt 1.45pt .7pt 1.45pt;width:23.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">As of March&nbsp;31</font></b></p>    </td>
<td width="16%" height="11" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:8.45pt;padding:.7pt 1.45pt .7pt 1.45pt;width:16.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">As of December&nbsp;31</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.45pt;">
<td width="59%" height="11" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.45pt;padding:.7pt 1.45pt .7pt 1.45pt;width:59.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="11" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.45pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2021</font></b></p>    </td>
<td width="11%" height="11" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.45pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2020</font></b></p>    </td>
<td width="16%" height="11" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.45pt;padding:.7pt 1.45pt .7pt 1.45pt;width:16.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2020</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.4pt;">
<td width="59%" height="11" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:59.84%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Sales revenues from customers located in Argentina</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">76,503</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">83,689</font></p>    </td>
<td width="16%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:16.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">n/a</font></p>    </td>   </tr>
<tr height="11" style="height:8.4pt;">
<td width="59%" height="11" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:59.84%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Sales revenues from foreign customers</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6,044</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,840</font></p>    </td>
<td width="16%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:16.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>   </tr>
<tr height="5" style="height:4.0pt;">
<td width="59%" height="5" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:4.0pt;padding:.7pt 1.45pt .7pt 1.45pt;width:59.84%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="5" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:4.0pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="5" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:4.0pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="16%" height="5" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:4.0pt;padding:.7pt 1.45pt .7pt 1.45pt;width:16.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.4pt;">
<td width="59%" height="11" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:59.84%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">CAPEX corresponding to the segment &#147;Services   rendered in Argentina</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">13,254</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,378</font></p>    </td>
<td width="16%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:16.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">n/a</font></p>    </td>   </tr>
<tr height="11" style="height:8.4pt;">
<td width="59%" height="11" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:59.84%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">CAPEX corresponding to the segment &#147;Other abroad   segments&#148;</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">952</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,050</font></p>    </td>
<td width="16%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:16.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>   </tr>
<tr height="11" style="height:8.4pt;">
<td width="59%" height="11" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:59.84%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="16%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:16.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.4pt;">
<td width="59%" height="11" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:59.84%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed assets corresponding to the segment &#147;Services   rendered in Argentina&#148;</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">749,265</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">n/a</font></p>    </td>
<td width="16%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:16.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">754,691</font></p>    </td>   </tr>
<tr height="11" style="height:8.4pt;">
<td width="59%" height="11" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:59.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed assets corresponding to the segment &#147;Other abroad segments&#148;</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">30,244</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>
<td width="16%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:16.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">29,844</font></p>    </td>   </tr>
<tr height="11" style="height:8.4pt;">
<td width="59%" height="11" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:59.84%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="16%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:16.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="11" style="height:8.4pt;">
<td width="59%" height="11" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:59.84%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial Debt corresponding to the segment   &#147;Services rendered in Argentina&#148;</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">215,349</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">n/a</font></p>    </td>
<td width="16%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:16.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">219,679</font></p>    </td>   </tr>
<tr height="11" style="height:8.4pt;">
<td width="59%" height="11" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:59.84%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial Debt corresponding to the segment &#147;Other   abroad segments&#148;</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7,147</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>
<td width="16%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:16.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6,453</font></p>    </td>   </tr>
<tr height="11" style="height:8.4pt;">
<td width="59%" height="11" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:59.84%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="16%" height="11" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:.7pt 1.45pt .7pt 1.45pt;width:16.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 32.2pt;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">d)</font></b><font size="2" style="font-size:11.0pt;">&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Net earnings per share</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Basic earnings per share is calculated by dividing the net income attributable to owners of the Parent Company by the weighted average number of ordinary shares outstanding during the period. On the other hand, diluted earnings per share is computed by dividing the net income for the period by the weighted average number of common shares issued and to be potentially issued at the end of the period. Since the Company has no dilutive potential common stock outstanding, basic and dilutive earnings per share amounts are the same.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">For the three-month periods ended March&nbsp;31, 2021 and 2020, the weighted average number of shares outstanding amounted to 2,153,688,011.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">e)</font></b><font size="2" style="font-size:11.0pt;">&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Financial reporting in hyperinflationary economies</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">IAS 29 establishes the conditions under which an entity shall restate its financial statements if it operates in an economic environment considered hyperinflationary.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">To determine the existence of a highly inflationary economy under the terms of IAS 29, the standard details a series of characteristics to consider, including a cumulative inflation rate over three years that approximates or exceeds 100%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">11</font></b><a name="PB_11_013127_9111"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-11',FILE='C:\JMS\109920\21-14904-3\task10460328\14904-3-bk.htm',USER='109920',CD='May 13 10:27 2021' -->


<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The macroeconomic events that have taken place in the country during the year 2018 and the three-year accumulated inflation rate as of December&nbsp;31, 2018, that reached 147.8%, evidenced compliance with the qualitative and quantitative factors provided for in IAS 29 to consider Argentina as a highly inflationary economy for accounting purposes. On the other hand, the FACPCE issued Resolution No.&nbsp;539/18 on September&nbsp;29, 2018 in which defined the need to restate the financial statements of Argentine companies for reporting periods ended after July&nbsp;1, 2018, establishing specific issues in relation to the inflation restatement such as, for example, the indexes to be used (Resolution approved on October&nbsp;10, 2018, by the CPCECABA through Resolution No.&nbsp;107/18).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, Law No.&nbsp;27,468 amended Section&nbsp;10 of Law No.&nbsp;23,928, and its amendments, providing that the repeal of all the laws and regulations that establish or authorize price indexation, currency restatement, cost variation or any other form of restatement of debts, taxes, prices or fees related to goods, works in progress or services, does not apply to financial statements, which remain subject to Section&nbsp;62 of the General Associations Law, as amended. In addition, it repealed Decree No.&nbsp;1,269/02, as amended, and delegated to the PEN, through its oversight agencies, the power to set the date as from which those regulations will come into effect in relation to the financial statements that are presented to them.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Therefore, through Resolution No.&nbsp;777/18, the CNV established the method to restate financial statements in current currency in accordance with IAS 29 for years/periods ended since December&nbsp;31, 2018. Therefore, these unaudited consolidated financial statements are restated in current currency of March&nbsp;31, 2021.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="background:white;font-size:10.0pt;">In relation to the inflation index to be used, according to Resolution No.&nbsp;539/18, it was determined according to the Internal Wholesale Price Index (IWPI) until the year 2016, considering for the months of November&nbsp;and December&nbsp;2015 the average variation of the Consumer Price Index (CPI) of the Autonomous City of Buenos Aires. Then, from January&nbsp;2017, the National Consumer Price Index (National CPI) was considered.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The table below shows the evolution of such indexes in the last two years and as of March&nbsp;31, 2021 and 2020 according to official statistics (INDEC) in accordance with Resolution No.&nbsp;539/18 and the devaluation of the Argentine peso vs. de US dollar for the same years / periods:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="88%" style="border-collapse:collapse;width:88.66%;">
<tr>
<td width="31%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:31.4%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of December<br>   31, 2019</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of March&nbsp;31,<br>   2020</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of December<br>   31, 2020 </font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:16.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of March&nbsp;31,<br>   2021</font></u></b></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:31.4%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:16.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="31%" valign="bottom" style="padding:0in 5.75pt 0in 0in;width:31.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">National Consumer Price Index (December   2016=100)</font></p>    </td>
<td width="17%" style="padding:0in 5.4pt 0in 5.4pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">283.44</font></p>    </td>
<td width="17%" style="padding:0in 5.4pt 0in 5.4pt;width:17.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">305.55</font></p>    </td>
<td width="16%" style="padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">385.88</font></p>    </td>
<td width="16%" style="padding:0in 5.4pt 0in 5.4pt;width:16.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">435.87</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="bottom" style="padding:0in 5.75pt 0in 0in;width:31.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" style="padding:0in 5.4pt 0in 5.4pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="17%" style="padding:0in 5.4pt 0in 5.4pt;width:17.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="16%" style="padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="16%" style="padding:0in 5.4pt 0in 5.4pt;width:16.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="bottom" style="padding:0in 5.75pt 0in 0in;width:31.4%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Variation in Prices</font></u></b></p>    </td>
<td width="17%" style="padding:0in 5.4pt 0in 5.4pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" style="padding:0in 5.4pt 0in 5.4pt;width:17.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" style="padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" style="padding:0in 5.4pt 0in 5.4pt;width:16.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="bottom" style="padding:0in 5.75pt 0in 0in;width:31.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Annual </font></p>    </td>
<td width="17%" style="padding:0in 5.4pt 0in 5.4pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">53.8%</font></p>    </td>
<td width="17%" style="padding:0in 5.4pt 0in 5.4pt;width:17.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">48.3%</font></p>    </td>
<td width="16%" style="padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">36.1%</font></p>    </td>
<td width="16%" style="padding:0in 5.4pt 0in 5.4pt;width:16.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">42.6%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="31%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.75pt 0in 0in;width:31.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 3 months since   December 2019 / 2020</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">n/a</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">7.8%</font></p>    </td>
<td width="16%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">n/a</font></p>    </td>
<td width="16%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:16.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">13.0%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="31%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.75pt 0in 0in;width:31.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="17%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:16.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="31%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.75pt 0in 0in;width:31.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Banco Naci&#243;n US$/$&nbsp;exchange   rate </font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">59.89</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">64.47</font></p>    </td>
<td width="16%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">84.15</font></p>    </td>
<td width="16%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:16.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">92.00</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="31%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.75pt 0in 0in;width:31.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:16.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="31%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.75pt 0in 0in;width:31.4%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Variation in the exchange rate</font></u></b></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:16.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="31%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.75pt 0in 0in;width:31.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Annual</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">58.9%</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">48.7%</font></p>    </td>
<td width="16%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">40.5%</font></p>    </td>
<td width="16%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:16.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">42.7%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="31%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.75pt 0in 0in;width:31.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 3 months since   December 2019 / 2020</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">n/a</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">7.6%</font></p>    </td>
<td width="16%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">n/a</font></p>    </td>
<td width="16%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:16.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">9.3%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company followed the <font style="background:white;">same restatement policies for items </font>identified in the annual consolidated financial statements as of December&nbsp;31, 2020.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">12</font></b><a name="PB_12_035342_9769"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-12',FILE='C:\JMS\109920\21-14904-3\task10460871\14904-3-bm.htm',USER='109920',CD='May 13 12:40 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 2 &#150; CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS</font></b><a name="NOTE2CASHANDCASHEQUIVALENTSANDIN_104013"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">a)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Cash and cash equivalents and Investments</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:14.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:12.35pt;">
<td width="70%" height="16" valign="top" style="border:none;height:12.35pt;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Cash and cash equivalents</font></u></b></p>    </td>
<td width="14%" height="16" valign="top" style="border:none;height:12.35pt;padding:0in 0in 0in 0in;width:14.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="15%" height="16" valign="top" style="border:none;height:12.35pt;padding:0in 0in 0in 0in;width:15.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Cash and   Banks&nbsp; </font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">11,053</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">5,248</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Time   deposits</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,476</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">4,005</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="70%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Mutual   funds (a)</font></p>    </td>
<td width="14%" height="11" valign="bottom" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">16,111</font></p>    </td>
<td width="15%" height="11" valign="bottom" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">9,936</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Government bonds at fair value</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,738</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total cash and cash   equivalents</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">31,640</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">20,927</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Investments</font></u></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current </font></u></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Government bonds at fair value</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,193</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">5,709</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Government bonds at amortized   cost</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">142</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Mutual   funds (a)</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,101</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,629</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Time   deposits</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,137</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Allowance for credit risk (b)</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(90)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   current investments</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">5,431</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">7,390</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non- current</font></u></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Government bonds at amortized   cost</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">387</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;   Investments in associates (c)</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,204</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2,288</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; 2003   Telecommunications Fund</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Allowance for credit risk (b)</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(245)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   non-current investments</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,205</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.56%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">2,431</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(a)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">As of March&nbsp;31, 2021 includes $202 in Cash and cash equivalents which availability is restricted between 30 and 60 days, according to contractual provisions. Additionally, it includes $1,128 and $1,550 in Investments in guarantee of financial operations as of March&nbsp;31, 2021 and December&nbsp;31, 2020, respectively.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(b)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Constituted following the expected credit losses parameters provided by IFRS 9 as a consequence of a significant increase in these financial instruments&#146; credit risk.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">(c)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Information on Investments in associates is detailed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Financial position information:</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="60" style="height:44.9pt;">
<td width="38%" height="60" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 5.4pt 0in 5.4pt;width:38.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Companies</font></b></p>    </td>
<td width="16%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 5.4pt 0in 5.4pt;width:16.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Main activity</font></b></p>    </td>
<td width="7%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 5.4pt 0in 5.4pt;width:7.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Country</font></b></p>    </td>
<td width="12%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 5.4pt 0in 5.4pt;width:12.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Percentage<br>   of capital<br>   stock owned<br>   and<br>   voting rights</font></b></p>    </td>
<td width="12%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Valuation as of<br>   03.31.2021</font></b></p>    </td>
<td width="12%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 5.4pt 0in 5.4pt;width:12.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Valuation as of<br>   12.31.2020</font></b></p>    </td>   </tr>
<tr height="8" style="height:5.65pt;">
<td width="38%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:38.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Ver TV. (1)</font></p>    </td>
<td width="16%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:16.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Cable television station</font></p>    </td>
<td width="7%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:7.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Argentina</font></p>    </td>
<td width="12%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">49.00</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,337</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">1,377</font></p>    </td>   </tr>
<tr height="8" style="height:5.65pt;">
<td width="38%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:38.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">TSMA </font><font size="1" face="Arial" style="font-size:7.0pt;">(1)&nbsp;</font><font size="1" face="Arial" style="font-size:7.0pt;">(2)&nbsp;(3)</font></p>    </td>
<td width="16%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:16.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Cable television station</font></p>    </td>
<td width="7%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:7.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Argentina</font></p>    </td>
<td width="12%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">50.10</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">467</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">513</font></p>    </td>   </tr>
<tr height="8" style="height:5.65pt;">
<td width="38%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:38.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">La Capital Cable (1)&nbsp;</font><font size="1" face="Arial" style="font-size:7.0pt;">(2)</font></p>    </td>
<td width="16%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:16.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Closed-circuit television</font></p>    </td>
<td width="7%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:7.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Argentina</font></p>    </td>
<td width="12%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">50.00</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">395</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">393</font></p>    </td>   </tr>
<tr height="8" style="height:5.65pt;">
<td width="38%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:38.76%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other minor investments in associates at   equity method</font></p>    </td>
<td width="16%" height="8" valign="top" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:16.24%;">
<p style="margin:0in 0in .0001pt 14.5pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="8" valign="top" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:7.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="8" valign="top" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.32%;">
<p style="margin:0in 0in .0001pt 14.5pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">5</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">5</font></p>    </td>   </tr>
<tr height="8" style="height:5.65pt;">
<td width="38%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:38.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="16%" height="8" valign="top" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:16.24%;">
<p style="margin:0in 0in .0001pt 14.5pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="8" valign="top" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:7.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="8" valign="top" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.32%;">
<p style="margin:0in 0in .0001pt 14.5pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2,204</font></b></p>    </td>
<td width="12%" height="8" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">2,288</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .8in;text-align:justify;text-indent:-.8in;"><font size="1" face="Arial" style="font-size:6.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Data about the issuer arises from extra-accounting information.</font></p>
<p style="margin:0in 0in .0001pt .8in;text-align:justify;text-indent:-.8in;"><font size="1" face="Arial" style="font-size:6.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Direct and indirect interest.</font></p>
<p style="margin:0in 0in .0001pt .8in;text-align:justify;text-indent:-.8in;"><font size="1" face="Arial" style="font-size:6.0pt;">(3)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Despite owning a percentage higher than a 50% of interest, the Company does not have the control in accordance with the requirements of IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Earnings information:</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="76%" style="border-collapse:collapse;margin-left:.75in;width:76.66%;">
<tr>
<td width="64%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:64.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" colspan="2" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:35.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Three-month periods ended</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="10" style="height:7.3pt;">
<td width="64%" height="10" valign="top" style="height:7.3pt;padding:0in 5.4pt 0in 5.4pt;width:64.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" height="10" valign="top" style="height:7.3pt;padding:0in 5.4pt 0in 5.4pt;width:18.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="17%" height="10" valign="top" style="height:7.3pt;padding:0in 5.4pt 0in 5.4pt;width:17.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:64.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Ver TV</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:18.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">67</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:17.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">94</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:64.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSMA</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:18.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">13</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:17.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">27</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:64.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">La Capital Cable</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:18.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">10</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:64.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;width:18.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">82</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;width:17.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">131</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Movements in the allowance of current credit risk are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="78%" style="border-collapse:collapse;margin-left:.65in;">
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Three-month periods ended</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="63%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:63.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:18.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="18%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:18.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="63%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:63.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the beginning of the   fiscal year</font></b></p>    </td>
<td width="18%" height="16" valign="bottom" style="height:11.9pt;padding:0in 0in 0in 0in;width:18.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(90)</font></b></p>    </td>
<td width="18%" height="16" valign="bottom" style="height:11.9pt;padding:0in 0in 0in 0in;width:18.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(97)</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Additions &#150; Exchange differences</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(9)</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Reclassifications</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(56)</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(93)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Uses (includes   RECPAM)</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">155</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">50</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the end of the   period</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(140)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">13</font></b><a name="PB_13_040301_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-13',FILE='C:\JMS\109920\21-14904-3\task10460871\14904-3-bm.htm',USER='109920',CD='May 13 12:40 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Movements in the allowance of non-current credit risk are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="78%" style="border-collapse:collapse;margin-left:.65in;">
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Three-month periods ended</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="63%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:63.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:18.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="18%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:18.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="63%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:63.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the beginning of the   fiscal year</font></b></p>    </td>
<td width="18%" height="16" valign="bottom" style="height:11.9pt;padding:0in 0in 0in 0in;width:18.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(245)</font></b></p>    </td>
<td width="18%" height="16" valign="bottom" style="height:11.9pt;padding:0in 0in 0in 0in;width:18.44%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,505)</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Additions &#150; Exchange differences</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(19)</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.44%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(107)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Reclassifications</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">56</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.44%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">93</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Uses (includes   RECPAM)</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">208</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.44%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">107</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the end of the   period</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.44%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,412)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">b)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Additional information on the consolidated statements of cash flows</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company applies the indirect method to reconcile the net income for the year with the cash flows generated by its operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">For purposes of the preparation of the consolidated statements of cash flows, cash and cash equivalents comprise cash, bank current accounts and short-term highly liquid investments (with a maturity of three months or less from the date of acquisition). Bank overdrafts are disclosed in the statement of financial position as current financial debts and its flows in the consolidated cash flow statements as proceed and payment of financial debt, because they are part of the short-term financial permanent structure of Telecom Argentina and its subsidiaries.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Changes in assets/liabilities components:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;width:86.66%;">
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="29%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:29.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net increase in assets</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trade receivables</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,286)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,205)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Other receivables</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,322)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,073)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.96%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Inventories</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(395)</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">24</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(7,003)</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(10,254)</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net increase (decrease) in   liabilities</font></b></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trade payables</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,897</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,946</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Salaries and social security payables</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,257)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,000)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Taxes payables </font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,261</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(295)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other liabilities and   provisions</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">194</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(36)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">5,095</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(385)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Main Financing activities components</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table presents the main financing activities components:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;width:86.66%;">
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Bank overdrafts</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,187</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Notes</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">13,054</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8,015</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Bank and other financial entities loans</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">19,289</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Loans for purchase of equipment</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">11</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,291</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   financial debt proceeds</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">13,065</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">30,782</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Bank overdrafts</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(129)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Notes</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,321)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(41)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Bank and other financial entities loans</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,257)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(17,151)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Loans for purchase of equipment</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(700)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(541)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   payment of debt</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(7,407)</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(17,733)</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Bank overdrafts</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(301)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,341)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Notes </font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,690)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,444)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Bank and other financial entities loans</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,425)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,331)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">By NDF, purchase of equipment and others</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(676)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(19)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total payment of interest   and related expenses</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(7,092)</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.52%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">7,135</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><b><i><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-style:italic;font-weight:bold;">Main non-cash operating transactions</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Main non-cash operating transactions and that were eliminated from the consolidated statement of cash flows are the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;">
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">PP&amp;E and intangible assets acquisition financed   with accounts payable</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">17,167</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">21,086</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Social security payables cancelled with government   bonds</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">984</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Trade receivables cancelled with government bonds</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">61</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Trade payables cancelled with financial debt</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">514</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">F-</font><font face="Arial">14</font><a name="PB_14_040901_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-14',FILE='C:\JMS\109920\21-14904-3\task10460871\14904-3-bm.htm',USER='109920',CD='May 13 12:40 2021' -->


<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">Dividends proceeds</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Brief information on dividends proceeds by the Company is provided below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="63%" style="border-collapse:collapse;margin-left:.5in;width:63.32%;">
<tr height="11" style="height:8.5pt;">
<td width="31%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:31.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Three-month<br>   periods ended</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:.2in;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">March&nbsp;31,</font></b></p>    </td>
<td width="26%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:26.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Associate</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Company</font></b></p>    </td>
<td width="41%" colspan="2" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:41.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Dividends collected</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="20%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:20.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Currency of the<br>   transaction date</font></b></p>    </td>
<td width="20%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:20.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Current currency<br>   as of March&nbsp;31,<br>   2021</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="31%" height="11" style="height:8.5pt;padding:0in 0in 0in 0in;width:31.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2021</font></p>    </td>
<td width="26%" height="11" style="height:8.5pt;padding:0in 0in 0in 0in;width:26.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Ver TV</font></p>    </td>
<td width="20%" height="11" valign="bottom" style="height:8.5pt;padding:0in 0in 0in 0in;width:20.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">109</font></p>    </td>
<td width="20%" height="11" valign="bottom" style="height:8.5pt;padding:0in 0in 0in 0in;width:20.64%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">114</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="31%" height="11" style="height:8.5pt;padding:0in 0in 0in 0in;width:31.86%;"></td>
<td width="26%" height="11" style="height:8.5pt;padding:0in 0in 0in 0in;width:26.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">TSMA</font></p>    </td>
<td width="20%" height="11" valign="bottom" style="height:8.5pt;padding:0in 0in 0in 0in;width:20.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">57</font></p>    </td>
<td width="20%" height="11" valign="bottom" style="height:8.5pt;padding:0in 0in 0in 0in;width:20.64%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">61</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="31%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:31.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:26.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:20.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">166</font></b></p>    </td>
<td width="20%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:20.64%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(*) 175</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="31%" height="11" style="height:8.5pt;padding:0in 0in 0in 0in;width:31.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2020</font></p>    </td>
<td width="26%" height="11" style="height:8.5pt;padding:0in 0in 0in 0in;width:26.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Ver TV</font></p>    </td>
<td width="20%" height="11" valign="bottom" style="height:8.5pt;padding:0in 0in 0in 0in;width:20.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">15</font></p>    </td>
<td width="20%" height="11" valign="bottom" style="height:8.5pt;padding:0in 0in 0in 0in;width:20.64%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">21</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="31%" height="11" style="height:8.5pt;padding:0in 0in 0in 0in;width:31.86%;"></td>
<td width="26%" height="11" style="height:8.5pt;padding:0in 0in 0in 0in;width:26.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">TSMA</font></p>    </td>
<td width="20%" height="11" valign="bottom" style="height:8.5pt;padding:0in 0in 0in 0in;width:20.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">7</font></p>    </td>
<td width="20%" height="11" valign="bottom" style="height:8.5pt;padding:0in 0in 0in 0in;width:20.64%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">10</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="31%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:31.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:26.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:20.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="20%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:20.64%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">31</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Includes $9 corresponding to dividends distributed during 2020.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 3 &#150; TRADE RECEIVABLES</font></b><a name="NOTE3TRADERECEIVABLES_104154"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31, </font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.9%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current Trade receivables</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Ordinary   receivables</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">31,361</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">32,570</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="bottom" style="padding:0in 0in 0in 0in;width:69.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Companies under section 33 - Law   No.&nbsp;19,550 and related parties (Note 24.c)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">163</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">186</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="bottom" style="padding:0in 0in 0in 0in;width:69.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Contractual asset IFRS 15 </font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">46</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Allowance for doubtful accounts</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(9,404)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">11,397</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22,166</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">21,411</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.9%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current trade receivables</font></u></b></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Ordinary   receivables</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">63</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">60</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="bottom" style="padding:0in 0in 0in 0in;width:69.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Contractual asset IFRS 15 </font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">7</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">67</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">67</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.9%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   trade receivables, net</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22,233</font></b></p>    </td>
<td width="15%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">21,478</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the allowance for current doubtful accounts are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="69%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:69.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="15%" height="16" valign="top" bgcolor="#FFFF00" style="background:white;height:11.9pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="69%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:69.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the fiscal year</font></b></p>    </td>
<td width="15%" height="16" valign="bottom" style="height:11.9pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(11,397)</font></b></p>    </td>
<td width="15%" height="16" valign="bottom" style="height:11.9pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">7,308</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions</font><font size="1" face="Arial" style="font-size:9.0pt;"> &#150; Bad debt expenses</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,037)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,207</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Uses and currency translation adjustments (includes RECPAM)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,030</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2,004</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(9,404)</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">8,511</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 4 &#150; OTHER RECEIVABLES</font></b><a name="NOTE4OTHERRECEIVABLES_104158"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31, </font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.96%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current other receivables</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Tax   credits</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,316</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,131</font></p>    </td>   </tr>
<tr>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Prepaid   expenses</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,906</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,745</font></p>    </td>   </tr>
<tr>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Companies under section 33 - Law   No.&nbsp;19,550 and related parties (Note 24.c)</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">132</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">169</font></p>    </td>   </tr>
<tr>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Receivables from sale of customer   relationship</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">29</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">32</font></p>    </td>   </tr>
<tr>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Financial   NDF </font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2</font></p>    </td>   </tr>
<tr>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Other</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,959</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,527</font></p>    </td>   </tr>
<tr>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Allowance for other receivables</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(346)</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">376</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">7,996</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">6,230</font></b></p>    </td>   </tr>
<tr>
<td width="67%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.26%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current other receivables</font></u></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="67%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Tax   credits</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">859</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">970</font></p>    </td>   </tr>
<tr>
<td width="67%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Prepaid   expenses</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">477</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">188</font></p>    </td>   </tr>
<tr>
<td width="67%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;   Regulatory receivables (N&#250;cleo)</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">289</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">302</font></p>    </td>   </tr>
<tr>
<td width="67%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Receivables from sale of customer   relationship</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">41</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">46</font></p>    </td>   </tr>
<tr>
<td width="67%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Other</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">294</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">301</font></p>    </td>   </tr>
<tr>
<td width="67%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,960</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">1,807</font></b></p>    </td>   </tr>
<tr>
<td width="67%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   other receivables, net</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">9,956</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">8,037</font></b></p>    </td>   </tr>
<tr height="0">
<td width="2" style="border:none;"></td>
<td width="474" style="border:none;"></td>
<td width="116" style="border:none;"></td>
<td width="116" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the allowance for current other receivables are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(376)</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(53)</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Increases</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(41)</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Uses</font><font size="1" face="Arial" style="font-size:9.0pt;"> (includes RECPAM)</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">30</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">33</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(346)</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(61)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">15</font></b><a name="PB_15_050002_8093"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-15',FILE='C:\JMS\109920\21-14904-3\task10460446\14904-3-bo.htm',USER='109920',CD='May 13 10:43 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 5 &#150; INVENTORIES</font></b><a name="NOTE5INVENTORIES_104306"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="4" style="height:3.15pt;">
<td width="72%" height="4" valign="top" style="height:3.15pt;padding:0in 0in 0in 0in;width:72.52%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="4" valign="top" style="height:3.15pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31, </font></u></b></p>    </td>
<td width="13%" height="4" valign="top" style="height:3.15pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.52%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Mobile handsets and others</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,067</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,073</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Inventories for construction projects</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,113</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,418</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.52%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Subtotal</font></b></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4,180</font></b></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">4,491</font></b></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Allowance for obsolescence of   inventories</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(306)</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">287</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.52%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Total inventories</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,874</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">4,204</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the allowance for obsolescence of inventories are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.56%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="29%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:29.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.56%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.56%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(287)</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">348</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions </font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(41)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(106)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.56%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Uses</font><font size="1" face="Arial" style="font-size:9.0pt;"> (includes RECPAM)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">22</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(4)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.56%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(306)</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">458</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 6 &#150; GOODWILL</font></b><a name="NOTE6GOODWILL_104310"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="11" style="height:8.15pt;">
<td width="72%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:72.52%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31, </font></u></b></p>    </td>
<td width="13%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="11" style="height:8.15pt;">
<td width="72%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:72.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="13%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="72%" valign="bottom" style="padding:0in 0in 0in 0in;width:72.52%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Argentina</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">283,106</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 4.3pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">283,106</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="bottom" style="padding:0in 0in 0in 0in;width:72.52%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Abroad </font><font size="1" face="Arial" style="font-size:7.0pt;">(1)</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,323</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 4.3pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,431</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="bottom" style="padding:0in 0in 0in 0in;width:72.52%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Total goodwill</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">284,429</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 4.3pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">284,537</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="1" face="Arial" style="font-size:7.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">The decrease in the amounts with respect to balance as of December&nbsp;31, 2020 corresponds to temporary currency translation adjustments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 7 &#150; PROPERTY, PLANT AND EQUIPMENT</font></b><a name="NOTE7PROPERTYPLANTANDEQUIPMENT_104313"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.52%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31, </font></u></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.52%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">PP&amp;E </font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">360,745</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">366,282</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Valuation allowance for obsolescence and   impairment of materials</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,357)</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,941)</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Impairment allowance of PP&amp;E</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(955)</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(917)</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.52%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Total   property, plant and equipment</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">356,433</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">362,424</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in PP&amp;E (without allowance for obsolescence and impairment of materials and impairment allowance of PP&amp;E) are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">366,282</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">381,831</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   CAPEX</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">13,761</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">11,883</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Currency translation adjustments</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">820</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(498)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Net carrying value of decreases and </font><font size="1" face="Arial" style="font-size:9.0pt;">consumption of materials</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(241)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(170)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Depreciation of the period</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(19,877)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(18,563)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">360,745</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">374,483</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the valuation allowance for obsolescence and impairment of materials are as follows</font><font size="1" face="Arial" style="font-size:9.0pt;">:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(2,941)</font></b></p>    </td>
<td width="15%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(2,315)</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(411)</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(288)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Currency translation adjustments</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">4</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(3,357)</font></b></p>    </td>
<td width="15%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">2,599</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the impairment allowance of PP&amp;E are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(917)</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(1,234)</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(82)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(97)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Uses</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">44</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">170</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(955)</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">1,161</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">16</font></b><a name="PB_16_050553_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-16',FILE='C:\JMS\109920\21-14904-3\task10460446\14904-3-bo.htm',USER='109920',CD='May 13 10:43 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 8 &#150; INTANGIBLE ASSETS</font></b><a name="NOTE8INTANGIBLEASSETS_104319"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31, </font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp; Intangible assets </font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">122,170</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">124,545</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp; Impairment allowance</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(7,078)</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(7,045)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Total   intangible assets</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">115,092</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">117,500</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in Intangible assets (without considering the impairment allowance) are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">124,545</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">134,167</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   CAPEX</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">445</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">545</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Currency translation adjustments</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">99</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(97)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Amortization of the period</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,919)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(3,058)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">122,170</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">131,557</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in Impairment allowance of intangible assets are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(7,045)</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(7,137)</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(33)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Decreases</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">49</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(7,078)</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">7,088</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 9 &#150; RIGHT OF USE ASSETS</font></b><a name="NOTE9RIGHTOFUSEASSETS_104324"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31, </font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Leases rights of   use</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;- Sites </font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">14,822</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">11,407</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;-   Real estate and others</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,251</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,381</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;- Poles</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,858</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,586</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Indefeasible right   of use</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">820</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">849</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Asset retirement   obligations</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,804</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2,851</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Total   rights of use assets</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23,555</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">20,074</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in right of use assets are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">20,074</font></b></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">14,523</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   CAPEX</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">5,316</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,816</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Net carrying value of decreases</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(118)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(86)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Currency translation adjustments</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">72</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">58</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Amortization of the period</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,789)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,475)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23,555</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">14,836</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 10 &#150; TRADE PAYABLES</font></b><a name="NOTE10TRADEPAYABLES_104328"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31, </font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;3</font></u></b><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,</font></u></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Suppliers and commercial accruals</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">43,263</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">43,425</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt 5.6pt;text-indent:-5.6pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Companies   under Sect. 33&#150;Law No.&nbsp;19,550 and Related Parties (Note 24.c)</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">945</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,031</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">44,208</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">44,456</font></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current</font></u></b></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Suppliers and commercial accruals</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,485</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2,765</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,485</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">2,765</font></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.22%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total trade   payables</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">45,693</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">47,221</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">17</font></b><a name="PB_17_050850_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-17',FILE='C:\JMS\109920\21-14904-3\task10460446\14904-3-bo.htm',USER='109920',CD='May 13 10:43 2021' -->


<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 11 &#150; FINANCIAL DEBT</font></b><a name="NOTE11FINANCIALDEBT_120639"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31, </font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Bank   overdrafts &#150; principal </font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,816</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">4,465</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Bank and other financial entities loans</font><font size="1" face="Arial" style="font-size:9.0pt;"> &#150; principal</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">17,000</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">8,606</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Notes &#150;   principal</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">11,929</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">15,575</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; NDF</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">331</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">583</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Loans for   purchase of equipment</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,705</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2,774</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Accrued   interest and related expenses</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">13,847</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">14,988</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">49,628</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">46,991</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current</font></u></b></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Notes &#150;   principal</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">72,578</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">63,856</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Bank and other financial entities loans</font><font size="1" face="Arial" style="font-size:9.0pt;"> &#150; principal</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">70,192</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">82,957</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; NDF</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">12</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Loans for purchase of equipment</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,122</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">4,699</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Accrued interest and related   expenses</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">25,974</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">27,617</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">172,868</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">179,141</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total financial debt&nbsp;</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">222,496</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">226,132</font></b></p>    </td>   </tr>  </table>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Movements in Financial debt are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="37%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:37.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:11.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balances at<br>   the beginning<br>   of the year</font></u></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Cash<br>   Flows</font></u></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Accrued<br>   interests</font></u></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:11.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Exchange<br>   differences,<br>   currency<br>   translation<br>   adjustments<br>   and others </font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balances<br>   as of March<br>   31, 2021</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balances<br>   as of March<br>   31, 2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:37.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Bank overdrafts </font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">4,465</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(129)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(520)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">3,816</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">15,332</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:37.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Securities&#146; caution -   principal</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,470</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:37.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Bank and other financial entities loans</font><font size="1" face="Arial" style="font-size:7.5pt;"> &#150; principal </font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">91,563</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(3,257)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(1,114)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">87,192</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">109,011</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:37.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Notes &#150; principal </font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">79,431</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">9,733</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(4,657)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">84,507</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">69,132</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:37.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">NDF</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">595</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(590)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">328</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">333</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,171</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:37.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Loans for purchase of equipment</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">7,473</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(689)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">43</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">6,827</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">7,959</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:37.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued interests and related expenses</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">42,605</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(6,502)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2,621</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">1,097</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">39,821</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">40,038</font></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:37.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total as of   March&nbsp;31,2021</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">226,132</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1,434)</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,621</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(*)&nbsp;&nbsp;&nbsp; (4,823)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">222,496</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:37.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="37%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:37.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total as of   March&nbsp;31,2020</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">233,731</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5,718</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:9.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4,516</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">148</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">244,113</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Includes $514 of loans with CDB Bank and Cisco that do not represent cash movement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Most of the loans subscribed by the Company contain standard compliance ratios for this kind of agreements. As of March&nbsp;31, 2021, Telecom has complied with them.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Recent developments of Financial debt as of the date of these unaudited consolidated financial statements are detailed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 36.95pt;text-indent:-36.95pt;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Telecom Argentina</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Global Programs for the issuance of Notes</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">Series&nbsp;3 in Argentine Pesos</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">On January&nbsp;23, 2020, the Company informed CNV about the renewal of the period of placement of Notes. On January&nbsp;31, 2021, the Company issued Series&nbsp;3 Notes for a nominal value of $3,197.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">During 2020, the Company repurchased approximately $86 (principal nominal value) and on January&nbsp;2021 repurchased approximately $150 (</font><font face="Arial">principal</font><font face="Arial"> nominal value) </font><font face="Arial">at the market value of each repurchase date, which did not significantly differ from their accounting valuation on that date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On maturity date of Series&nbsp;3 Notes (January&nbsp;31, 2021), the Company cancelled the remaining principal for $2,961 (nominal value) plus interest accrued to such date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">Series&nbsp;8 Notes</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In connection with the Notes Global Program for a maximum outstanding amount of US$3,000 million or its equivalent in other currencies, the Company announced, from January&nbsp;14, 2021, the subscription of notes for a total nominal value determined in UVA equivalent for up to $1,500, that could be increased to $12,000. The amount of the Notes finally issued and its main characteristics are detailed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Issuance date: </font></b><font color="black" face="Arial" style="color:black;">January&nbsp;20, 2021.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Amount involved: </font></b><font face="Arial">133,628,950 UVA (equivalent to $8,708,598,672 Argentine pesos </font><font face="Arial">as of the date of issuance).</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Maturity</font></b><b><font color="black" face="Arial" style="color:black;font-weight:bold;"> Date: </font></b><font color="black" face="Arial" style="color:black;">January&nbsp;20, 2025.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Amortization: </font></b><font color="black" face="Arial" style="color:black;">P</font><font face="Arial">rincipal</font><font color="black" face="Arial" style="color:black;"> will be paid in one installment at maturity date.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Interest rate and Payment Date: </font></b><font color="black" face="Arial" style="color:black;">It bears interests on a quarterly basis from its issuance date until its maturity date at an annual fixed rate of 4.00%. Interests are paid on a quarterly basis, and the last interest payment date will be on the maturity date. </font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">F-</font></b><b><font color="black" face="Arial" style="color:black;font-weight:bold;">18</font></b><a name="PB_18_025102_6470"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-18',FILE='C:\JMS\109920\21-14904-3\task10460573\14904-3-bq.htm',USER='109920',CD='May 13 12:11 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of March&nbsp;31, 2021, an amount of </font><font face="Arial">$9,636</font><font face="Arial"> remained unpaid</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Bank and other financing entities loans</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">China Development Bank Shenzhen Branch (&#147;CDB&#148;) Loan</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;14, 2020, the Company agreed with CDB a compromised line of credit of up to RMB 700 million (equivalent to approximately </font><font face="Arial">US$100 million), </font><font color="black" face="Arial" style="color:black;">that can be increased to</font><font face="Arial"> RMB 1,400 million, structured in several tranches. The increase in the amount will be subject to the granting of an insurance by the China Export&nbsp;&amp; Credit Insurance Corporation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The proceeds from the loan will be used by the Company to finance its investment plan related to the acquisition of telecommunications equipment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;30, 2021, the Company subscribed a second tranche for a total of RMB 21.1 million (equivalent to approximately $271.1) bearing an annual interest rate of 6.8% payable semi-annually. The </font><font face="Arial">principal </font><font face="Arial">will be cancelled in 11 semi-annual and consecutive installments from May&nbsp;2023 to December&nbsp;2027.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of March&nbsp;31, 2021, an amount of RMB 39.1 million remained unpaid </font><font face="Arial">(equivalent to $549).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On April&nbsp;30, 2021, the Company subscribed a third tranche for a total of RMB 26.0 million (equivalent to approximately $365.5) bearing an annual interest rate of 6.8% payable semi-annually. The </font><font face="Arial">principal </font><font face="Arial">will be cancelled in 11 semi-annual and consecutive installments from May&nbsp;2023 to December&nbsp;2027.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">Loans for purchase of equipment</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Cisco Systems Capital Corporation</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has debt agreements with Cisco Systems Capital Corporation related to purchase equipment financing, amounting to US$78.2 million (of which US$2.7 million were received during the first quarter of 2021). Such agreements have an average maturity term of fifty months with partial repayments and accrue an average annual interest of 4%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of March&nbsp;31, 2021, an amount of </font><font face="Arial">US$78.5 million </font><font face="Arial">remained unpaid (</font><font face="Arial">equivalent to $7,225)</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 36.95pt;text-indent:-36.95pt;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">N&#250;cleo</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Global Programs for the issuance of Notes</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">On January&nbsp;4, 2019, N&#250;cleo requested the National Securities Commission and the Stock and Products Exchange of Asunci&#243;n to register the Global Issuance Program that foresees the issuance of Notes for an amount of up to 500,000,000,000 of Guaran&#237;es (approximately $3,200 as of such date) under the conditions that are defined by the Board of Directors in each serie. On February&nbsp;5, 2019, the National Securities Commission of Paraguay authorized the Program, under Resolution N&#176; 11E/19.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Under such Program, N&#250;cleo issued the following Series&nbsp;of Notes:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Series&nbsp;IV</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 62.35pt;text-align:justify;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Issuance date:</font></b><font face="Arial"> March&nbsp;10, 2021.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 62.35pt;text-align:justify;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amount involved:</font></b><font face="Arial"> 130,000,000,000 of Guaran&#237;es (approximately $1,771 as of the date of issuance).</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 62.35pt;text-align:justify;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Maturity Date:</font></b><font face="Arial"> 84 months from its issuance date.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amortization:</font></b><font face="Arial"> Principal will be paid in one installment at maturity date (February&nbsp;2, 2028).</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest rate:</font></b><font face="Arial"> It bears interest from its issuance date until its maturity date at a fixed annual rate of 7.10%.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest Payment Date:</font></b><font face="Arial"> Interest will be paid semi-annually in arrears since the issuance date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of March&nbsp;31, 2021, an amount of </font><font face="Arial">130,523 million of Guaran&#237;es </font><font face="Arial">remained unpaid (</font><font face="Arial">equivalent to $1,866)</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Series&nbsp;V</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 62.35pt;text-align:justify;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Issuance date:</font></b><font face="Arial"> March&nbsp;10, 2021.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 62.35pt;text-align:justify;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amount involved:</font></b><font face="Arial"> 120,000,000,000 of Guaran&#237;es (approximately $1,635 as of the date of issuance).</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 62.35pt;text-align:justify;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Maturity Date:</font></b><font face="Arial"> 120 months from its issuance date.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amortization:</font></b><font face="Arial"> Principal will be paid in one installment at maturity date (January&nbsp;17, 2031).</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest rate:</font></b><font face="Arial"> It bears interest from its issuance date until its maturity date at a fixed annual rate of 8%.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest Payment Date:</font></b><font face="Arial"> Interest will be paid semi-annually in arrears since the issuance date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of March&nbsp;31, 2021, an amount of </font><font face="Arial">120,546 million of Guaran&#237;es </font><font face="Arial">remained unpaid (</font><font face="Arial">equivalent to $1,724)</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The proceeds of the aforementioned series 4 and 5 notes were used for the cancellation of bank loans and financing of working capital.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">19</font></b><a name="PB_19_025626_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-19',FILE='C:\JMS\109920\21-14904-3\task10460573\14904-3-bq.htm',USER='109920',CD='May 13 12:11 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Fair Value of Financial Debt</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">As of March&nbsp;31, 2021, fair value of financial debt is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="73%" style="border-collapse:collapse;width:73.0%;">
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.04%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Carrying Value</font></u></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Fair Value</font></u></b></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.04%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Notes</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.04%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.18%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">112,583</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">103,726</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other financial debts</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.04%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.18%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">109,913</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">92,532</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.04%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:24.18%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">222,496</font></b></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:3.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">196,258</font></b></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 12 &#150; SALARIES AND SOCIAL SECURITY PAYABLES</font></b><a name="NOTE12SALARIESANDSOCIALSECURITYP_045248"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;margin-left:9.4pt;width:90.0%;">
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31, </font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr height="8" style="height:5.85pt;">
<td width="66%" height="8" valign="top" bgcolor="black" style="background:white;height:5.85pt;padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Current</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" height="8" valign="top" bgcolor="black" style="background:white;height:5.85pt;padding:0in 0in 0in 0in;width:16.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" height="8" valign="top" bgcolor="black" style="background:white;height:5.85pt;padding:0in 0in 0in 0in;width:16.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Salaries, annual complementary   salaries, vacation, bonuses and their social security payables</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:16.76%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">11,477</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:16.74%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">15,400</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Termination benefits</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.76%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">687</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.74%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">793</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.76%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">12,164</font></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.74%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">16,193</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current</font></u></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:16.76%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:16.74%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="9" style="height:6.75pt;">
<td width="66%" height="9" valign="top" bgcolor="black" style="background:white;height:6.75pt;padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Termination benefits</font></p>    </td>
<td width="16%" height="9" valign="bottom" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:6.75pt;padding:0in 0in 0in 0in;width:16.76%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">900</font></p>    </td>
<td width="16%" height="9" valign="bottom" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:6.75pt;padding:0in 0in 0in 0in;width:16.74%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">949</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:66.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.76%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">900</font></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.74%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">949</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:66.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total salaries and social   security payables</font></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="black" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.76%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">13,064</font></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="black" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.74%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">17,142</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 13 &#150; DEFERRED INCOME TAX ASSETS/LIABILITIES</font></b><a name="NOTE13DEFERREDINCOMETAXASSETSLIA_051805"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred Income tax assets and liabilities, net and the actions for recourse tax receivable are presented below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="89%" style="border-collapse:collapse;margin-left:10.35pt;width:89.68%;">
<tr>
<td width="64%" style="padding:0in 0in 0in 0in;width:64.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31, </font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="64%" style="padding:0in 0in 0in 0in;width:64.7%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.7%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Tax carryforward</font></p>    </td>
<td width="19%" style="padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,727)</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">12,952</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.7%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Allowance for   doubtful accounts</font></p>    </td>
<td width="19%" style="padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,116)</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,286</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.7%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Provisions</font></p>    </td>
<td width="19%" style="padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,517)</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">663</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.7%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">PP&amp;E and   Intangible assets</font></p>    </td>
<td width="19%" style="padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">84,478</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">83,703</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.7%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Cash dividends from foreign companies</font></p>    </td>
<td width="19%" style="padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">810</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">664</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.7%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Income tax   inflation adjustment deferral effect</font></p>    </td>
<td width="19%" style="padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">16,647</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">24,104</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.7%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Other deferred tax liabilities (assets), net</font></p>    </td>
<td width="19%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6</font></p>    </td>
<td width="16%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">45</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   deferred tax liabilities, net</font></b></p>    </td>
<td width="19%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">93,581</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">90,525</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Actions for recourse tax receivable</font></p>    </td>
<td width="19%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(</font><font size="1" face="Arial" style="font-size:9.0pt;">882</font><font size="1" face="Arial" style="font-size:9.0pt;">)</font></p>    </td>
<td width="16%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">996</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total deferred tax   liability, net </font></b></p>    </td>
<td width="19%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(*)&nbsp;&nbsp;&nbsp; 92,699</font></b></p>    </td>
<td width="16%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">89,529</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net deferred tax assets </font></b></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(475)</font></b></p>    </td>
<td width="16%" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">465</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:64.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;Net deferred tax liabilities </font></b></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">93,174</font></b></p>    </td>
<td width="16%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">89,994</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Includes $15 of currency translation adjustments on foreign subsidiaries&#146; initial balances.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of March&nbsp;31, 2021, the Company and some subsidiaries have a cumulative Tax carryforward of approximately $15,054, that calculated considering statutory income tax rate, represents a deferred tax asset of approximately $3,727.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The detail of the maturities of estimated Tax carryforward is disclosed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
<tr>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Company</font></b></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Tax carryforward <br>   generation year</font></b></p>    </td>
<td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Tax carryforward amount<br>   as of 03.31.2021</font></b></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Tax carryforward<br>   expiration year</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Inter Radios</font></p>    </td>
<td width="23%" style="padding:0in 0in 0in 0in;width:23.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2017</font></p>    </td>
<td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.08%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>    </td>
<td width="25%" style="padding:0in 0in 0in 0in;width:25.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2022</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Inter Radios</font></p>    </td>
<td width="23%" style="padding:0in 0in 0in 0in;width:23.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2018</font></p>    </td>
<td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.08%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>    </td>
<td width="25%" style="padding:0in 0in 0in 0in;width:25.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2023</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Telem&#225;s (*)</font></p>    </td>
<td width="23%" style="padding:0in 0in 0in 0in;width:23.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2019</font></p>    </td>
<td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.08%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">456</font></p>    </td>
<td width="25%" style="padding:0in 0in 0in 0in;width:25.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2024</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Televisi&#243;n Dirigida</font></p>    </td>
<td width="23%" style="padding:0in 0in 0in 0in;width:23.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2021</font></p>    </td>
<td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.08%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">253</font></p>    </td>
<td width="25%" style="padding:0in 0in 0in 0in;width:25.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2026</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Micro Sistemas</font></p>    </td>
<td width="23%" style="padding:0in 0in 0in 0in;width:23.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2020</font></p>    </td>
<td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.08%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">19</font></p>    </td>
<td width="25%" style="padding:0in 0in 0in 0in;width:25.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2025</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Micro Sistemas</font></p>    </td>
<td width="23%" style="padding:0in 0in 0in 0in;width:23.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2021</font></p>    </td>
<td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.08%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>    </td>
<td width="25%" style="padding:0in 0in 0in 0in;width:25.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2026</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Telecom Argentina</font></p>    </td>
<td width="23%" style="padding:0in 0in 0in 0in;width:23.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2019</font></p>    </td>
<td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.08%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">8,949</font></p>    </td>
<td width="25%" style="padding:0in 0in 0in 0in;width:25.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2024</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Telecom Argentina</font></p>    </td>
<td width="23%" style="padding:0in 0in 0in 0in;width:23.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2020</font></p>    </td>
<td width="28%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.08%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">5,365</font></p>    </td>
<td width="25%" style="padding:0in 0in 0.375pt 0in;width:25.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2025</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" style="padding:0in 0in 0in 0in;width:23.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:28.08%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">15,054</font></b></p>    </td>
<td width="25%" style="padding:0in 0in 0in 0in;width:25.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) This company is consolidated in the financial statements of Adesol.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">20</font></b><a name="PB_20_033015_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-20',FILE='C:\JMS\109920\21-14904-3\task10460573\14904-3-bq.htm',USER='109920',CD='May 13 12:11 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Income tax expense differed from the amounts computed by applying the Company&#146;s statutory income tax rate to pre-tax income as a result of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="73%" style="border:none;border-collapse:collapse;margin-left:.25in;width:73.16%;">
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="33%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="33%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Pre-tax income</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">12,240</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6,182</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-taxable items &#150; Earnings from associates</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(82)</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(</font><font size="1" face="Arial" style="font-size:8.0pt;">131</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-taxable items &#150; Costs valuation differences of   foreign investments</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,188)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-taxable items &#150; Other</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(111)</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(633)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Restatement in current currency of Equity, goodwill and other</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">24,572</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">19,623</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Subtotal</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">36,619</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">18,853</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Weighted statutory income tax rate </font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">24.75%</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">25.3%</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Income tax expense at   weighted statutory tax rate</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(9,065)</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(4,769)</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Deferred tax liability restatement in   current currency and other</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,630</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6,448</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Income tax inflation adjustment</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,572)</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,075)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Income tax on cash dividends of foreign companies</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(221)</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(19)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Income tax expense</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(3,228)</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(2,415)</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Current tax expense</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(104)</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(61)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Deferred tax expense</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,124)</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,354)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 14 &#150; TAXES PAYABLES</font></b><a name="NOTE14TAXESPAYABLES_050908"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="85%" style="border-collapse:collapse;margin-left:.2in;width:85.0%;">
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31, </font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Income tax&nbsp; </font><font size="1" face="Arial" style="font-size:8.0pt;">(*)</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">165</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">75</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other national taxes </font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,730</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,260</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Provincial taxes</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">420</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">460</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Municipal taxes</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">478</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">428</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4,793</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">4,223</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non- current</font></u></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Provincial taxes</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">6</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">6</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   taxes payables</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4,795</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">4,229</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 7.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">(*) The breakdown is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="85%" style="border-collapse:collapse;margin-left:.2in;width:85.0%;">
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31, </font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt 50.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">N&#250;cleo</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">161</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">64</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt 50.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Adesol</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">8</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt 50.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">AVC Continente Audiovisual</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt 50.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Pem</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt 50.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cable Imagen</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">165</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">75</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 15 &#150; LEASES LIABILITIES</font></b><a name="NOTE15LEASESLIABILITIES_051440"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="85%" style="border-collapse:collapse;margin-left:.2in;width:85.0%;">
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31, </font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Argentina</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,081</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,465</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Abroad</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">286</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">303</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4,367</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">3,768</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non- current</font></u></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Argentina</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">9,235</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">6,912</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Abroad</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,169</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">956</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">10,404</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">7,868</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   leases liabilities</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">14,771</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">11,636</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Movements in Leases liabilities are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="59%" style="border-collapse:collapse;">
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="37%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:37.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="62%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:62.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" height="16" valign="bottom" style="height:11.9pt;padding:0in 0in 0in 0in;width:17.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="19%" height="16" valign="bottom" style="height:11.9pt;padding:0in 0in 0in 0in;width:19.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr height="9" style="height:6.5pt;">
<td width="62%" height="9" valign="top" style="height:6.5pt;padding:0in 0in 0in 0in;width:62.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the beginning of the   fiscal year</font></b></p>    </td>
<td width="17%" height="9" valign="bottom" style="height:6.5pt;padding:0in 0in 0in 0in;width:17.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">11,636</font></b></p>    </td>
<td width="19%" height="9" valign="bottom" style="height:6.5pt;padding:0in 0in 0in 0in;width:19.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">9,704</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Increases &#150; Rights of use assets</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">5,316</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,816</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Financial results, net</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">820</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">448</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Cash Flows</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,185)</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,439)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Decreases (includes RECPAM)</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,816)</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(442)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the end of the   period</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">14,771</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">10,087</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">21</font></b><a name="PB_21_033651_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-21',FILE='C:\JMS\109920\21-14904-3\task10460573\14904-3-bq.htm',USER='109920',CD='May 13 12:11 2021' -->


<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 16 &#150; OTHER LIABILITIES</font></b><a name="NOTE16OTHERLIABILITIES_073412"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.2in;">
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31, </font></u></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.16%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Deferred   revenues on prepaid credit</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,314</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.16%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,256</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Deferred revenues on connection   fees and international capacity leases</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">537</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.16%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">462</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Customer loyalty program</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">51</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.16%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">5</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Compensation for directors and   members of the Supervisory Committee</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">15</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.16%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">16</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Companies under Sect. 33&#151;Law   No.&nbsp;19,550 and Related Parties (Note 24.c)</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.16%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Other</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">296</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.16%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">587</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,216</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.16%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">2,329</font></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.16%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current</font></u></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.16%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="red" face="Arial" style="color:red;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Pension benefits</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">504</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.16%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">477</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Deferred revenues on connection   fees and international capacity leases</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">448</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.16%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">452</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Other </font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">325</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.16%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">377</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,277</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.16%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">1,306</font></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   other liabilities</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,493</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.16%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">3,635</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 17 &#150; PROVISIONS</font></b><a name="NOTE17PROVISIONS_073409"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in Provisions are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="79%" style="border-collapse:collapse;width:79.92%;">
<tr height="24" style="height:.25in;">
<td width="33%" height="24" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:.25in;padding:0in 0in 0in 0in;width:33.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" rowspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:11.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Balances<br>   as of<br>   December<br>   31, 2020</font></b></p>    </td>
<td width="17%" colspan="2" height="24" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:17.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Additions<br><br></font></b></p>    </td>
<td width="17%" height="24" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:.25in;padding:0in 0in 0in 0in;width:17.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" rowspan="2" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Decreases</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(iii)</font></b></p>    </td>
<td width="10%" rowspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:10.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Balances<br>   as of <br>   March&nbsp;31,<br>   2021</font></b></p>    </td>   </tr>
<tr height="36" style="height:26.75pt;">
<td width="33%" height="36" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:26.75pt;padding:0in 0in 0in 0in;width:33.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" height="36" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:26.75pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Capital<br>   (i)</font></b></p>    </td>
<td width="9%" height="36" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:26.75pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Interest <br>   (ii)</font></b></p>    </td>
<td width="17%" height="36" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:26.75pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Reclassifications</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="33%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:33.38%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="33%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:33.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Provisions</font></p>    </td>
<td width="11%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,826</font></p>    </td>
<td width="7%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1</font></p>    </td>
<td width="9%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">- </font></p>    </td>
<td width="17%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">116</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(303)</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,640</font></p>    </td>   </tr>
<tr height="11" style="height:8.3pt;">
<td width="33%" height="11" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:8.3pt;padding:0in 0in 0in 0in;width:33.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total current provisions</font></b></p>    </td>
<td width="11%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1,</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">826</font></b></p>    </td>
<td width="7%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1</font></b></p>    </td>
<td width="9%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="17%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">116</font></b></p>    </td>
<td width="10%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">303</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="10%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1,</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">640</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="33%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:33.38%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Non- Current</font></u></b></p>    </td>
<td width="11%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="33%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:33.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Provisions</font></p>    </td>
<td width="11%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">5,061</font></p>    </td>
<td width="7%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">141</font></p>    </td>
<td width="9%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(11)</font></p>    </td>
<td width="17%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(116)</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(409)</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">4,666</font></p>    </td>   </tr>
<tr height="8" style="height:6.2pt;">
<td width="33%" height="8" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:6.2pt;padding:0in 0in 0in 0in;width:33.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Asset retirement   obligations</font></p>    </td>
<td width="11%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">3,368</font></p>    </td>
<td width="7%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1</font></p>    </td>
<td width="9%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">259</font></p>    </td>
<td width="17%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="10%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(394)</font></p>    </td>
<td width="10%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">3,234</font></p>    </td>   </tr>
<tr height="13" style="height:9.8pt;">
<td width="33%" height="13" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.8pt;padding:0in 0in 0in 0in;width:33.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total non-current   provisions</font></b></p>    </td>
<td width="11%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">8,429</font></b></p>    </td>
<td width="7%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">142</font></b></p>    </td>
<td width="9%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">248</font></b></p>    </td>
<td width="17%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(116)</font></b></p>    </td>
<td width="10%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(803)</font></b></p>    </td>
<td width="10%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">7,900</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="33%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:33.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="17%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="6" style="height:4.45pt;">
<td width="33%" height="6" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:4.45pt;padding:0in 0in 0in 0in;width:33.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   provisions</font></b></p>    </td>
<td width="11%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">10,255</font></b></p>    </td>
<td width="7%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">143</font></b></p>    </td>
<td width="9%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">248</font></b></p>    </td>
<td width="17%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">- </font></b></p>    </td>
<td width="10%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(iv)&nbsp; (1,106)</font></b></p>    </td>
<td width="10%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">9,540</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
<tr height="24" style="height:.25in;">
<td width="33%" height="24" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:.25in;padding:0in 0in 0in 0in;width:33.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" rowspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:11.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Balances<br>   as of<br>   December<br>   31, 2019</font></b></p>    </td>
<td width="17%" colspan="2" height="24" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:17.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Additions<br><br></font></b></p>    </td>
<td width="17%" height="24" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:.25in;padding:0in 0in 0in 0in;width:17.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" rowspan="2" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Decreases</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(iii)</font></b></p>    </td>
<td width="10%" rowspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:10.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Balances<br>   as of <br>   March&nbsp;31,<br>   2020</font></b></p>    </td>   </tr>
<tr height="36" style="height:26.75pt;">
<td width="33%" height="36" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:26.75pt;padding:0in 0in 0in 0in;width:33.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" height="36" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:26.75pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Capital<br>   (v)</font></b></p>    </td>
<td width="9%" height="36" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:26.75pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Interest <br>   (ii)</font></b></p>    </td>
<td width="17%" height="36" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:26.75pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Reclassifications</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="33%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:33.4%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="33%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:33.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Provisions</font></p>    </td>
<td width="11%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,832</font></p>    </td>
<td width="7%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-&nbsp;&nbsp; </font></p>    </td>
<td width="9%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="17%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">283</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(487)</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,628</font></p>    </td>   </tr>
<tr height="11" style="height:8.3pt;">
<td width="33%" height="11" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:8.3pt;padding:0in 0in 0in 0in;width:33.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total current provisions</font></b></p>    </td>
<td width="11%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1,</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">832</font></b></p>    </td>
<td width="7%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">-&nbsp;&nbsp; </font></b></p>    </td>
<td width="9%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="17%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">283</font></b></p>    </td>
<td width="10%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">487</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="10%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1,</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">628</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="33%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:33.4%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Non- Current</font></u></b></p>    </td>
<td width="11%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="33%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:33.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Provisions</font></p>    </td>
<td width="11%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">6,142</font></p>    </td>
<td width="7%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">75</font></p>    </td>
<td width="9%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">345</font></p>    </td>
<td width="17%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(283)</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(553)</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">5,726</font></p>    </td>   </tr>
<tr height="8" style="height:6.2pt;">
<td width="33%" height="8" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:6.2pt;padding:0in 0in 0in 0in;width:33.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Asset retirement   obligations</font></p>    </td>
<td width="11%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">976</font></p>    </td>
<td width="7%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="9%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">83</font></p>    </td>
<td width="17%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="10%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(113)</font></p>    </td>
<td width="10%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">946</font></p>    </td>   </tr>
<tr height="13" style="height:9.8pt;">
<td width="33%" height="13" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.8pt;padding:0in 0in 0in 0in;width:33.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total non-current   provisions</font></b></p>    </td>
<td width="11%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">7,118</font></b></p>    </td>
<td width="7%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">75</font></b></p>    </td>
<td width="9%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">428</font></b></p>    </td>
<td width="17%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">283</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="10%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">666</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="10%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">6,672</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="33%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:33.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="17%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="6" style="height:4.45pt;">
<td width="33%" height="6" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:4.45pt;padding:0in 0in 0in 0in;width:33.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   provisions</font></b></p>    </td>
<td width="11%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:11.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">8,950</font></b></p>    </td>
<td width="7%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:7.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">75</font></b></p>    </td>
<td width="9%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:9.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">428</font></b></p>    </td>
<td width="17%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:17.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="10%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(iv)&nbsp; </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(1,</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">153</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="10%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">8,300</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">$146 charged to Other operating expenses and ($3) charged to Other comprehensive income.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Charged to Other financial results, net - Other interests, net and other investments results.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">(iii)&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Includes RECPAM.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">(iv)&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Includes ($206) and ($331) as of March&nbsp;31, 2021 and 2020, respectively, related to provisions payments.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">$76 charged to Other operating expenses and ($1) charged to Other comprehensive income.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">A summary of recent developments of the first quarter of 2021 related to the main contingencies and provisions of the Company is provided below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">1.</font></i></b><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">&#160;&#160; </font></b><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Probable Contingent liabilities</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Regulatory Authority&#146;s Penalty Activities</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina is subject to various penalty procedures, in most cases promoted by the Regulatory Authority, for delays in the reparation and, to a lesser extent, for installation of service to fix-line customers. Although generally a penalty considered on an individual basis does not have a material effect on Telecom Argentina&#146;s equity, there is a significant disproportion between the amounts of the penalty imposed by the Regulatory Authority and the revenue that the affected customer has generated to Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">22</font></b><a name="PB_22_072527_41"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-22',FILE='C:\JMS\109920\21-14904-3\task10460957\14904-3-bs.htm',USER='109920',CD='May 13 13:22 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;3, 2021, the &#147;Sanctions Regime applicable to ICT Services&#148; was approved through ENACOM Resolution No.&nbsp;221/21, ad referendum of ENACOM Board of Directors. The mentioned Resolution, among others, provides: (i)&nbsp;the penalty reference unit as the PBU-SBT value effective as of the date of payment, (ii)&nbsp;a maximum penalty equivalent to 50,000 PBU-SBT and a minimum penalty equivalent to 50 PBU-SBT, (iii)&nbsp;the publication of the penalties imposed in media and/or institutional website; and (iv)&nbsp;the possibility of imposing daily penalties for every day of non-compliance.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The mentioned Resolution was ratified by the ENACOM Board of Directors on April&nbsp;28, 2021 through Synthesized Resolution No.&nbsp;581/21. As of the date of these unaudited consolidated financial statements, the Company is analyzing the impact of this new regulation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">2.</font></i></b><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">&#160;&#160; </font></b><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Possible Contingencies</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;font-weight:bold;">Resolution No.&nbsp;50/10 and subsequent ones of the Secretariat of Domestic Trade of the Nation (&#147;SCI&#148;)</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">SCI Resolution No.&nbsp;50/10 approved certain rules&nbsp;to commercialize pay television services. These rules&nbsp;provide that cable television operators must apply a formula to calculate their monthly subscription prices. The price arising from the application of the formula was to be informed to the Office of Business Loyalty (Direcci&#243;n de Lealtad Comercial), having cable television operators to adjust such amount semi-annually and informing the result of such adjustment to such Office. The Company filed an administrative appeal against Resolution No.&nbsp;50/10 requesting the suspension of its effects and its nullification.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, according to the decision issued on August&nbsp;1, 2011 in judicial cause &#147;LA CAPITAL CABLE S.A. V. Ministerio de Econom&#237;a-Secretar&#237;a de Comercio Interior de la Naci&#243;n&#148;, the Federal Court of Appeals of the City of Mar del Plata has ordered the SCI to suspend the application of Resolution No.&nbsp;50/10 with respect to all cable television licensees represented by &#147;Asociaci&#243;n Argentina de Televisi&#243;n por Cable&#148; (&#147;ATVC&#148;). The preliminary injunction ordered by the Court of Mar del Plata was notified to the SCI and the Ministry of Economy on September&nbsp;12, 2011 and became fully effective. The National Government filed an appeal against the decision issued by the Court of Mar del Plata. Such appeal was dismissed, for which the National Government filed a direct appeal to the Supreme Court, which was also dismissed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Notwithstanding the foregoing, between March&nbsp;2011 and October&nbsp;2014 successive resolutions were published in the Official Gazette based on Resolution 50/10 that regulated the prices that Cablevision should charge in monthly basis fees to users. These resolutions were challenged and suspended due to the aforementioned injunction. However, each Resolution had a valid period of three to six months, with the last one expiring in October&nbsp;2014.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In September&nbsp;2014, the Court issued a decision in judicial cause &#147;Municipalidad de Berazategui V. Cablevisi&#243;n&#148; ordering the remission of the cases relating to these resolutions to the jurisdiction of the Court of Mar del Plata, that had issued the decision on the collective action in favor of ATVC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Currently, all judicial causes related to this issue are processed in the Federal Justice of Mar del Plata.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In April&nbsp;2019, La Capital Cable S.A. was notified of the resolution issued by the Federal Court No.&nbsp;2 of Mar del Plata in which declared the unconstitutionality of certain sections of a law on which the SCI was based for the issuance of Resolution No.&nbsp;50/10 and the successive resolutions. The declaration of unconstitutionality means that these resolutions are not applicable to La Capital Cable and the companies grouped by ATVC. However, the National Government filed an appeal against that resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;26, 2019, the Federal Court of Mar del Plata rejected the grievances of the National Government and confirmed the decision rendered by the court of first instance which declared the unconstitutionality of the sections of the law based on which the SCI issued Resolution No.&nbsp;50/10 and the subsequent resolutions. The National Government filed an extraordinary appeal, which was granted on March&nbsp;1, 2021.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company, with the assistance of its legal advisors, is analyzing the potential impacts related to this new appeal.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">23</font></b><a name="PB_23_073247_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-23',FILE='C:\JMS\109920\21-14904-3\task10460957\14904-3-bs.htm',USER='109920',CD='May 13 13:22 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 18 &#150; ADDITIONAL INFORMATION</font></b><a name="NOTE18ADDITIONALINFORMATION_073909"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Financial assets and liabilities denominated in foreign currencies</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial assets and liabilities denominated in foreign currencies as of March&nbsp;31, 2021 and December&nbsp;31, 2020 are the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="66%" style="border-collapse:collapse;margin-left:1.25in;">
<tr>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">03.31.2021</font></b></p>    </td>
<td width="30%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">12.31.2020</font></b></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="60%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">In equivalent millions of   Argentine pesos</font></b></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Assets</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">22,066</font></p>    </td>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">23,318</font></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Liabilities</font></p>    </td>
<td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(228,729)</font></p>    </td>
<td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">232,998</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net Liabilities</font></b></p>    </td>
<td width="30%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(206,663)</font></b></p>    </td>
<td width="30%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:30.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">209,680</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In order to reduce this net position (debt) in foreign currency, Telecom has NDF as of March&nbsp;31, 2021 amounting to US$72 million, therefore the net liability not hedged amounts to approximately US$2,174 million as of that date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Offsetting of financial assets and financial liabilities in scope of IFRS 7</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The information required by the amendment to IFRS 7 as of March&nbsp;31, 2021 and December&nbsp;31, 2020 is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="48%" colspan="4" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of March&nbsp;31, 2021</font></b></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   receivables</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   receivables</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   payables</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   liabilities</font></b></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Current and noncurrent assets (liabilities) - Gross value</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">22,489</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,962</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(45,949)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(301)</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Offsetting</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(256)</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(131)</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">256</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">131</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Current and noncurrent assets (liabilities) &#150; Book value </font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">22,233</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1,831</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(45,693)</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(170)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="48%" colspan="4" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31, 2020</font></b></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   receivables</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   receivables</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   payables</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   liabilities</font></b></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Current and noncurrent assets (liabilities) - Gross   value</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">22,480</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,770</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(48,223)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(638)</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Offsetting</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,002)</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(102)</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,002</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">102</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Current and noncurrent   assets (liabilities) &#150; Book value </font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">21,478</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1,668</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(47,221)</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(536)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom and its subsidiaries offset the financial assets and liabilities to the extent that such offsetting is provided by agreements and provided that Telecom has the intention to make such offsetting, in accordance with requirements established in IAS 32. The main financial assets and liabilities offset correspond to transactions with other national and international operators including interconnection, carriers and Roaming (being offsetting a standard practice in the telecommunications industry at international level that Telecom and its subsidiaries apply regularly). Offsetting is also applied to transactions with agents.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 19 &#150; PURCHASE COMMITMENTS</font></b><a name="NOTE19PURCHASECOMMITMENTS_074414"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has entered into various purchase commitments with domestic and foreign suppliers amounting to approximately $63,861 as of March&nbsp;31, 2021 (of which $20,667 corresponds to PP&amp;E commitments).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 20 &#150; EQUITY</font></b><a name="NOTE20EQUITY_074418"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(a)&#160; </font></b><b><font face="Arial" style="font-weight:bold;">Capital Stock</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of March&nbsp;31, 2021 and December&nbsp;31, 2020, the capital stock of Telecom Argentina amounts to $</font><font face="Arial">2,153,688,011</font><font face="Arial">, represented by the same number of common book-entry shares with nominal value of $1 peso, as detailed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="59%" style="border-collapse:collapse;">
<tr style="page-break-inside:avoid;">
<td width="48%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Class&nbsp;of Shares</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="48%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class&nbsp;&#147;A&#148;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; 683,856,600</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class&nbsp;&#147;B&#148;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp; 628,058,019</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class&nbsp;&#147;C&#148;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106,734</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class&nbsp;&#147;D&#148;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp; 841,666,658</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="48%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:48.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,153,688,011</font></b></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of these unaudited consolidated financial statements, all the shares of Telecom Argentina are authorized by the CNV for public offering.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Class&nbsp;B Shares are listed and traded on the leading companies&#146; panel of the BYMA and the American Depositary Shares (ADS) representing 5 Class&nbsp;&#147;B&#148; shares of the Company are traded on the NYSE under the symbol TEO.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(b)&#160; </font></b><b><font face="Arial" style="font-weight:bold;">Provisions of the Telecom Ordinary and Extraordinary Shareholders&#146; meeting</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Ordinary and Extraordinary Shareholders&#146; meeting of Telecom held on April&nbsp;28, 2021 decided, among other issues, the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">(a)&#160;&#160; </font><font face="Arial">To approve the Annual Report and the financial statements of Telecom as of December&nbsp;31, 2020;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">(b)&#160; </font><font face="Arial">To approve the Board of Directors&#146; proposal expressed in current currency of March&nbsp;31, 2021 using the National Consumer Price Index (National CPI), as provided by CNV Resolution No.&nbsp;777/18, consisting in: (i)&nbsp;the absorption of the negative Retained earnings as of December&nbsp;31, 2020 amounting to $6,455,431,747 Argentine pesos from the &#147;Facultative Reserve to maintain the capital investments level and the current level of solvency&#148; and (ii)&nbsp;</font><font face="Arial">the reclassification of </font><font face="Arial">$13,776,401,012 Argentine pesos from the &#147;Facultative Reserve to maintain the capital investments level and the current level of solvency&#148; to the &#147;Contributed Surplus&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">24</font></b><a name="PB_24_074752_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-24',FILE='C:\JMS\109920\21-14904-3\task10460957\14904-3-bs.htm',USER='109920',CD='May 13 13:22 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 21 &#150; REVENUES</font></b><a name="NOTE21REVENUES_075117"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues include:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="69%" style="border-collapse:collapse;width:69.64%;">
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Three-month periods ended</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.14%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="18%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:18.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="18%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:18.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Mobile Services</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.2%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">30,886</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">32,990</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Internet Services </font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.2%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">17,460</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">19,480</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Cable Television   Services </font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.2%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">16,728</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">18,716</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fixed and Data<font color="black" style="color:black;"> Services</font></font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.2%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">11,833</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">13,520</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other services revenues</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.2%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">209</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">254</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Subtotal Services   revenues&nbsp;</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.2%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">77,116</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">84,960</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Equipment revenues</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.2%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">5,431</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">4,</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">569</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   Revenues&nbsp;</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.2%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">82,547</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">89,529</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 22 &#150; OPERATING EXPENSES</font></b><a name="NOTE22OPERATINGEXPENSES_075121"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating expenses disclosed by nature of expense amounted to $77,160 and $81,304 for the three-month periods ended March&nbsp;31, 2021 and 2020, respectively. The main components of the operating expenses are the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
<td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Three-month periods ended   March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
<td width="18%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:18.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="17%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:17.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Employee benefit expenses and severance payments</font></u></b></p>    </td>
<td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Salaries, social security expenses and benefits</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(14,438)</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(15,305)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Severance indemnities </font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(645)</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,093)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other employee expenses</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(248)</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(326)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">15,331</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">16,724</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Fees for services,   maintenance, materials and supplies</font></u></b></p>    </td>
<td width="18%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Maintenance and materials</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(5,332)</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(5,573)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fees for services</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,838)</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(4,192)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Directors and Supervisory Committee&#146;s fees</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(145)</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(47)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">9,315</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">9,812</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Taxes and fees with the   Regulatory Authority</font></u></b></p>    </td>
<td width="18%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Turnover tax</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,052)</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,234)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Municipal taxes</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(892)</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(907)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other taxes and fees</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,476)</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,675)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">6,420</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">6,816</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Cost of equipment and   handsets</font></u></b></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Inventory balance at the beginning of   the year</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(4,491)</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(5,288)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Plus:</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;   Purchases</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,873)</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,739)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; Other</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">272</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">92</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Less:</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Inventory balance at the end of the   period</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">4,180</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">4,725</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">3,912</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(3,</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">210</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other operating expenses</font></u></b></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Provisions</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(146)</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(76)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Rental   and internet capacity</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(562)</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(753)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Energy,   water and other services</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,312)</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,949)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(809)</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(853)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(2,</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">829</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(3,</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">631</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">25</font></b><a name="PB_25_075614_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-25',FILE='C:\JMS\109920\21-14904-3\task10460957\14904-3-bs.htm',USER='109920',CD='May 13 13:22 2021' -->


<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="36%" colspan="3" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:36.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Three-month periods ended   March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:18.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="18%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:18.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Depreciation, amortization and impairment of fixed assets</font></u></b></p>    </td>
<td width="36%" colspan="3" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:36.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Depreciation of PP&amp;E</font></p>    </td>
<td width="18%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:18.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">19,877</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:17.94%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">18,563</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Amortization of intangible assets</font></p>    </td>
<td width="18%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:18.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">919</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:17.94%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,058</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Amortization of rights of use assets</font></p>    </td>
<td width="18%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:18.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">789</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.94%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,475</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Impairment of fixed assets</font></p>    </td>
<td width="18%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">73</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.94%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">97</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:63.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" colspan="2" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">24,658</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.94%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">23,193</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr height="0">
<td width="451" style="border:none;"></td>
<td width="129" style="border:none;"></td>
<td width="2" style="border:none;"></td>
<td width="127" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating expenses, disclosed per function are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr height="9" style="height:7.05pt;">
<td width="30%" height="9" valign="bottom" style="height:7.05pt;padding:0in 5.4pt 0in 5.4pt;width:30.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Concept</font></b></p>    </td>
<td width="10%" height="9" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:7.05pt;padding:0in 5.4pt 0in 5.4pt;width:10.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Operating<br>   costs</font></b></p>    </td>
<td width="17%" height="9" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:7.05pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Administration<br>   costs</font></b></p>    </td>
<td width="17%" height="9" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:7.05pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Commercialization<br>   costs</font></b></p>    </td>
<td width="11%" height="9" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:7.05pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total<br>   03.31.2021</font></b></p>    </td>
<td width="11%" height="9" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:7.05pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total<br>   03.31.2020</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 0in 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Employee benefit expenses and severance   payments</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(8,916)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,565)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,850)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(15,331)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(16,724)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 0in 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Interconnection costs and transmission   costs</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,193)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(3,193)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(2,876)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 0in 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Fees for services, maintenance,   materials and supplies</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,019)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,411)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,885)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(9,315)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(9,812)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 0in 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Taxes and fees with the Regulatory   Authority</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,350)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(22)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(48)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(6,420)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(6,816)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 0in 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Commissions and advertising</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(131)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,251)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(4,382)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(5,093)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 0in 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cost of equipment and handsets</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,912)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(3,912)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(3,210)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 0in 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Programming and   content costs</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,083)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(6,083)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(6,742)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 0in 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Bad debt expenses</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,037)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,037)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(3,207)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 0in 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Other operating expenses</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,124)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(200)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(505)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(2,829)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(3,631)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 0in 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Depreciation, amortization and   impairment of fixed assets</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(20,220)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,726)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,712)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(24,658)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(23,193)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" valign="bottom" style="height:1.0pt;padding:0in 0in 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total as of 03.31.2021</font></b></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(54,817)</font></b></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(7,055)</font></b></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(15,288)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(77,160)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" valign="bottom" style="height:1.0pt;padding:0in 0in 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total as of 03.31.2020</font></b></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(55,514)</font></b></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(6,589)</font></b></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(19,201)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(81,304)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 23 &#150; FINANCIAL RESULTS, NET</font></b><a name="NOTE23FINANCIALRESULTSNET_073341"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;width:96.66%;">
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.74%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Three-month periods ended</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Interests on financial debts (*)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2,704</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">4,576</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Foreign currency exchange gains (losses)   on financial debts (**)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">5,797</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">162</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Total   Debt financial expenses &nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">3,</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">093</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">4,414</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Gains (losses) on operations with notes   and bonds</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(346)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">88</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Other exchange differences (***)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2,302</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,399</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Other interests, net and other   investments results (****)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(420)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">145</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Other taxes and bank expenses</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">779</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">849</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Financial expenses on pension benefits</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(75)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(74)</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Financial discounts on assets, debts and   others</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(656)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">RECPAM</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,652</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,505</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Total other financial results, net&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">3,678</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">2,240</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Total financial results, net&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">6,771</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(2,174)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Includes ($94) and ($21) corresponding to net losses generated by NDF in the three-month periods ended March&nbsp;31, 2021 and 2020, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(**) Includes ($353) and ($192) corresponding to net losses generated by NDF in the three-month periods ended March&nbsp;31, 2021 and 2020, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(***)</font><font size="1" face="Arial" style="font-size:7.0pt;"> Includes $82 corresponding to income related to decreases in financial assets at amortized cost.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(****) Includes ($820) and ($448) corresponding to net losses generated by leases liabilities in the three-month periods ended March&nbsp;31, 2021 and 2020, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 24 - BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION&nbsp;33 - LAW No.&nbsp;19,550 AND RELATED PARTIES</font></b><a name="NOTE24BALANCESANDTRANSACTIONSWIT_070750"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">a)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Controlling Company</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;1, 2018, Cablevisi&#243;n was merged with Telecom Argentina (surviving entity), which was approved by the CNV (and registered in the IGJ under No.&nbsp;16,345, Book 91, Tome &#147;Corporations&#148;). Since such date,<font color="black" style="background:white;color:black;"> CVH is the controlling company of Telecom Argentina, holding directly and indirectly 28.16% of the capital stock of the Company. Additionally, both VLG S.A.U. (company controlled by CVH) and Fintech Telecom, LLC, contributed to the Voting Trust, according to the Shareholders&#146; Agreement, shares representing 10.92% of the capital of the Company, respectively, so the shares subject to such agreement represent 21.84% of the capital of the Company (the &#147;Shares in Trust&#148;).</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="background:white;color:black;font-size:10.0pt;">According to the Voting Trust Agreement, the trustee appointed by CVH must vote the Shares in Trust as instructed or voted by CVH with respect to all issues except in respect of certain matters subject to veto under the Shareholders&#146; Agreement.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">b)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Related Parties</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">For the purposes of these unaudited consolidated financial statements, related parties are those individuals or legal entities which are related to Telecom in terms of IAS 24.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">26</font></b><a name="PB_26_070122_641"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-26',FILE='C:\JMS\109920\21-14904-3\task10460871\14904-3-bu.htm',USER='109920',CD='May 13 13:10 2021' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">c)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Balances with Companies under section 33 - Law No.&nbsp;19,550 and Related Parties</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Companies under section 33 - Law No.&nbsp;19,550 &#150; Associates</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="69%" style="border-collapse:collapse;width:69.3%;">
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CURRENT ASSETS</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="13" style="height:9.7pt;">
<td width="42%" height="13" valign="top" style="height:9.7pt;padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Trade receivables</font></b></p>    </td>
<td width="8%" height="13" valign="top" style="height:9.7pt;padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" height="13" valign="top" style="height:9.7pt;padding:0in 0in 0in 0in;width:25.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="23%" height="13" valign="top" style="height:9.7pt;padding:0in 0in 0in 0in;width:23.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr height="13" style="height:9.7pt;">
<td width="42%" height="13" valign="top" style="height:9.7pt;padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Ver TV</font></p>    </td>
<td width="8%" height="13" valign="top" style="height:9.7pt;padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" height="13" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.7pt;padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2</font></p>    </td>
<td width="23%" height="13" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.7pt;padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2</font></p>    </td>   </tr>
<tr height="13" style="height:9.7pt;">
<td width="42%" height="13" valign="top" style="height:9.7pt;padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" height="13" valign="top" style="height:9.7pt;padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" height="13" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:9.7pt;padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2</font></b></p>    </td>
<td width="23%" height="13" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:9.7pt;padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2</font></b></p>    </td>   </tr>
<tr height="13" style="height:9.7pt;">
<td width="42%" height="13" valign="bottom" style="height:9.7pt;padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Other </font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">receivables </font></b></p>    </td>
<td width="8%" height="13" valign="top" style="height:9.7pt;padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" height="13" valign="bottom" style="height:9.7pt;padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" height="13" valign="bottom" style="height:9.7pt;padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">La   Capital Cable</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">130</font></p>    </td>
<td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">119</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">TSMA</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">3</font></p>    </td>   </tr>
<tr height="13" style="height:9.9pt;">
<td width="42%" height="13" valign="top" style="height:9.9pt;padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Ver   TV</font></p>    </td>
<td width="8%" height="13" valign="top" style="height:9.9pt;padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" height="13" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.9pt;padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2</font></p>    </td>
<td width="23%" height="13" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.9pt;padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">11</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">132</font></b></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">133</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CURRENT LIABILITIES</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Trade payables</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2</font></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">TSMA</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2</font></b></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Other liabilities</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Televisora Privada del Oeste   S.A.</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">3</font></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">3</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3</font></b></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Related parties</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="69%" style="border-collapse:collapse;width:69.3%;">
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CURRENT ASSETS</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">March&nbsp;31,</font></u></b></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Trade receivables</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">161</font></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">184</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">161</font></b></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">184</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Other </font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">receivables</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">36</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">36</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CURRENT LIABILITIES</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Trade payables</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">943</font></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,031</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:25.3%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">943</font></b></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:23.64%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,031</font></b></p>    </td>   </tr>  </table>
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Transactions with Companies under section 33 - Law No.&nbsp;19,550 and related parties</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Companies under section 33 - Law No.&nbsp;19,550&#151; Associates</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="84%" style="border-collapse:collapse;width:84.1%;">
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="40%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Transaction</font></b></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0.375pt 0in;width:27.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Three-month periods</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">ended March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:27.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt 14.2pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:27.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Revenues</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">La Capital Cable</font></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Services revenues and other revenues</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">7</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">13</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Ver TV</font></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Services revenues and other revenues</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">8</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">13</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:27.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating costs</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">La Capital Cable S.A.</font></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Fees for services</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(</font><font size="1" face="Arial" style="font-size:7.0pt;">16</font><font size="1" face="Arial" style="font-size:7.0pt;">)</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(</font><font size="1" face="Arial" style="font-size:7.0pt;">17</font><font size="1" face="Arial" style="font-size:7.0pt;">)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(</font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">16</font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(</font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">17</font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Related Parties</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="84%" style="border-collapse:collapse;width:84.1%;">
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="40%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Transaction</font></b></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0.375pt 0in;width:27.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Three-month periods</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">ended March&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:27.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt 14.2pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:27.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Revenues</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Services and advertising   revenues</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">54</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">64</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">54</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">64</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:27.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating costs</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Programming costs</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">768</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">)</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">937</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Editing and   distribution of magazines</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">174</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">)</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">205</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Advisory   services</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">97</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">)</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">124</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Advertising purchases</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">81</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">)</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">103</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Other   purchases and commissions</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">28</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">)</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">49</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" style="padding:0in 2.95pt 0in 2.95pt;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(</font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,148</font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">1,418</font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The transactions discussed above were made by Telecom under the same conditions than would have been obtained from unaffiliated third parties. When Telecom&#146;s transactions represented more than 1% of its total shareholders&#146; equity, they were approved according to Law No.&nbsp;26,831, the Bylaws and the Executive Committees&#146; Faculties and Performance Regulation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">e)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Amendment of the Telecom Argentina&#146;s Bylaws</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Extraordinary General Meeting and the Special Meetings of the Class&nbsp;&#147;A&#148; and Class&nbsp;&#147;D&#148; Shares held on October&nbsp;10, 2019 approved the amendment of sections 4, 5 and 6 of the Bylaws, so that the shares Class&nbsp;&#147;A&#148; and Class&nbsp;&#147;D&#148;, currently book-entry, may be represented in a cardboard or in book-entry form, as determined by a special meeting of Class&nbsp;&#147;A&#148; or Class&nbsp;&#147;D&#148; shares. The delegation of powers to the Board of Directors was approved to determine the time, terms and condition of issuance of the securities representing the cardboard shares, in the event that this was resolved in the future by the respective Special Meetings of Class&nbsp;&#147;A&#148; and Class&nbsp;&#147;D&#148; shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Afterwards, General Extraordinary Shareholders&#146; Meeting and Class&nbsp;&#147;A&#148; and Class&nbsp;&#147;D&#148; Shares Special Shareholders&#146; Meetings held on December&nbsp;11, 2020 approved the amendment of section 10 of the Bylaws so as to establish a minimum prior notice for any call to Board Meetings of 5 calendar days, except in the event of urgency, in which case the Meeting may be called with a prior notice of 1 day, and to establish new notification procedures to calls for such Meetings.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On April&nbsp;14, 2021, the Company was notified by the IGJ of the registration of both Bylaws&#146; amendments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">27</font></b><a name="PB_27_070354_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-27',FILE='C:\JMS\109920\21-14904-3\task10460871\14904-3-bu.htm',USER='109920',CD='May 13 13:10 2021' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 25 &#150; RESTRICTIONS ON DISTRIBUTION OF PROFITS</font></b><a name="NOTE25RESTRICTIONSONDISTRIBUTION_070912"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Under the LGS, the by-laws of the Company and rules&nbsp;and regulations of the CNV, a minimum of 5% of net income for the year in accordance with the statutory books, plus/less previous years&#146; adjustments and accumulated losses must be appropriated by resolution of the shareholders to a legal reserve until such reserve reaches 20% of the outstanding capital (common stock) plus inflation adjustment of common stock.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 26 &#150; IMPACT OF CORONAVIRUS IN TELECOM</font></b><a name="NOTE26IMPACTOFCORONAVIRUSINTELEC_070920"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Since the beginning of 2020 and given the extent of the Covid-19 spread, several governments in the world implemented diverse measures to restrict the movement of the population and to content the spread of the virus.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In Argentina, the National Government ordered the Mandatory and Preventive Social Isolation from March&nbsp;20, 2020, which only allowed the movement of individuals involved in the provision/production of essential services and products, among them, the provision of telecommunication services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On November&nbsp;9, 2020, the National Government ordered the Mandatory and Preventive Social Distancing, in which </font><font face="Arial">the provision of telecommunication services</font><font face="Arial"> remained considered as &#147;essential&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">During April&nbsp;2021, and before the outbreak of Covid-19, the National Government determined new restrictions and measures aimed at controlling the community circulation of the virus throughout the national territory. The implemented measures do not directly affect Telecom&#146;s operation as </font><font face="Arial">the provision of telecommunication services</font><font face="Arial"> remained considered as essential</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom provides services that are critical for society as it connects people, homes, companies and governments. </font><font face="Arial">which </font><font face="Arial">became a priority during the pandemic.</font><font face="Arial"> Services provided by the Company </font><font face="Arial">also allow small, medium and large companies to remain in business, and therefore contribute to sustain the country&#146;s economy. Moreover, </font><font face="Arial">services provided by the Company</font><font face="Arial">, in this context of isolation, have allowed people to stay connected and entertained, as well as to work remotely and remain informed from their homes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">By the end of 2020 and during the first quarter of 2021, Argentina began the national vaccination campaign under the direct management of the National and Provincial Governments and the Government of the Autonomous City of Buenos Aires, initially aimed at the population in risk (older people) and health and education staff.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman"><img border="0" width="10" height="11" src="g149043bui001.jpg"></font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">External initiatives implemented by Telecom related to the health emergency</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The pandemic has driven joint actions by domestic companies that gave essential support to face the health emergency. Telecom, as part of its permanent commitment to its community in response to the Covid-19 emergency, has taken several initiatives of great social value, which are disclosed in Note 29 to the consolidated financial statements as of December&nbsp;31, 2020, standing out the provision of connectivity for field hospitals and discounts in services for health and educational entities, that remain until today, </font><font face="Arial">in addition to benefits to customers to take even more advantage of the connection possibilities and to access to valuable information and to educational and entertainment content</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">28</font></b><a name="PB_28_070943_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-28',FILE='C:\JMS\109920\21-14904-3\task10460871\14904-3-bu.htm',USER='109920',CD='May 13 13:10 2021' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman"><img border="0" width="10" height="11" src="g149043bui001.jpg"></font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Internal initiatives implemented by Telecom related to the health emergency</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, the Company implemented a series of initiatives to ensure the continuity of its operations, safeguarding the health and the wellness of all the employees and of those that are part of the value chain which are disclosed in Note 29 to the consolidated financial statements as of December&nbsp;31, 2020. Among these initiatives stand out the creation of a Crisis Committee or the implementation of home office for more than 70% of its employees and the infrastructure works reinforcement, which provided networks with the capacity required to continue operating without any inconvenience.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman"><img border="0" width="10" height="11" src="g149043bui001.jpg"></font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Main Accounting Impacts</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of these unaudited consolidated financial statements, </font><font face="Arial">the Company has not experienced any significant impacts on its results as a consequence of the pandemic. Despite the several difficulties that caused a slowdown or complexities in our operations; we continue operating and we expect to continue without any inconvenience.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In accordance with IAS 36, the Company&#146;s Management has assessed if there were indicators of impairment of the recoverable value of its fixed assets. Even though the pandemic could have a significant impact in the economic activity in Argentina, what could be an impairment trigger, according to mentioned assessment, no negative impacts have been identified in the capacity of generation of future cash flows of the Company as a consequence of the pandemic, as the volume of operations is expected to remain stable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, the Company&#146;s Management estimates that the deterioration of the economic situation of the country represents an increase in trade receivables credit risk at the end of the reporting period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Arial" style="font-style:italic;">Liquidity Risk</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom and its subsidiaries have enough liquidity, bank credit lines and a notes program that allow them to finance their short-term obligations and the investment plan in addition to the projected operating cash flows.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">It is estimated that during 2021 Argentina will continue with a mixed presence and virtual schedule in a large part of the industrial, commercial and educational activities and whose evolution will depend on the health scenario. </font><font face="Arial">The ultimate effects of Covid-19 and its impact on the global and local economy are still unknown. Governments may issue stricter measures, which cannot be predicted.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Management will continue to develop actions that minimize the potential impairment on its results, as a result of these situations, maintaining a level of service and customer satisfaction, and seeking to maximize the precautions in social management in this context.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Board of Directors and the Crisis Committee continue monitoring the evolution of the situation and taking the necessary measures to preserve human life and the sustainability of Telecom&#146;s businesses.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 27 &#150; RECENT DEVELOPMENTS CORRESPONDING TO THE THREE-MONTH PERIOD ENDED MARCH&nbsp;31, 2021</font></b><a name="NOTE27RECENTDEVELOPMENTSCORRESPO_071116"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Decree No.&nbsp;690/20 - Amendment to the LAD</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On August&nbsp;22, 2020, the PEN issued Decree No.&nbsp;690/20 (&#147;DNU No.&nbsp;690/20&#148;) amending the LAD. DNU No.&nbsp;690/20 declared ICT services (which includes fixed and mobile telephony services, cable television and Internet &#151;as well as access to telecommunications networks for and between licensees as &#147;Essential and Strategic Competition Public Services&#148;, and empowered ENACOM to ensure accessibility.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">DNU No.&nbsp;690/20 further established that the prices of the Essential and Strategic Competition Public ICT Services, the prices of those services provided in accordance with the Universal Service and the prices of those services determined by ENACOM for public interest reasons, shall be regulated by ENACOM.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Moreover, DNU No.&nbsp;690/20 established that ENACOM is the agency responsible for the enactment of any regulation related to the ICT&#146;s </font><font face="Arial">Compulsory Universal Telecommunication Service (&#147;PBU&#148;)</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Finally, DNU No.&nbsp;690/20 suspended any price increases or changes set or announced by the ICT&#146;s licensees from July&nbsp;31, 2020 to December&nbsp;31, 2020.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">DNU No.&nbsp;690/20 was ratified by the Argentine Congress under Law No.&nbsp;26,122 and regulated through ENACOM </font><font face="Arial">Resolutions No.&nbsp;1,466/20 and 1,467/20.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">29</font></b><a name="PB_29_071126_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-29',FILE='C:\JMS\109920\21-14904-3\task10460871\14904-3-bu.htm',USER='109920',CD='May 13 13:10 2021' -->


<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Resolution No.&nbsp;1,466/20 allowed ICT licensees providing Internet access services, subscription broadcasting services through physical, radio-electric or satellite link, fixed telephony services and mobile telecommunications services -in all cases in their different and respective modalities- to increase retail prices for services up to 5% during January&nbsp;2021. Licensees must consider the prices effective as of July&nbsp;31, 2020 as the price of reference for such increase. Such Resolution also provided that ICT Services Licensees may request a higher increase on an exceptional basis in accordance with the provisions of Section&nbsp;48 of the LAD.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Resolution No.&nbsp;1,467/20 regulated the PBU provided by </font><font face="Arial">DNU No.&nbsp;690/20 </font><font face="Arial">for the different services provided by ICT licensees, namely:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">PBU-SBT: Compulsory Universal Provision of Basic Fixed Telephony Service;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">PBU-SCM: Compulsory Universal Provision of Basic Mobile Communication Service;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">PBU-I: Compulsory Universal Provision of Basic Internet Access Value Added Service;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">PBU-TP: Compulsory Universal Basic Provision of subscription television services by physical or radio-electric or satellite link.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Resolution No.&nbsp;1,467/20 further determined the price and the characteristics of each PBU and its beneficiaries. Licensees are under the obligation to report on a monthly basis the number of customers subscribed to the different PBU. Finally, Resolution No.&nbsp;1,467/20 also imposed different reporting obligations to be fulfilled before the ENACOM on the licensees that hold registration for subscription broadcasting services by physical or radio electric link and on licensees of subscription television audiovisual communication services by satellite link.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, the Company ordered a price recomposition of approximately 20%, depending on the type of service, since January&nbsp;2021, failing to transfer to the price of its services, the inflation accumulated in the period March-December&nbsp;2020, as a consequence of different measures provided by the PEN, being March&nbsp;2020 the last price recomposition made. Additionally, t</font><font face="Arial">he Company initiated legal proceedings before the Federal Court of Appeals on Administrative Litigation Matters challenging the constitutionality of </font><font face="Arial">DNU No.&nbsp;690/20</font><font face="Arial"> and the aforementioned ENACOM Resolutions </font><font face="Arial">and </font><font face="Arial">requesting a preliminary injunction that would suspend its application. The preliminary injunction was denied on January&nbsp;29, 2021 and the Company appealed the court&#146;s decision.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On April&nbsp;30, 2021, the Chamber of the </font><font face="Arial">Federal Court of Appeals on Administrative Litigation Matters</font><font face="Arial"> decided to accept the Company&#146;s appeal, revoke the origin instance court&#146;s decision and, consequently, grant the preliminary injunction requested, ordering the suspension of the effects of sections 1, 2, 3, 4, 5 and 6 of DNU No.&nbsp;690/20 and resolutions provided as a consequence and their non-applicability to the Company for a period of six months.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In reaching its decision, the Court considered, that the <i>&#147;configuration of circumstances prima facie lead to serious and founded questioning of Decree 690/2020&#146;s reasonability standard and legitimacy and of ENACOM&#146;s resolutions adopted as a consequence, due to the direct adverse effects they have on Telecom Argentina&#146;s property rights, which derive from Information and Communication Technology services provision, under a free competition system, ruled, authorized and granted (depending on the case), by the National State itself&#148;</i>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company, with the assistance of its legal advisors, is analyzing the actions available to the Company in order to protect its legal rights.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Arial" style="font-size:10.0pt;">Preliminary injunction requested by &#147;Asociaci&#243;n Civil de Usuarios Bancarios Argentinos&#148; (&#147;ACUBA&#148;)</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;27, 2021, the Company was served with notice of a preliminary injunction granted by the </font><font face="Arial">Civil and Commercial Court No.&nbsp;10 of Mar del Plata </font><font face="Arial">obtained by ACUBA in the aforementioned case, which ordered the Company to roll back the tariffs of broadcasting services subscriptions,&nbsp;Internet access services, fixed telephony services and mobile telecommunications services to those of December&nbsp;2020, which could only be increased up to 5% as authorized by ENACOM, </font><font face="Arial">and maintain such </font><font face="Arial">tariffs</font><font face="Arial"> until any modification is resolved. Telecom challenged the preliminary injunction for lack of jurisdiction, and requested that the resolution granting the preliminary injunction be declared nulled. Telecom further requested that the preliminary injunction be lifted. A decision from the court remains pending as of the date of these unaudited consolidated financial statements. The Company argued that a preliminary injunction obtained by a representative of the industry of the </font><font face="Arial">Province of </font><font face="Arial">C&#243;rdoba from the federal courts of the province expressly suspended the application of </font><font face="Arial">DNU No.&nbsp;690/20</font><font face="Arial">, </font><font face="Arial">Decree No.&nbsp;</font><font face="Arial">311/20 and prohibited ENACOM from issuing any subsequent resolutions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company, with the assistance of its legal advisors, is analyzing the actions that may be necessary in order to protect its rights.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">30</font></b><a name="PB_30_080115_8058"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-30',FILE='C:\JMS\109920\21-14904-3\task10460871\14904-3-bw.htm',USER='109920',CD='May 13 12:48 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Arial" style="font-size:10.0pt;">Preliminary injunction requested by a representative of the industry of the Province of C&#243;rdoba</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;2, 2021, the Company was informed by the Asociaci&#243;n Argentina de Televisi&#243;n por Cable (&#147;ATVC&#148;), that a preliminary injunction requested by a representative of the cable television industry was granted by a Federal Court of the Province of C&#243;rdoba, that ordered the suspension of </font><font face="Arial">DNU No.&nbsp;690/20</font><font face="Arial">, of </font><font face="Arial">Decree No.&nbsp;</font><font face="Arial">311/20 and of all measures adopted as a result of those decrees. The court also ordered the PEN and the ENACOM to abstain from issuing or pursuing any subsequent measures based on such decrees, until a final court decision is rendered.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">ATVC also informed that, pursuant to the court&#146;s indications, the regulatory authority should refrain from issuing regulations related to DNU No.&nbsp;690/20 or enforcing the regulations previously issued, which are generally suspended.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Arial" style="font-size:10.0pt;">Preliminary injunction &#147;Catrie Televisora Color S.R.L. c/ Estado Nacional s/ Acci&#243;n meramente declarativa de inconstitucionalidad&#148;</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;31, 2021, the Company was informed by ATVC, that in the case Catrie Televisora Color S.R.L. c/ Estado Nacional s/ Acci&#243;n meramente declarativa de inconstitucionalidad&#148; (File No.&nbsp;858/21), pending before the Federal Court of C&#243;rdoba No.&nbsp;1, ATVC requested joint litigation, under the terms of Art. 90 inc. 2 of the National Civil and Commercial Procedure Code, requiring collective legitimacy, on behalf of the associated companies, and required the extension of the preliminary injunction issued in such case.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Likewise, on that date ATVC was notified of the resolution of the Federal Court of C&#243;rdoba No.&nbsp;1 of March&nbsp;30, 2021, which provided, in File. No.&nbsp;858/21, the following summary: 1) grant the request for intervention of a third party made by ATVC; 2) direct the process as a collective process; 3) delimit the class affected to the cable and ICT services industries that are associated with ATVC; and 4) order the National Government the suspension of DNU No.&nbsp;690/20, as well as all measures adopted as a result of that decree. The court also ordered the PEN and the ENACOM to abstain from issuing or pursuing any subsequent measures based on such decree, until a final court decision is rendered, in relation to all the certified class companies of this process.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company, together with its legal advisors, is analyzing the effects of this preliminary injunction, since Telecom Argentina is an associate of ATVC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 28 &#150; SUBSEQUENT EVENTS TO MARCH&nbsp;31, 2021</font></b><a name="NOTE28SUBSEQUENTEVENTSTOMARCH312_114901"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Provisions of the N&#250;cleo General Ordinary Shareholders&#146; meeting</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The N&#250;cleo General Ordinary Shareholders&#146; meeting held on April&nbsp;21, 2020, approved the distribution of dividends of 140,000 million of Guaran&#237;es (equivalent to approximately $2,000), of which 94,500 million of Guaran&#237;es (equivalent to approximately $1,350) correspond to Telecom and 45,500 million of Guaranies (equivalent to approximately $650) correspond to the non-controlling shareholder. The mentioned dividends will be available to shareholders in two installments, the first one during May&nbsp;2021 and the second one during October&nbsp;2021.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Carlos Moltini</font></b></p>    </td>   </tr>
<tr height="5" style="height:3.5pt;">
<td width="44%" height="5" valign="top" style="height:3.5pt;padding:0in 0in 0in 0in;width:44.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" height="5" valign="top" style="height:3.5pt;padding:0in 0in 0in 0in;width:18.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="36%" height="5" valign="top" style="height:3.5pt;padding:0in 0in 0in 0in;width:36.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Chairman of the Board of Directors</font></u></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">31</font></b><a name="PB_31_080406_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-31',FILE='C:\JMS\109920\21-14904-3\task10460871\14904-3-bw.htm',USER='109920',CD='May 13 12:48 2021' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OPERATING AND FINANCIAL REVIEW AND PROSPECTS AS OF MARCH&nbsp;31, 2021</font></u></b><a name="OPERATINGANDFINANCIALREVIEWANDPR_124821"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos or as expressly indicated)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">1.</font></i></b><font size="2" style="font-size:11.0pt;">&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">General considerations</font></i></b></p>
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As required by CNV regulations, the Company has prepared its unaudited consolidated financial statements as of March&nbsp;31, 2021 under IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As provided under Resolution No.&nbsp;777 issued by the CNV on December&nbsp;28, 2018, this Report discloses the comparative balances for the three-month period ended March&nbsp;31, 2020, restated to current currency as of March&nbsp;31, 2021.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The table below shows the evolution of the National Consumer Price Index (National CPI with the characteristics identified in Note 1.e) to the unaudited consolidated financial statements) of the last two years and as of March&nbsp;31, 2021 and 2020 according to official statistics (INDEC) and the Banco Naci&#243;n U.S. dollar exchange rate used for the preparation of this operating and financial review and prospects and the accompanying financial statements:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;width:86.66%;">
<tr>
<td width="35%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:35.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of December<br>   31, 2019</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of March<br>   31, 2020</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of December<br>   31, 2020</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of March<br>   31, 2021</font></u></b></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:35.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="35%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:35.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">National Consumer Price Index (December&nbsp;2016=100)</font></p>    </td>
<td width="17%" style="padding:0in 5.4pt 0in 5.4pt;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">283.44</font></p>    </td>
<td width="15%" style="padding:0in 5.4pt 0in 5.4pt;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">305.55</font></p>    </td>
<td width="17%" style="padding:0in 5.4pt 0in 5.4pt;width:17.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">385.88</font></p>    </td>
<td width="15%" style="padding:0in 5.4pt 0in 5.4pt;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">435.87</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:35.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:17.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:35.34%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Variation in Prices</font></u></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:17.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:35.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Annual </font></p>    </td>
<td width="17%" style="padding:0in 5.4pt 0in 5.4pt;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">53.8%</font></p>    </td>
<td width="15%" style="padding:0in 5.4pt 0in 5.4pt;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">48.3%</font></p>    </td>
<td width="17%" style="padding:0in 5.4pt 0in 5.4pt;width:17.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">36.1%</font></p>    </td>
<td width="15%" style="padding:0in 5.4pt 0in 5.4pt;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">42.6%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="35%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:35.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 3 months since   December&nbsp;2019 / 2020</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">n/a</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">7.8%</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">n/a</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">13.0%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="35%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:35.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="17%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="15%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="17%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="15%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="35%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:35.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Banco Naci&#243;n US$/$&nbsp;exchange   rate </font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">59.89</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">64.47</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">84.15</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">92.00</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="35%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:35.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="35%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:35.34%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Variation in the exchange rate</font></u></b></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="35%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:35.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Annual</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">58.9%</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">48.7%</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">40.5%</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">42.7%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="35%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:35.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 3 months since   December&nbsp;2019 / 2020</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">n/a</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:15.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">7</font><font size="1" face="Arial" style="font-size:7.0pt;">.6%</font></p>    </td>
<td width="17%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:17.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">n/a</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">9.3</font><font size="1" face="Arial" style="font-size:7.0pt;">%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">2.</font></i></b><font size="2" style="font-size:11.0pt;">&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Telecom&#146;s activities for the three-month periods ended March&nbsp;31, 2021 (&#147;1Q21&#148;) and 2020 (&#147;1Q20&#148;)</font></i></b></p>
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:-1.5pt;width:96.94%;">
<tr>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>
<td width="60%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:60.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Variation</font></b></p>    </td>   </tr>
<tr>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>
<td width="60%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:60.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1Q21</font></b></p>    </td>
<td width="10%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1Q20</font></b></p>    </td>
<td width="9%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$</font></b></p>    </td>
<td width="9%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Revenues </font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">82,547</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">89,529</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(6,982)</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(7.8)</font></b></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Employee benefit expenses and severance payments</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(15,331)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(16,724)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,393</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(8.3)</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Interconnection and transmission costs </font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,193)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,876)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(317)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11.0</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Fees for services, maintenance, materials and supplies</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,315)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,812)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">497</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5.1)</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Taxes and fees with the Regulatory Authority</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,420)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,816)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">396</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5.8)</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Commissions and advertising</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,382)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,093)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">711</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(14.0)</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cost of equipment and handsets</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,912)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,210)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(702)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">21.9</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Programming and content costs</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,083)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,742)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">659</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9.8)</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Bad debt expenses</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,037)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,207)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,170</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(67.7)</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other operating expenses</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,829)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,631)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">802</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(22.1)</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Depreciation, amortization and impairment of fixed assets</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(24,658)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(23,193)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,465)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6.3</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,387</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8,225</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(2,838)</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(34.5)</font></b></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Earnings from associates</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">82</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">131</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(49)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(37.4)</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial results, net</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6,771</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,174)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8,945</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Income before income tax expense</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">12,240</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,182</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,058</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">98.0</font></b></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Income tax expense</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,228)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,415)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(813)</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">33.7</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net income</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9,012</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,767</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,245</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">139.2</font></b></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Controlling Company</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8,741</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,636</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,105</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">140.4</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-controlling interest</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">271</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">131</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">140</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">106.9</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9,012</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,767</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,245</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">139.2</font></b></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:60.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Basic and diluted earnings per share attributable to the Controlling   Company</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(in pesos)</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4.06</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1.69</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.4%;">
<p align="right" style="margin:0in 0in .0001pt 12.65pt;text-align:right;text-indent:-12.65pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.42%;">
<p align="right" style="margin:0in 0in .0001pt 12.65pt;text-align:right;text-indent:-12.65pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr height="0">
<td width="2" style="border:none;"></td>
<td width="413" style="border:none;"></td>
<td width="2" style="border:none;"></td>
<td width="63" style="border:none;"></td>
<td width="2" style="border:none;"></td>
<td width="74" style="border:none;"></td>
<td width="2" style="border:none;"></td>
<td width="63" style="border:none;"></td>
<td width="2" style="border:none;"></td>
<td width="63" style="border:none;"></td>
<td width="2" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In relation to the economic performance, operating income totaled $5,387, representing 6.5% of consolidated revenues, and, as a consequence of financial gain, net, partially offset by income tax expenses, net income amounted to $9,012.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font face="Arial" style="font-weight:bold;">I</font></b><a name="PB_I_083039_9297"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='I',FILE='C:\JMS\109920\21-14904-3\task10460871\14904-3-bw.htm',USER='109920',CD='May 13 12:48 2021' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Revenues</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;width:96.66%;">
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.12%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="13%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:13.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="28%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:28.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Variation</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.12%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="13%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:13.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1Q21</font></u></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1Q20</font></u></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$</font></u></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">%</font></u></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Mobile Services</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">30,886</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">32,990</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,104)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6.4)</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Internet Services </font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">17,460</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">19,480</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,020)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10.4)</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cable Television   Services </font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">16,728</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">18,716</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,988)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10.6)</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed and Data<font color="black" style="color:black;"> Services</font></font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,833</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">13,520</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,687)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12.5)</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other services revenues</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">209</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">254</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(45)</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(17.7)</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Subtotal Services   revenues&nbsp;&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">77,116</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">84,960</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(7,844)</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(9.2)</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Equipment revenues</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,431</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,569</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">862</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">18.9</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   Revenues&nbsp;&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">82,547</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">89,529</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(6,982)</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(7.8)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">During 1Q21 consolidated revenues showed a decrease of 7.8% (-$6,982 vs. 1Q20) amounting to $82,547. This decrease in revenues is noted in Mobile Services,&nbsp;Internet Services, Cable Television Services and Fixed and Data Services, partially offset by higher Equipment revenues.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Albeit the greater demand for services, with a slight growth in the Internet and Cable television customer base, accompanied by a slight decrease in churn, consolidated revenues decreased because the rate of inflation for the last twelve months amounted to 42.6% and the Company did not transfer a portion of this effect to its prices as a consequence of the different measures provided by the National Government.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Services revenues amounted to $77,116 in 1Q21 (-9.2% vs. 1Q20) and represent 93.4% of consolidated revenues. Mobile Services revenues amounted to $30,886 in 1Q21 (-$2,104 vs. 1Q20),&nbsp;Internet Services revenues amounted to $17,460 in 1Q21 (-$2,020 vs. 1Q20), Cable Television Services revenues amounted to $16,728 in 1Q21 (-$1,988 vs. 1Q20) and Fixed and Data Services revenues amounted to $11,883 in 1Q21 (-$1,687 vs. 1Q20). Equipment revenues increased 18.9%, amounting to $5,431 in 1Q21 and represent 6.6% of total consolidated revenues.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Consolidated Revenues include $3,426 and $28,532 in 1Q21 and 1Q20, respectively, related to the effect generated by the restatement in current currency as of March&nbsp;31, 2021.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Mobile Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Mobile Services revenues amounted to $30,886 (-$2,104 or +6.4% vs. 1Q20), being the main business in term of service revenues </font><font face="Arial">(40.1% and 38.8% of services revenues in 1Q21 and </font><font face="Arial">1Q20</font><font face="Arial">, respectively</font><font face="Arial">). The variation was mainly due to mobile services revenues in Argentina, which amounted to $27,316 (-$1,427 or -5.0% vs. 1Q20).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in mobile services revenues amounted to $1,266 and $10,512 in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Personal&#146;s mobile customers amounted to 18.8 million as of March&nbsp;31, 2021 and 2020. The main ratios related to the services provided to these customers were:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">As of March&nbsp;31, 2021, 58% of total customers are prepaid customers, and 42% are postpaid customers,</font><font face="Arial"> while, </font><font face="Arial">as of March&nbsp;31, 2020, 59% of total customers were prepaid customers and 41% were postpaid customers.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Mobile Internet services revenues are equivalent to 73% of Personal&#146;s customer&#146;s total services revenues.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The monthly average revenue per user (&#147;ARPU&#148;) is $485.5 pesos per month in 1Q21 (vs. $502.1 pesos per month in 1Q20), representing a decrease of 5.9%. The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in ARPU amounted to $19.9 pesos and $160.0 pesos in 1Q21 and 1Q20, respectively.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The average churn rate per month positioned into 1.5% in 1Q21 (vs. 2.3% average in 1Q20).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Regarding infrastructure, the Company continued to enhance the mobile Internet experience of its customers through the deployment of its 4G and 4G+ network throughout the country, reaching more than 13.5 million customers with 4G devices throughout the country.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Likewise, the number and variety of mobile offers with more data services to improve the connectivity of our customers were deepened, expanding the benefits of the plans to increase performance and their use.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Mobile services revenues generated in Paraguay amounted to $3,570 (-$677 or -15.9% vs. 1Q20) due to decrease of the customer base and a slight decrease in ARPU, partially offset by the appreciation of the Guaran&#237; against the Argentine Peso.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font face="Arial" style="font-weight:bold;">II</font></b><a name="PB_II_083217_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='II',FILE='C:\JMS\109920\21-14904-3\task10460871\14904-3-bw.htm',USER='109920',CD='May 13 12:48 2021' -->


<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The main ratios related to the mobile services in Paraguay were:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">N&#250;cleo&#146;s mobile customers decrease 2.8%, amounting to in 2.2 million as of March&nbsp;31, 2021. </font><font face="Arial">As of March&nbsp;31, 2021 and 2020, 83% of total customers consist of prepaid customers and 17% consist of postpaid customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The monthly ARPU amounted to $508.4 pesos per month in 1Q21 (vs. $511.8 pesos in 1Q20), representing a 0.7% decrease.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The average churn rate per month amounted to 3.4% in 1Q21 (vs. 3.8% in 1Q20).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Internet Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Internet services revenues amounted to $17,460 in 1Q21 (-$2,020 or -10.4% vs. 1Q20) driven mainly by the 14.0% decrease in broadband ARPU, which amounted to $1,358.4 pesos in 1Q21 (vs. $1,579.8 pesos in 1Q20). The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in ARPU amounts to $58.3 pesos and $498.3 pesos in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">It should be noted that customers with service of 20Mb or higher represent 73.8% and 65.6% of the total customer base as of March&nbsp;31, 2021 and 2020, respectively. Within this range, there are customers who have plans of 100 Mb, 300 Mb and 1,000 Mb that as of March&nbsp;31, 2021 amounted to 605,251, 105,667 and 3,847, respectively, positioning Fibertel brand as the technological benchmark brand of the industry.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Internet services subscriber base increased 2.1% in 1Q21 amounting to 4.2 million customers. Churn rate per month positioned into 1.4% and 1.6% as of March&nbsp;31, 2021 and 2020, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in Internet Services revenues amounts to $749 and $6,205 in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Cable Television Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Cable Television Services revenues amounted to $16,728 in 1Q21 (-$1,988 or -10.6% vs. 1Q20). The variation is mainly due to a 13.6% decrease in ARPU, amounting to $1,540.6 pesos in 1Q21 (vs. $1,784.0 pesos in 1Q20). The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in ARPU amounts to $68.5 pesos and $567.9 pesos in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Subscriber base in Argentina remains stable amounting to 3.3 million customers as of March&nbsp;31, 2021, of which 1.0 million are subscribed to Flow. Churn rate per month of Cable television services positioned into 1.2% and 1.4% as of March&nbsp;31, 2021 and 2020, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In November&nbsp;2020, we incorporated Disney+ into the Flow ecosystem, to transform it into a comprehensive platform so that customers continue to choose it both for its content offering and for its differential functionalities. Flow today, in addition to TV, series, films and documentaries on demand and exclusive co-productions, includes music and gaming and will continue to grow as customer needs evolve.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in Cable television services revenues amounts to $720 and $5,959 in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Fixed Telephony and Data Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Fixed Telephony and Data Services revenues amounted to $11,833 (-$1,687 or -12.5% vs. 1Q20).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in Fixed and Data Services revenues amounts to $487 and $4,316 in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The average monthly revenue billed per user (&#147;ARBU&#148;) of fixed telephony services amounted to $589.5 pesos in 1Q21 (vs. $695.1 pesos in 1Q20). The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in ARBU amounts to $25.2 pesos and $221.7 pesos in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Equipment</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Equipment revenues amounted to $5,431 (+862 or +18.9% vs. 1Q20). This variation is mainly due to an increase in handsets sold as compared to 1Q20 (+17%), and by an increase of approximately 56% in handset average sale prices as compared to 1Q20.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">It is important to highlight that the Company, in terms of devices, continued to promote the updating of the handsets with financed offers and special discounts focused on the convergence of services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in Equipment revenues amounts to $203 and $1,458 in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font face="Arial" style="font-weight:bold;">III</font></b><a name="PB_III_081751_8727"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='III',FILE='C:\JMS\111375\21-14904-3\task10463694\14904-3-by.htm',USER='111375',CD='May 14 04:52 2021' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Operating costs (without depreciation, amortization and impairment of fixed assets)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating costs (without depreciation, amortization and impairment of fixed assets) amounted to $52,502 in 1Q21, which represents a decrease of $5,609 or -9.7% vs. 1Q20. These lower costs are related with the decrease in all operating costs, except for interconnection and transmission costs and costs of equipment and handsets.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in operating costs amounts to $3,303 and $18,975 in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The operating costs breakdown is mainly as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Employee benefit expenses and severance payments</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Employee benefit expenses and </font><font face="Arial">severance payments amounted to $15,331 in 1Q21 </font><font face="Arial">(-$1,393 or -8.3% </font><font face="Arial">vs. 1Q20). The decrease is mainly due to a decrease in the Company&#146;s headcount (23,183 employees in 1Q21) and lower charges for dismissals, partially offset by increases in salaries agreed by the Company with several trade unions with respect to unionized employees as well as to non-unionized employees, together with related social security charges.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in employee benefit expenses and severance payments amounts to $693 and $5,349, as of 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Interconnection and transmission costs</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Interconnection and transmission costs, which also includes charges for roaming, cost of international outbound calls and lease of lines and circuits, amounted to $3,193 in 1Q21 </font><font face="Arial">(+$317 </font><font face="Arial">or</font><font face="Arial"> +11.0%</font><font face="Arial"> vs. 1Q20). The increase is mainly due to increases in the exchange rate in relation to services in U$S and higher TLRD charges.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in interconnection and transmission costs amounts to $131 and $915 in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Fees for services, maintenance, materials and supplies</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Fees for services, maintenance, materials and supplies amounted to $9,315 in 1Q21 (-$497 or -5.1% vs. 1Q20).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Fees for services decreased $256 vs. 1Q20 and fees for maintenance, materials and supplies decreased $241 vs. 1Q20, mainly due to the optimization of consumption of materials and to lower activity as a result of the isolation, partially offset by increases in supplier&#146;s services prices related to the maintenance of our networks and systems and home connections and disconnections of customers, among others.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in fees for services, maintenance, materials and supplies amounts to $745 and $3,404 in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Taxes and fees with the Regulatory Authority</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Taxes and fees with the Regulatory Authority, including turnover tax, municipal taxes and other taxes and fees, decreased, amounting to $6,420 in 1Q21 (-$396 or -5.8% vs. 1Q20). This decrease corresponds mainly to the effect of lower revenues in 1Q21 vs. 1Q20. Taxes and fees with the Regulatory Authority represent 7.8% and 7.6% of consolidated revenues in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in taxes and fees with the Regulatory Authority amounts to $267 and $2,171 in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Commissions and advertising</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Commissions (including commissions paid to agents, collection commissions and other commissions) and advertising amounted to $4,382 in 1Q21 (-$711 or -14.0% vs. 1Q20). The decrease is mainly due to lower charges for agent commissions and lower advertising services costs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in commissions and advertising amounts to $183 and $1,624 in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Cost of equipment and handsets</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Cost of equipment and handsets sold amounted to </font><font face="Arial">$3,912 in 1Q21 (+$702 or +21.9% </font><font face="Arial">vs. </font><font face="Arial">1Q20</font><font face="Arial">). Thereby, $3,671 of this amount correspond to cost of handsets sold in Argentina, which increased 23.8% vs. 1Q20, mainly due to the increase in the purchase prices of handsets and higher handsets sold.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in cost of equipment and handsets amounts to $610 and $1,192 in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font face="Arial" style="font-weight:bold;">IV</font></b><a name="PB_IV_081902_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='IV',FILE='C:\JMS\111375\21-14904-3\task10463694\14904-3-by.htm',USER='111375',CD='May 14 04:52 2021' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Programming and content costs</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Programming and content costs amounted to $6,083 in 1Q21 (-$659 or -9.8% vs. 1Q20), mainly due to operating efficiencies, partially offset by price increases of approximately 20% in almost all signals.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in </font><font face="Arial">programming and content costs </font><font face="Arial">amounts to $260 and $2,149 in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Bad debt expenses</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Bad debt expenses amounted to </font><font face="Arial">$1,037 (-$2,170 or -6.7</font><font face="Arial">% vs. 1Q20). Bad debt expenses represent 1.3% and 3.6% of total consolidated revenues in 1Q21 and in 1Q20, respectively. The decrease is mainly due to the different actions undertaken by the Company in retail defaulted-payment management by the end of 2020, which results have an impact in 1Q21. Through various campaigns and promotions, bad debt receivables were recovered from clients who, in many cases, had suffered a degradation of their services or were in a situation of disconnection, as a result of the pandemic and the general economic situation of the country. Regarding corporate segment customers, collection procedures were carried, and resulted in the recovery of important receivables. It should also be noted that 1Q20 bad debt expenses included approximately $394 as a consequence of the estimated effects of Covid-19 as of the date of issuance of such financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in bad debt expenses amounts to $85 and $1,010 in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Other operating expenses</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Other operating expenses, which include provisions, energy and other public services, insurance, leases and internet capacity, among others, amounted to $2,829 (-$802 or -22.1% vs. 1Q20). </font><font face="Arial">The decrease is mainly due to lower energy costs and other public services charges, lower rentals and internet capacity charges, and other diverse charges, partially offset by higher provisions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in other operating expenses amounts to $329 and $1,161 in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Depreciation, amortization and impairment of fixed assets</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Depreciation, amortization and impairment of fixed assets amounted to </font><font face="Arial">$24,658 (+$1,465 or +6.3% </font><font face="Arial">vs. 1Q20). The increase is due to the impact of the amortization of the CAPEX subsequent to March&nbsp;31, 2020 as a consequence of the adjusted investment plan that the Company is developing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in current currency as of March&nbsp;31, 2021 included in depreciation, amortization and impairment of fixed assets amounts to $13,544 and $14,979 in 1Q21 and 1Q20, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Operating income</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating income amounted to </font><font face="Arial">$5,387 in 1Q21 (-$2,838 or -34.5% </font><font face="Arial">vs. </font><font face="Arial">1Q20</font><font face="Arial">), representing 6.5% of consolidated revenues in 1Q21 (vs. 9.2% in </font><font face="Arial">1Q20</font><font face="Arial">).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Financial results, net</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="79%" style="border-collapse:collapse;">
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Varition</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1Q21</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1Q20</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>
<tr>
<td width="59%" style="padding:0in 1.5pt 0in 1.5pt;width:59.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Interests on financial debts</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,704)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,576)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,872</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(40.9)</font></p>    </td>   </tr>
<tr>
<td width="59%" style="padding:0in 1.5pt 0in 1.5pt;width:59.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Foreign currency exchange gains on   financial debts</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,797</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">162</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,635</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>   </tr>
<tr>
<td width="59%" style="padding:0in 1.5pt 0in 1.5pt;width:59.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;Total debt financial expenses</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,093</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(4,414)</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,507</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">n/a</font></b></p>    </td>   </tr>
<tr>
<td width="59%" style="padding:0in 1.5pt 0in 1.5pt;width:59.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Exchange differences on remaining items</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,302</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,399</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">903</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">64.5</font></p>    </td>   </tr>
<tr>
<td width="59%" style="padding:0in 1.5pt 0in 1.5pt;width:59.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(Losses) gains on operations with notes   and bonds</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(346)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">88</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(434)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>   </tr>
<tr>
<td width="59%" style="padding:0in 1.5pt 0in 1.5pt;width:59.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Other interests, net and other   investments results</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(420)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">145</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(565)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>   </tr>
<tr>
<td width="59%" style="padding:0in 1.5pt 0in 1.5pt;width:59.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">RECPAM </font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,652</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,505</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,147</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">142.7</font></p>    </td>   </tr>
<tr>
<td width="59%" style="padding:0in 1.5pt 0in 1.5pt;width:59.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Other</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,510)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(897)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(613)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">68.3</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:59.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total other financial results, net</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,678</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,240</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,438</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">64.2</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:59.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total financial results, net</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,771</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(2,174)</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8,945</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">n/a</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font face="Arial" style="font-weight:bold;">V</font></b><a name="PB_V_081945_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='V',FILE='C:\JMS\111375\21-14904-3\task10463694\14904-3-by.htm',USER='111375',CD='May 14 04:52 2021' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">We incurred in a financial gain, net of $6,771 in 1Q21 (vs. a loss of $2,174 in 1Q20), Financial Results, net in 1Q21 mainly include (i)&nbsp;foreign exchange gains measured in real terms of $8,099 as a result of a 9,3% devaluation of the Argentine peso against the US dollar vs. a 13% inflation (vs. a gain of $1,561 in 1Q20), and the effect generated by the restatement in current currency, which amounted to a gain of $3,652 (vs. $1,505 in 1Q20). These effects are partially offset by losses of (i)&nbsp;interest on financial debts, measured in real terms, of $2,704 (vs. a loss of $4,576 in 1Q20), (ii)&nbsp;operations with notes and bonds of $346 (iii)&nbsp;other interest, net and other investment results of $420 and other financial results of $1,510.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Income tax expense</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom&#146;s income tax charge includes the following effects: (i)&nbsp;the current tax payable pursuant to tax legislation applicable to Telecom and (ii)&nbsp;the effect of applying the deferred tax method on temporary differences arising out of the Company&#146;s asset and liability valuation according to tax versus financial accounting criteria, including the income tax inflation effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Income tax expense amounted to $3,228 in 1Q21 vs. $2,415 in 1Q20. It includes the following effects: (i)&nbsp;current tax expenses, Telecom&#180;s generated $104 tax expense in 1Q21 (+$43 vs. 1Q20), (ii)&nbsp;regarding the deferred tax in 1Q21, Telecom recorded a deferred tax loss of $3,124 (+$770 vs. 1Q20), which include a $5,572 income tax inflation adjustment effect (vs. $4,075 in 1Q20), according to the provisions of Law No.&nbsp;27,430, as amended by Law No.&nbsp;27,468.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Net income</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina recorded a net income of $9,012 in Q21 (vs. a net income of $3,767 in 1Q20) and represents 10.9% of consolidated revenues (vs. 4.2% in 1Q20). Net income recorded in 1Q21 is mainly due to the operating income amounting to $5,387, and the financial gains, net amounting to $6,771, partially offset by the income tax expense amounting to $3,228.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Net income attributable to controlling shareholders amounted to $8,741 in 1Q21 vs.$3,636 in 1Q20.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Financial position, net</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The consolidated financial position, net (that is: Cash and cash equivalents plus Financial investments and IFD less Financial debts) is debt and amounted to $185,425 and $197,671 as of March&nbsp;31, 2021 and as of December&nbsp;31, 2020, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Capital expenditures (CAPEX) and Rights of use assets additions</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">CAPEX and Rights of use assets additions composition 1Q21 and 1Q20 is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr height="16" style="height:12.25pt;">
<td width="42%" height="16" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:42.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" colspan="2" height="16" style="background:white;border:solid windowtext 1.0pt;border-left:none;height:12.25pt;padding:0in 0in 0in 0in;width:30.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">In millions of $</font></b></p>    </td>
<td width="27%" colspan="2" height="16" style="background:white;border:solid windowtext 1.0pt;border-left:none;height:12.25pt;padding:0in 0in 0in 0in;width:27.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Variation </font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="42%" height="16" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:42.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" height="16" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1Q21</font></b></p>    </td>
<td width="15%" height="16" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1Q20</font></b></p>    </td>
<td width="13%" height="16" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$</font></b></p>    </td>
<td width="13%" height="16" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in 0in 0in 0in;width:13.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="42%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:42.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">PP&amp;E</font></p>    </td>
<td width="15%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">13,761</font></p>    </td>
<td width="15%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,883</font></p>    </td>
<td width="13%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,878</font></p>    </td>
<td width="13%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">15.8</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="42%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:42.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Intangibles assets</font></p>    </td>
<td width="15%" height="16" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">445</font></p>    </td>
<td width="15%" height="16" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">545</font></p>    </td>
<td width="13%" height="16" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(100)</font></p>    </td>
<td width="13%" height="16" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:13.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(18.3)</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="42%" height="17" style="height:12.95pt;padding:0in 0in 0in 0in;width:42.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total   CAPEX</font></b></p>    </td>
<td width="15%" height="17" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">14,206</font></b></p>    </td>
<td width="15%" height="17" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">12,428</font></b></p>    </td>
<td width="13%" height="17" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,778</font></b></p>    </td>
<td width="13%" height="17" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;width:13.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">14.3</font></b></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="42%" height="17" valign="top" style="height:12.95pt;padding:0in 0in 0in 0in;width:42.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-style:italic;">As % of   revenues</font></i></p>    </td>
<td width="15%" height="17" valign="top" style="height:12.95pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="1" face="Arial" style="font-size:7.0pt;font-style:italic;">17.2%</font></i></p>    </td>
<td width="15%" height="17" valign="top" style="height:12.95pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="1" face="Arial" style="font-size:7.0pt;font-style:italic;">13.9%</font></i></p>    </td>
<td width="13%" height="17" valign="top" style="height:12.95pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="17" valign="top" style="height:12.95pt;padding:0in 0in 0in 0in;width:13.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="42%" height="17" style="height:12.95pt;padding:0in 0in 0in 0in;width:42.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Rights of use assets</font></p>    </td>
<td width="15%" height="17" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,316</font></p>    </td>
<td width="15%" height="17" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,816</font></p>    </td>
<td width="13%" height="17" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,500</font></p>    </td>
<td width="13%" height="17" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;width:13.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">192.7</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="42%" height="17" style="height:12.95pt;padding:0in 0in 0in 0in;width:42.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total </font></b></p>    </td>
<td width="15%" height="17" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:12.95pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">19,522</font></b></p>    </td>
<td width="15%" height="17" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:12.95pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">14,244</font></b></p>    </td>
<td width="13%" height="17" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:12.95pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,278</font></b></p>    </td>
<td width="13%" height="17" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:12.95pt;padding:0in 0in 0in 0in;width:13.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">37.1</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company and its subsidiaries&#146; main PP&amp;E CAPEX projects are related to the expansion of cable TV and internet services in order to improve the transmission and speed offered to customers; the deployment of 4G services to support the growth of mobile Internet services, improvement of the quality service together with the launch of innovative VAS services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">During 1Q21 Telecom continued with the expansion of transmission and transport networks to join the different access technologies, converting the fixed copper networks to fiber or hybrid fiber-coaxial networks to meet, in this way, the demand of services of both fixed telephony and mobile services customers. Likewise, we continued with our investments in the pricing, billing and customer relationship systems.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font face="Arial" style="font-weight:bold;">VI</font></b><a name="PB_VI_082225_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='VI',FILE='C:\JMS\111375\21-14904-3\task10463694\14904-3-by.htm',USER='111375',CD='May 14 04:52 2021' -->


<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">3.</font></i></b><font size="2" style="font-size:11.0pt;">&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Summary of comparative consolidated statements of financial position</font></i></b></p>
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="91%" style="border-collapse:collapse;width:91.32%;">
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="55%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:55.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">March&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2021</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2020</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2019</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Current assets</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">71,107</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">91,862</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">83,144</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">86,753</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-current assets</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">784,216</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">800,835</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">803,758</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">779,499</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total assets</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">855,323</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">892,697</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">886,902</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">866,252</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Current liabilities</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">119,016</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">131,077</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">114,409</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">175,177</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-current liabilities</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">288,010</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">283,153</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">229,408</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">142,392</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total liabilities</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">407,026</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">414,230</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">343,817</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">317,569</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Equity attributable to the   Controlling Company</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">440,771</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">471,359</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">535,545</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">542,235</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Equity attributable   non-controlling interest</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">7,526</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">7,108</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">7,540</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">6,448</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total Equity</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">448,297</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">478,467</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">543,085</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">548,683</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total liabilities and equity</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">855,323</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">892,697</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">886,902</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">866,252</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">4.</font></i></b><font size="2" style="font-size:11.0pt;">&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Summary of comparative consolidated income statements</font></i></b></p>
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="91%" style="border-collapse:collapse;width:91.32%;">
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1Q21</font></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1Q20</font></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1Q19</font></b></p>    </td>
<td width="12%" valign="top" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1Q18</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Revenues </font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">82,547</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">89,529</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">93,770</font></p>    </td>
<td width="12%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">103,072</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Operating costs</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(77,160)</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(81,304)</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(84,261)</font></p>    </td>
<td width="12%" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(82,047)</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">5,387</font></b></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">8,225</font></b></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">9,509</font></b></p>    </td>
<td width="12%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">21,025</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Earnings from associates</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">82</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">131</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">218</font></p>    </td>
<td width="12%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">165</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial results, net</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">6,771</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,174)</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">224</font></p>    </td>
<td width="12%" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">8,074</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Income before income tax   expense</font></b></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">12,240</font></b></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">6,182</font></b></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">9,951</font></b></p>    </td>
<td width="12%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">29,264</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Income tax expense</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(3,228)</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,415)</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(7,245)</font></p>    </td>
<td width="12%" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(5,147)</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net income </font></b></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">9,012</font></b></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">3,767</font></b></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2,706</font></b></p>    </td>
<td width="12%" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">24,117</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other comprehensive income (loss), net of tax</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">54</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,766)</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,145)</font></p>    </td>
<td width="12%" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,287)</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total comprehensive income</font></b></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">9,066</font></b></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">2,001</font></b></p>    </td>
<td width="14%" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1,561</font></b></p>    </td>
<td width="12%" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">22,830</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Attributable to Controlling   Company</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">8,768</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">2,224</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,655</font></p>    </td>
<td width="12%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">23,015</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:44.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Attributable to non-controlling   interest</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">298</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(223)</font></p>    </td>
<td width="14%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(94)</font></p>    </td>
<td width="12%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(185)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">5.</font></i></b><font size="2" style="font-size:11.0pt;">&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Summary of comparative consolidated statements of cash flow</font></i></b></p>
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr height="12" style="height:9.0pt;">
<td width="60%" height="12" valign="top" style="height:9.0pt;padding:0in 0in 0in 0in;width:60.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="12" valign="top" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1Q21</font></b></p>    </td>
<td width="10%" height="12" valign="top" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1Q20</font></b></p>    </td>
<td width="9%" height="12" valign="top" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1Q19</font></b></p>    </td>
<td width="9%" height="12" valign="top" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1Q18</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="60%" height="12" valign="top" style="height:9.0pt;padding:0in 0in 0in 0in;width:60.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net cash flows provided by operating activities</font></p>    </td>
<td width="10%" height="12" valign="bottom" bgcolor="white" style="background:white;height:9.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">27,555</font></p>    </td>
<td width="10%" height="12" valign="bottom" bgcolor="white" style="background:white;height:9.0pt;padding:0in 0in 0in 0in;width:10.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">23,</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">008</font></p>    </td>
<td width="9%" height="12" valign="bottom" bgcolor="white" style="background:white;height:9.0pt;padding:0in 0in 0in 0in;width:9.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">32,828</font></p>    </td>
<td width="9%" height="12" valign="bottom" bgcolor="white" style="background:white;height:9.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">28,621</font></p>    </td>   </tr>
<tr height="6" style="height:4.85pt;">
<td width="60%" height="6" valign="top" style="height:4.85pt;padding:0in 0in 0in 0in;width:60.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net cash flows used in investing activities</font></p>    </td>
<td width="10%" height="6" valign="bottom" bgcolor="white" style="background:white;height:4.85pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">13,819</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">)</font></p>    </td>
<td width="10%" height="6" valign="bottom" bgcolor="white" style="background:white;height:4.85pt;padding:0in 0in 0in 0in;width:10.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(16,502)</font></p>    </td>
<td width="9%" height="6" valign="bottom" bgcolor="white" style="background:white;height:4.85pt;padding:0in 0in 0in 0in;width:9.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(17,850)</font></p>    </td>
<td width="9%" height="6" valign="bottom" bgcolor="white" style="background:white;height:4.85pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(6,386)</font></p>    </td>   </tr>
<tr height="13" style="height:10.0pt;">
<td width="60%" height="13" valign="top" style="height:10.0pt;padding:0in 0in 0in 0in;width:60.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net cash flows (used in) provided by financing activities </font></p>    </td>
<td width="10%" height="13" valign="bottom" bgcolor="white" style="background:white;height:10.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">619</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">)</font></p>    </td>
<td width="10%" height="13" valign="bottom" bgcolor="white" style="background:white;height:10.0pt;padding:0in 0in 0in 0in;width:10.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">4,475</font></p>    </td>
<td width="9%" height="13" valign="bottom" bgcolor="white" style="background:white;height:10.0pt;padding:0in 0in 0in 0in;width:9.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(3,819)</font></p>    </td>
<td width="9%" height="13" valign="bottom" bgcolor="white" style="background:white;height:10.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(12,778)</font></p>    </td>   </tr>
<tr height="9" style="height:6.6pt;">
<td width="60%" height="9" valign="top" style="height:6.6pt;padding:0in 0in 0in 0in;width:60.32%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net foreign exchange differences and RECPAM on cash   and cash equivalents</font></p>    </td>
<td width="10%" height="9" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:6.6pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">404</font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">)</font></p>    </td>
<td width="10%" height="9" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:6.6pt;padding:0in 0in 0in 0in;width:10.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(101)</font></p>    </td>
<td width="9%" height="9" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:6.6pt;padding:0in 0in 0in 0in;width:9.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,315</font></p>    </td>
<td width="9%" height="9" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:6.6pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">833</font></p>    </td>   </tr>
<tr height="6" style="height:4.75pt;">
<td width="60%" height="6" valign="top" style="height:4.75pt;padding:0in 0in 0in 0in;width:60.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Total cash and cash equivalents provided during the period</font></p>    </td>
<td width="10%" height="6" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:4.75pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">10,713</font></b></p>    </td>
<td width="10%" height="6" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:4.75pt;padding:0in 0in 0in 0in;width:10.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">10,880</font></b></p>    </td>
<td width="9%" height="6" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:4.75pt;padding:0in 0in 0in 0in;width:9.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">12,474</font></b></p>    </td>
<td width="9%" height="6" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:4.75pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">10,290</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">6.</font></i></b><font size="2" style="font-size:11.0pt;">&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Statistical data (in physical units in index-term)</font></i></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr height="22" style="height:16.5pt;">
<td width="40%" height="22" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:double windowtext 2.25pt;height:16.5pt;padding:0in 0in 0in 0in;width:40.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="22" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:double windowtext 2.25pt;height:16.5pt;padding:0in 0in 0in 0in;width:14.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">03.31.21</font></b></p>    </td>
<td width="14%" height="22" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 2.25pt;height:16.5pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">03.31.20</font></b></p>    </td>
<td width="14%" height="22" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:double windowtext 2.25pt;height:16.5pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">03.31.19</font></b></p>    </td>
<td width="14%" height="22" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:double windowtext 2.25pt;height:16.5pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">03.31.18</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="40%" height="20" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 0in 0in 0in;width:40.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Cable TV   Subscribers (i)</font></p>    </td>
<td width="14%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:14.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">100.8%</font></p>    </td>
<td width="14%" height="20" style="height:15.0pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">100.1%</font></p>    </td>
<td width="14%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">97.6%</font></p>    </td>
<td width="14%" height="20" style="border:none;border-right:double windowtext 2.25pt;height:15.0pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">99.8%</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="40%" height="20" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 0in 0in 0in;width:40.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Internet Access   (ii)</font></p>    </td>
<td width="14%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:14.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">102.3%</font></p>    </td>
<td width="14%" height="20" style="height:15.0pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">100.3%</font></p>    </td>
<td width="14%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">101.3%</font></p>    </td>
<td width="14%" height="20" style="border:none;border-right:double windowtext 2.25pt;height:15.0pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">100.4%</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="40%" height="20" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 0in 0in 0in;width:40.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Fixed telephony services lines (ii)</font></p>    </td>
<td width="14%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:14.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">82.9%</font></p>    </td>
<td width="14%" height="20" style="height:15.0pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">84.9%</font></p>    </td>
<td width="14%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">91.0%</font></p>    </td>
<td width="14%" height="20" style="border:none;border-right:double windowtext 2.25pt;height:15.0pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">98.6%</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="40%" height="20" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 0in 0in 0in;width:40.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Personal Mobile telephony services lines   (ii)</font></p>    </td>
<td width="14%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:14.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">99.0%</font></p>    </td>
<td width="14%" height="20" style="height:15.0pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">99.3%</font></p>    </td>
<td width="14%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">95.6%</font></p>    </td>
<td width="14%" height="20" style="border:none;border-right:double windowtext 2.25pt;height:15.0pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">99.7%</font></p>    </td>   </tr>
<tr height="21" style="height:15.75pt;">
<td width="40%" height="21" style="border-bottom:double windowtext 2.25pt;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;height:15.75pt;padding:0in 0in 0in 0in;width:40.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">N&#250;cleo&#146;s customers   (ii)</font></p>    </td>
<td width="14%" height="21" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.75pt;padding:0in 0in 0in 0in;width:14.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">96.4%</font></p>    </td>
<td width="14%" height="21" style="border:none;border-bottom:double windowtext 2.25pt;height:15.75pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">98.9%</font></p>    </td>
<td width="14%" height="21" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.75pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">97.5%</font></p>    </td>
<td width="14%" height="21" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;height:15.75pt;padding:0in 0in 0in 0in;width:14.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">98.2%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 48.0pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Base December&nbsp;2013= 100</font></p>
<p style="margin:0in 0in .0001pt 48.0pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Base December&nbsp;2017= 100</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">7.</font></i></b><font size="2" style="font-size:11.0pt;">&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Consolidated ratios</font></i></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr style="page-break-inside:avoid;">
<td width="49%" colspan="2" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="34%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.24%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">03.31.21</font></b></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">03.31.20</font></b></p>    </td>
<td width="17%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">03.31.19</font></b></p>    </td>
<td width="16%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:16.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">03.31.18</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="34%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Liquidity (1)</font></p>    </td>
<td width="14%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0.60</font></p>    </td>
<td width="17%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0.70</font></p>    </td>
<td width="17%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0.73</font></p>    </td>
<td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:16.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0.50</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="34%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Solvency (2)</font></p>    </td>
<td width="14%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1.10</font></p>    </td>
<td width="17%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1.16</font></p>    </td>
<td width="17%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1.58</font></p>    </td>
<td width="16%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:16.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1.73</font></p>    </td>   </tr>
<tr height="14" style="height:10.4pt;page-break-inside:avoid;">
<td width="34%" height="14" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.4pt;padding:0in 0in 0in 0in;width:34.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Locked-up capital (3)</font></p>    </td>
<td width="14%" height="14" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.4pt;padding:0in 0in 0in 0in;width:14.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0.92</font></p>    </td>
<td width="17%" height="14" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.4pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0.90</font></p>    </td>
<td width="17%" height="14" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.4pt;padding:0in 0in 0in 0in;width:17.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0.91</font></p>    </td>
<td width="16%" height="14" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;height:10.4pt;padding:0in 0in 0in 0in;width:16.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0.90</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:7.0pt;">1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Current assets/Current liabilities.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:7.0pt;">2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Total equity/Total liabilities.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:7.0pt;">3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Non-current assets/Total assets.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font face="Arial" style="font-weight:bold;">VII</font></b><a name="PB_VII_091312_1316"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='VII',FILE='C:\JMS\109920\21-14904-3\task10460871\14904-3-ca.htm',USER='109920',CD='May 13 12:49 2021' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">8.</font></i></b><font size="2" style="font-size:11.0pt;">&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Outlook</font></i></b></p>
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">While 2020 has provided us with great learnings and allowed us to develop a greater sense of individual and social resilience and allowed us to adapt to changing environments, we know that the challenges ahead in 2021 will not be so different. Not only a high commitment from all sectors of society will continue to be key, but also a greater articulation between public and private activity will be key, to face the economic and health scenario in the coming months.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">During April&nbsp;and since the </font><font face="Arial">resurgence of the second wave of circulation of </font><font face="Arial">COVID-19 in the southern hemisphere in general and in Argentina in particular, the National Government established new measures to control the community circulation of the virus throughout the national territory.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The outlook of new periods of isolation similar to those we have experienced in most of 2020, prompts us to continue strengthening our networks to ensure that Argentines continue to learn, work, study and entertain thanks to the essential services provided by Telecom.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, the macroeconomic variables continued to deteriorate, coupled with an economic slowdown and recession in several sectors of the national economy. For most of the companies in Argentina, the current environment causes a further deterioration of the economic situation, which poses a highly challenging 2021 for the sustainability of businesses in general, situation that also affects the ICT industry.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In this sense, the economic scenario has forced us to strongly focus our management on achieving operational efficiencies to maintain growth levels in line with the investments undertaken.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom&#146;s economic-financial results, as those of other companies operating in the country, reflect the impact of the inflationary processes and exchange rate fluctuations, especially considering that our main source of income is in pesos, while our industry requires intensive dollarized investments for the deployment of infrastructure and development of systems.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition to the complex macroeconomic context in Argentina, there is greater uncertainty for ICT services companies arising from the issuance of Decree No.&nbsp;690/20, whereby the PEN declared ICT services as public services provided on a competitive basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom, as well as the whole ICT services industry, believes that this change of rules&nbsp;in the regulatory framework of the industry will have a detrimental effect since, apart from unnecessarily declaring ICT as public services, the Decree introduces, among other provisions, price controls, transforming prices set on a competitive basis into rates that are regulated by the Government, which could affect the sustainability of the operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">This arbitrary and unnecessary regulation is the subject of administrative and judicial actions driven by various participants of the industry in order to defend not only the operations of the thousands of companies of the industry, but also the sources of quality work of the hundreds thousands employees, the quality of service we provide to millions of customers who increasingly need more and better connectivity to carry out their daily activities, and for the entire value chain. Because every day is more evident that the digital economy is the key to the recovery and development of Argentina in the coming years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As a consequence of this situation, Telecom and other companies in the industry are currently under the protection of the precautionary measure issued by the Federal Court of C&#243;rdoba No.&nbsp;1 that expanded its provision in favor of ATVC to its associates, among them, Telecom Argentina, ratifying the suspension of DNU N&#176; 690/20 and all measures provided as a result of such decree. Additionally, Telecom</font><font face="Arial"> initiated legal proceedings challenging the constitutionality of </font><font face="Arial">DNU No.&nbsp;690/20</font><font face="Arial"> and the ENACOM Resolutions </font><font face="Arial">provided as a consequence, and </font><font face="Arial">requesting a preliminary injunction that would suspend its application. </font><font face="Arial">On April&nbsp;30, 2021, the Chamber of the </font><font face="Arial">Federal Court of Appeals on Administrative Litigation Matters</font><font face="Arial"> decided to accept the Company&#146;s appeal, ordering the suspension of the effects of sections 1 to 6 of DNU No.&nbsp;690/20 and resolutions provided as a consequence and their non-applicability to the Company for a period of six months.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">However, we consider essential to deepen the path towards cooperation between private and public sectors and civil organizations, to overcome this regulatory contingency, in order to continue expanding the digitalization possibilities for society as a whole, which requires a high commitment of investment that companies have been sustaining uninterruptedly for years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In Telecom we maintain our vision of developing an ecosystem of platforms leveraged on connectivity and supported by a digital and cultural transformation process focused on the experience of our customers, which we have given an extraordinary boost during the pandemic.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Our sense of permanent innovation drives us not only to maintain current services, but also to expand our footprint towards new solutions, enablers and platforms that empower people&#146;s lives and organizations. We cannot and we do not want to stop the future, and as proof of this commitment we switch on the first 5G network in Argentina, enabling ten mobile sites in the cities of Buenos Aires and Rosario.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font face="Arial" style="font-weight:bold;">VIII</font></b><a name="PB_VIII_092146_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='VIII',FILE='C:\JMS\109920\21-14904-3\task10460871\14904-3-ca.htm',USER='109920',CD='May 13 12:49 2021' -->

<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In the same way, we managed to ensure the continuity of the Company&#146;s operations, thanks to the remote work and efforts of our 23,000 employees, maintaining the quality of the service and satisfaction level of our more than 29 million customers, and also minimizing the possible negative impact on the Company&#146;s results.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">We expect to continue our transformation path, consolidating our new operating model and reaching new transformation milestones towards the full digitalization of our operations to become more efficient, agile and digital, to continue boosting in our country the growth of digital economy and generating value for our customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr height="14" style="height:10.75pt;">
<td width="63%" height="14" valign="top" style="height:10.75pt;padding:0in 0in 0in 0in;width:63.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="36%" height="14" valign="top" style="height:10.75pt;padding:0in 0in 0in 0in;width:36.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Carlos Moltini</font></b></p>    </td>   </tr>
<tr height="17" style="height:12.5pt;">
<td width="63%" height="17" valign="top" style="height:12.5pt;padding:0in 0in 0in 0in;width:63.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="36%" height="17" valign="top" style="height:12.5pt;padding:0in 0in 0in 0in;width:36.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Chairman of the Board of Directors</font></u></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font face="Arial" style="font-weight:bold;">IX</font></b><a name="PB_IX_092354_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='IX',FILE='C:\JMS\109920\21-14904-3\task10460871\14904-3-ca.htm',USER='109920',CD='May 13 12:49 2021' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:solid windowtext 1.5pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CORPORATE INFORMATION</font></b><a name="CORPORATEINFORMATION_124944"></a></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">INDEPENDENT AUDITORS</font></u></b><font face="Arial"> Price Waterhouse&nbsp;&amp; Co S.R.L. (member of PricewaterhouseCoopers)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;"><b><font size="2" face="Arial" style="border:solid windowtext 1.0pt;font-size:10.0pt;font-weight:bold;padding:0in;">BYMA</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="80%" style="border:none;border-collapse:collapse;margin-left:.25in;width:80.1%;">
<tr>
<td width="16%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="49%" colspan="2" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:49.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Market quotation ($/share)</font></b></p>    </td>
<td width="34%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:34.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Volume of shares</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Quarter</font></b></p>    </td>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:25.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">High</font></b></p>    </td>
<td width="24%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:24.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Low</font></b></p>    </td>
<td width="34%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0.375pt 0in;width:34.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">traded (in millions)</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1Q20</font></b></p>    </td>
<td width="25%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">215.35</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.3%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">141.20</font></p>    </td>
<td width="34%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2.4</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2Q20</font></b></p>    </td>
<td width="25%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">259.35</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.3%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">151.95</font></p>    </td>
<td width="34%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.7</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3Q20</font></b></p>    </td>
<td width="25%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">235.00</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.3%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">166.15</font></p>    </td>
<td width="34%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.7</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4Q20</font></b></p>    </td>
<td width="25%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">269.95</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.3%;">
<p align="right" style="font-size:10.0pt;margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">189</font><font face="Arial">.00</font></p>    </td>
<td width="34%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.7</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1Q21</font></b></p>    </td>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:25.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">206.65</font></p>    </td>
<td width="24%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:24.3%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">157.00</font></p>    </td>
<td width="34%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 1pt 0in;width:34.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.5</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 17.1pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 17.1pt;text-align:justify;"><b><font size="2" face="Arial" style="border:solid windowtext 1.0pt;font-size:10.0pt;font-weight:bold;padding:0in;">NYSE*</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="80%" style="border:none;border-collapse:collapse;margin-left:.25in;width:80.08%;">
<tr>
<td width="16%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="49%" colspan="2" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:49.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Market quotation (US$/ADS)</font></b></p>    </td>
<td width="34%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:34.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Volume of ADSs</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Quarter</font></b></p>    </td>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:25.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">High</font></b></p>    </td>
<td width="24%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:24.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Low</font></b></p>    </td>
<td width="34%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0.375pt 0in;width:34.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">traded (in millions)</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1Q20</font></b></p>    </td>
<td width="25%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">12.22</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.3%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7.79</font></p>    </td>
<td width="34%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">11.4</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2Q20</font></b></p>    </td>
<td width="25%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">11.44</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.3%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.64</font></p>    </td>
<td width="34%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14.1</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3Q20</font></b></p>    </td>
<td width="25%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10.26</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.3%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.47</font></p>    </td>
<td width="34%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">12.4</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4Q20</font></b></p>    </td>
<td width="25%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9.12</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.3%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.41</font></p>    </td>
<td width="34%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16.6</font></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:16.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1Q21</font></b></p>    </td>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:25.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.76</font></p>    </td>
<td width="24%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:24.3%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.35</font></p>    </td>
<td width="34%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 1pt 0in;width:34.1%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">18.7</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">* Calculated at 1 ADS = 5 shares</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">INVESTOR RELATIONS</font></u></b><font face="Arial"> for information about Telecom Argentina S.A., please contact:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="44%" style="border:none;border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="100%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">In Argentina</font></b></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina S.A.</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Investor Relations Division</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Alicia Moreau de Justo 50, 10</font><font size="1" face="Arial" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font><font face="Arial">&nbsp;Floor</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">(1107) Autonomous City of Buenos Aires</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Argentina</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Tel: 54-11-4968-3628</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 19.95pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>
<table border="1" cellspacing="0" cellpadding="0" width="44%" style="border:none;border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="100%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Outside   Argentina</font></b></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">JPMorgan Chase Bank N.A.</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">383 Madison Avenue, Floor 11</font><font face="Arial">.</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">New York, NY10179</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Attn: Depositary Receipts Group</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Tel: +1 212 622 5935</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">INTERNET</font></u></b><font face="Arial"> http://institucional.telecom.com.ar/inversores/</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">DEPOSIT AND TRANSFER AGENT FOR ADSs</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="44%" style="border:none;border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="100%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">JPMorgan Chase Bank N.A.</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">383 Madison Avenue, Floor 11</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">New York, NY10179</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Arial" style="font-size:10.0pt;">Attn: Depositary Receipts Group</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;"><u><font size="2" color="blue" face="Arial" style="color:blue;font-size:10.0pt;">adr@jpmorgan.com</font></u><font face="Arial"> &#151; <u><font color="blue" style="color:blue;">www.adr.com</font></u></font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109920\21-14904-3\task10460871\14904-3-ca.htm',USER='109920',CD='May 13 12:49 2021' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.6%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Telecom   </font></b><b>Argentina S.A.</b></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.6%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.6%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.6%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.6%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.6%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May&nbsp;14, 2021</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;/s/ Fernando J.   Balmaceda</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;Name:</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fernando J. Balmaceda</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;Title:</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Responsible for   Market Relations</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\109920\21-14904-3\task10460871\14904-3-ca.htm',USER='109920',CD='May 13 12:49 2021' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g149043bui001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g149043bui001.jpg
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*[GO1@9SCFEK_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
