<SEC-DOCUMENT>0001104659-21-104803.txt : 20210813
<SEC-HEADER>0001104659-21-104803.hdr.sgml : 20210813
<ACCEPTANCE-DATETIME>20210813113700
ACCESSION NUMBER:		0001104659-21-104803
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210813
FILED AS OF DATE:		20210813
DATE AS OF CHANGE:		20210813

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:		211170625

	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>a21-24836_16k.htm
<DESCRIPTION>6-K
<TEXT>


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<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>
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<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;">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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><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="5" face="Arial" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;6-K</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;">REPORT OF FOREIGN PRIVATE ISSUER</font></b></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;">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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><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="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;">For the month of August&nbsp;2021</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;">Commission File Number: 001-13464</font></p>
<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><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="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="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;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>
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<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="3" face="Arial" style="font-size:12.0pt;">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>
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<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>
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<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>
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<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="3" face="Arial" style="font-size:12.0pt;">X</font></p>    </td>   </tr>  </table>
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<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>
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<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>
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<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>
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<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="3" face="Arial" style="font-size:12.0pt;">X</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<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 OF CONTENTS</font><a name="TableOfContents"></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;"><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 .5in;text-align:justify;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">1.</font></i></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><a href="#UnauditedCondensedConsolidatedFi_084955"><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">English translation of the (i)&nbsp;Unaudited Condensed Consolidated Financial Statements of Telecom Argentina S.A. as of June&nbsp;30, 2021, and (ii)&nbsp;Telecom Argentina S.A.&#180;s Operating and Financial Review and Prospects as of June&nbsp;30, 2021</font></i></b></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<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="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>
<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>
<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 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="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;">Unaudited Condensed Consolidated Financial Statements as of June&nbsp;30, 2021</font></b><a name="UnauditedCondensedConsolidatedFi_084955"></a></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>
<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;"><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="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 .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;">$95.72 = US$1</font></b><b><font face="Arial" style="font-weight:bold;"> as of June&nbsp;30, 2021</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<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="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;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></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 style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">AS OF JUNE 30, 2021 AND 2020</font></u></b></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 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="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 31.7pt;text-indent:-10.1pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Unaudited   consolidated financial statements</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
<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>   </tr>
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<p style="margin:6.0pt 0in .0001pt 38.9pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDSTATEMENTSOFFINANCIA_092420" title="Click to goto "><font face="Arial">Unaudited consolidated statements of   financial position</font></a></font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">F-1</font></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt 38.9pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDINCOMESTATEMENTS_092423" title="Click to goto "><font face="Arial">Unaudited consolidated income   statements</font></a></font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">F-2</font></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt 38.9pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDSTATEMENTSOFCOMPREHE_092427" title="Click to goto "><font face="Arial">Unaudited consolidated statements of   comprehensive income</font></a></font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">F-3</font></p>    </td>   </tr>
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<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.16%;">
<p style="margin:6.0pt 0in .0001pt 38.9pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDSTATEMENTSOFCHANGESI_094453" title="Click to goto "><font face="Arial">Unaudited consolidated statements of   changes in equity</font></a></font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">F-4</font></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt 38.9pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDSTATEMENTSOFCASHFLOW_100136" title="Click to goto "><font face="Arial">Unaudited consolidated statements of   cash flows</font></a></font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">F-5</font></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt 38.9pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#NOTESTOTHEUNAUDITEDCONSOLIDATEDF_100132" title="Click to goto "><font face="Arial">Notes to the unaudited consolidated   financial statements</font></a></font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">F-6</font></p>    </td>   </tr>
<tr>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.16%;">
<p style="margin:6.0pt 0in .0001pt 31.7pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#OPERATINGANDFINANCIALREVIEWANDPR_034812" 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="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">I</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 31.7pt;text-indent:-10.1pt;"><b><font size="2" face="Arial" 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:10.84%;">
<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>
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<p style="margin:0in 0in .0001pt 31.7pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CORPORATEINFORMATION_032552" title="Click to goto "><b><font face="Arial" style="font-weight:bold;">Corporate   information</font></b></a></font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
<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="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>
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<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:10.0pt;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_092420"></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>
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<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;">June&nbsp;30,</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>
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<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">16,414</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;">23,219</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">34,529</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">8,199</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;">20,806</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;">23,756</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">6,617</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">6,913</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;">3,329</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;">4,665</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">81,695</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">66,752</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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">65</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">74</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;">2,025</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;">2,006</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">492</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">516</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;">2,466</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;">2,696</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">315,425</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">315,702</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;">385,976</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;">402,120</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">124,916</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">130,370</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;">26,354</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;">22,273</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">857,719</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">875,757</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;">939,414</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;">942,509</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">42,912</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">49,325</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;">52,717</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;">52,138</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">13,078</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">17,967</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;">6,945</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;">4,686</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:56.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dividends payables</font></p>    </td>
<td width="10%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">321</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">-</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;">5,445</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;">4,181</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">2,326</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">2,584</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;">1,993</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;">2,026</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;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;">125,737</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;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;">132,907</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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">1,665</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">3,068</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;">187,568</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;">198,762</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">1,035</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">1,053</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;">120,248</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;">99,851</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">-</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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</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;">10,608</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;">8,730</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">1,408</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">1,449</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;">8,316</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;">9,352</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">330,848</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">322,272</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;">456,585</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;">455,179</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">475,664</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;">479,310</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;"><font size="2" face="Arial" style="font-size:10.0pt;">7,165</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">8,020</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 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;">482,829</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;">487,330</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">939,414</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">942,509</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 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_224203_7748"></a></p>
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<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:10.0pt;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_092423"></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>
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<td width="49%" height="32" valign="top" bgcolor="white" style="background:white;height:24.15pt;padding:0in 0in 0in 0in;width:49.58%;">
<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%" height="32" valign="top" bgcolor="white" style="background:white;height:24.15pt;padding:0in 0in 0in 0in;width:5.8%;">
<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="21%" colspan="2" height="32" valign="top" bgcolor="white" style="background:white;height:24.15pt;padding:0in 0in 0in 0in;width:21.72%;">
<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 June&nbsp;30,</font></u></b></p>    </td>
<td width="1%" height="32" valign="top" bgcolor="white" style="background:white;height:24.15pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="21%" colspan="2" height="32" valign="top" bgcolor="white" style="background:white;height:24.15pt;padding:0in 0in 0in 0in;width:21.44%;">
<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;">Six-month periods<br>   ended June&nbsp;30,</font></u></b></p>    </td>   </tr>
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<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%" height="15" valign="top" style="height:11.2pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" style="height:11.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<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="10%" height="15" valign="top" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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>
<td width="1%" height="15" valign="top" style="height:11.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="15" valign="top" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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" style="height:11.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<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 height="16" style="height:12.05pt;">
<td width="49%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">88,430</font></b></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">97,664</font></b></p>    </td>
<td width="1%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">180,018</font></b></p>    </td>
<td width="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:11.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">196,999</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="49%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">(18,193)</font></p>    </td>
<td width="10%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(18,121)</font></p>    </td>
<td width="1%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(35,203)</font></p>    </td>
<td width="11%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">(36,677)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="49%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">(3,103)</font></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(3,720)</font></p>    </td>
<td width="1%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(6,646)</font></p>    </td>
<td width="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">(6,911)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="49%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">(10,170)</font></p>    </td>
<td width="10%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(9,750)</font></p>    </td>
<td width="1%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(20,505)</font></p>    </td>
<td width="11%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">(20,636)</font></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="49%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">(6,814)</font></p>    </td>
<td width="10%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(7,341)</font></p>    </td>
<td width="1%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(13,937)</font></p>    </td>
<td width="11%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">(14,904)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="49%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">(5,188)</font></p>    </td>
<td width="10%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(4,880)</font></p>    </td>
<td width="1%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(10,050)</font></p>    </td>
<td width="11%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">(10,531)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="49%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">(4,881)</font></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(3,045)</font></p>    </td>
<td width="1%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(9,221)</font></p>    </td>
<td width="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">(6,607)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="49%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">(5,799)</font></p>    </td>
<td width="10%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(6,024)</font></p>    </td>
<td width="1%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(12,548)</font></p>    </td>
<td width="11%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">(13,504)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="49%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">(1,962)</font></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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="1%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(3,113)</font></p>    </td>
<td width="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">(8,049)</font></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="49%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" style="height:11.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">(4,402)</font></p>    </td>
<td width="10%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(3,278)</font></p>    </td>
<td width="1%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(7,541)</font></p>    </td>
<td width="11%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">(7,307)</font></p>    </td>   </tr>
<tr height="17" style="height:12.5pt;">
<td width="49%" height="17" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.5pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="17" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.5pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.5pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">(28,590)</font></p>    </td>
<td width="10%" height="17" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.5pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(24,375)</font></p>    </td>
<td width="1%" height="17" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.5pt;padding:0in 0in 0in 0in;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="17" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.5pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(55,949)</font></p>    </td>
<td width="11%" height="17" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.5pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">(50,108)</font></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="49%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Operating (loss) income</font></b></p>    </td>
<td width="5%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" style="height:11.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(672)</font></b></p>    </td>
<td width="10%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">12,639</font></b></p>    </td>
<td width="1%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">5,305</font></b></p>    </td>
<td width="11%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">21,765</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="49%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:11.58%;">
<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</font></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">179</font></p>    </td>
<td width="1%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">115</font></p>    </td>
<td width="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">324</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="49%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Debt financial results</font></p>    </td>
<td width="5%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">8,713</font></p>    </td>
<td width="10%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(14,261)</font></p>    </td>
<td width="1%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">12,145</font></p>    </td>
<td width="11%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">(19,158)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="49%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">2,364</font></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">2,472</font></p>    </td>
<td width="1%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">6,445</font></p>    </td>
<td width="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">4,957</font></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="49%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" style="height:11.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">10,429</font></b></p>    </td>
<td width="10%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">1,029</font></b></p>    </td>
<td width="1%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">24,010</font></b></p>    </td>
<td width="11%" height="15" style="height:11.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">7,888</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="49%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">(22,100)</font></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(2,264)</font></p>    </td>
<td width="1%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(25,682)</font></p>    </td>
<td width="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">(4,943)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="49%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net (loss) income for the period</font></b></p>    </td>
<td width="5%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" style="border:none;border-bottom:double windowtext 1.5pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(11,671)</font></b></p>    </td>
<td width="10%" height="16" style="border:none;border-bottom:double windowtext 1.5pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(1,235)</font></b></p>    </td>
<td width="1%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" style="border:none;border-bottom:double windowtext 1.5pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(1,672)</font></b></p>    </td>
<td width="11%" height="16" style="border:none;border-bottom:double windowtext 1.5pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">2,945</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="49%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:5.8%;">
<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="11%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<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="10%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="1%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="11%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<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="49%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.8%;">
<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="11%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.58%;">
<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="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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="1%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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="11%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.28%;">
<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>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="49%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Controlling Company</font></p>    </td>
<td width="5%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">(11,703)</font></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(1,415)</font></p>    </td>
<td width="1%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(2,005)</font></p>    </td>
<td width="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.05pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">2,619</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="49%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.8%;">
<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" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">32</font></p>    </td>
<td width="10%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">180</font></p>    </td>
<td width="1%" height="16" style="height:12.05pt;padding:0in 0in 0in 0in;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">333</font></p>    </td>
<td width="11%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.28%;">
<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 height="15" style="height:11.2pt;">
<td width="49%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:5.8%;">
<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="11%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:11.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(11,671)</font></b></p>    </td>
<td width="10%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:11.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(1,235)</font></b></p>    </td>
<td width="1%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:11.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(1,672)</font></b></p>    </td>
<td width="11%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:11.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">2,945</font></b></p>    </td>   </tr>
<tr height="12" style="height:8.95pt;">
<td width="49%" height="12" valign="bottom" style="height:8.95pt;padding:0in 0in 0in 0in;width:49.58%;">
<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="5%" height="12" valign="bottom" style="height:8.95pt;padding:0in 0in 0in 0in;width:5.8%;">
<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>    </td>
<td width="11%" height="12" valign="bottom" style="height:8.95pt;padding:0in 0in 0in 0in;width:11.58%;">
<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="10%" height="12" valign="bottom" style="height:8.95pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="1%" height="12" valign="bottom" style="height:8.95pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="12" valign="bottom" style="height:8.95pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="11%" height="12" valign="bottom" style="height:8.95pt;padding:0in 0in 0in 0in;width:11.28%;">
<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="25" style="height:18.45pt;">
<td width="49%" height="25" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:18.45pt;padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Earnings (losses) per share attributable to Controlling Company -   Basic and diluted</font></b></p>    </td>
<td width="5%" height="25" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:18.45pt;padding:0in 0in 0in 0in;width:5.8%;">
<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;">1.d</font></b></p>    </td>
<td width="11%" height="25" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:18.45pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(5.43)</font></b></p>    </td>
<td width="10%" height="25" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:18.45pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(0.66)</font></b></p>    </td>
<td width="1%" height="25" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:18.45pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="25" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:18.45pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(0.93)</font></b></p>    </td>
<td width="11%" height="25" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:18.45pt;padding:0in 0in 0in 0in;width:11.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">1.22</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 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="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_224203_141"></a></p>
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<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:10.0pt;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_092427"></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;width:100.0%;">
<tr height="33" style="height:24.45pt;">
<td width="55%" height="33" valign="top" bgcolor="white" style="background:white;height:24.45pt;padding:0in 0in 0in 0in;width:55.38%;">
<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="21%" colspan="2" height="33" valign="top" bgcolor="white" style="background:white;height:24.45pt;padding:0in 0in 0in 0in;width:21.72%;">
<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 June&nbsp;30,</font></u></b></p>    </td>
<td width="1%" height="33" valign="top" bgcolor="white" style="background:white;height:24.45pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="21%" colspan="2" height="33" valign="top" bgcolor="white" style="background:white;height:24.45pt;padding:0in 0in 0in 0in;width:21.44%;">
<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;">Six-month periods<br>   ended June&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="55%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:55.38%;">
<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="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:11.58%;">
<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="10%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:10.14%;">
<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>
<td width="1%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:10.14%;">
<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:11.28%;">
<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 height="16" style="height:12.2pt;">
<td width="55%" height="16" valign="top" style="height:12.2pt;padding:0in 0in 0in 0in;width:55.38%;">
<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="11%" height="16" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<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="10%" height="16" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="1%" height="16" valign="top" style="height:12.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<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="55%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:55.38%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net (loss) income for the period</font></b></p>    </td>
<td width="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(11,671)</font></b></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(1,235)</font></b></p>    </td>
<td width="1%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(1,672)</font></b></p>    </td>
<td width="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">2,945</font></b></p>    </td>   </tr>
<tr height="5" style="height:4.1pt;">
<td width="55%" height="5" style="height:4.1pt;padding:0in 0in 0in 0in;width:55.38%;">
<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="11%" height="5" style="height:4.1pt;padding:0in 0in 0in 0in;width:11.58%;">
<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="10%" height="5" style="height:4.1pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="1%" height="5" style="height:4.1pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="5" style="height:4.1pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="11%" height="5" style="height:4.1pt;padding:0in 0in 0in 0in;width:11.28%;">
<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="55%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:55.38%;">
<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="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<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="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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="1%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<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>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="55%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:55.38%;">
<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="11%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">(2,272)</font></p>    </td>
<td width="10%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">344</font></p>    </td>
<td width="1%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(2,246)</font></p>    </td>
<td width="11%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">(1,245)</font></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:55.38%;">
<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="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">73</font></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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="1%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">142</font></p>    </td>
<td width="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">(485)</font></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" style="height:12.2pt;padding:0in 0in 0in 0in;width:55.38%;">
<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="11%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<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)</font></p>    </td>
<td width="10%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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)</font></p>    </td>
<td width="1%" height="16" style="height:12.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(49)</font></p>    </td>
<td width="11%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">133</font></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:55.38%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other comprehensive (loss) income, net of tax</font></b></p>    </td>
<td width="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(2,214)</font></b></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">362</font></b></p>    </td>
<td width="1%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(2,153)</font></b></p>    </td>
<td width="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(1,597)</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="55%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:55.38%;">
<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="11%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="1%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">&nbsp;</font></p>    </td>
<td width="11%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:11.28%;">
<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="55%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:55.38%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total comprehensive (loss) income for the period</font></b></p>    </td>
<td width="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(13,885)</font></b></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(873)</font></b></p>    </td>
<td width="1%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(3,825)</font></b></p>    </td>
<td width="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">1,348</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" style="height:12.2pt;padding:0in 0in 0in 0in;width:55.38%;">
<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="11%" height="16" style="height:12.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<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="10%" height="16" style="height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="1%" height="16" style="height:12.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" style="height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">&nbsp;</font></p>    </td>
<td width="11%" height="16" style="height:12.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<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="55%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:55.38%;">
<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="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<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="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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="1%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<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>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="55%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:55.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Controlling   Company</font></p>    </td>
<td width="11%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">(13,393)</font></p>    </td>
<td width="10%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(1,156)</font></p>    </td>
<td width="1%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(3,664)</font></p>    </td>
<td width="11%" height="15" style="height:11.35pt;padding:0in 0in 0in 0in;width:11.28%;">
<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>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:55.38%;">
<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="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<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;">(492)</font></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">283</font></p>    </td>
<td width="1%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(161)</font></p>    </td>
<td width="11%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<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;">36</font></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" style="height:12.2pt;padding:0in 0in 0in 0in;width:55.38%;">
<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="16" style="border:none;border-bottom:double windowtext 1.5pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(13,885)</font></b></p>    </td>
<td width="10%" height="16" style="border:none;border-bottom:double windowtext 1.5pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(873)</font></b></p>    </td>
<td width="1%" height="16" style="height:12.2pt;padding:0in 0in 0in 0in;width:1.46%;">
<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="10%" height="16" style="border:none;border-bottom:double windowtext 1.5pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">(3,825)</font></b></p>    </td>
<td width="11%" height="16" style="border:none;border-bottom:double windowtext 1.5pt;height:12.2pt;padding:0in 0in 0in 0in;width:11.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">1,348</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 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_224203_7608"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<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="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFCHANGESI_094453"></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>
<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;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Owners   contribution</font></b></p>    </td>
<td width="35%" colspan="6" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:35.84%;">
<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>   adjustment<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;">Contributed<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>   implementation</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>   investments</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>   (2)</font></b></p>    </td>
<td width="6%" 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:6.04%;">
<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>   comprehensive<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">2,154</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">115,540</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">334,240</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">6,644</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">2,561</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">8,662</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">64,765</font></b></p>    </td>
<td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.04%;">
<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;">2,668</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(5,050)</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(1,107)</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(10,559)</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">520,518</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">8,133</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">528,651</font></b></p>    </td>   </tr>
<tr>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Resolutions of the General Ordinary and   Extraordinary Shareholders&#146; Meeting held on April&nbsp;28, 2020:</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="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.04%;">
<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>
<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%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">- Absorption of negative Retained earnings</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(3,057)</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(7,442)</font></p>    </td>
<td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.04%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">10,499</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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>   </tr>
<tr>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">- Reserves </font><font size="1" face="Arial" style="font-size:6.0pt;">reallocation</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;">(17,232)</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;">(5,605)</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;">17,232</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.04%;">
<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;">5,605</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>   </tr>
<tr>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Dividends to non-controlling shareholders (3)</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.04%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(463)</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(463)</font></b></p>    </td>   </tr>
<tr>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Irrevocable Call and Put Option on the shares of AVC   Continente Audiovisual valuation adjustment (4)</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="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.04%;">
<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;">12</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;">12</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;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">12</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><u><font size="1" face="Arial" style="font-size:6.0pt;">Comprehensive income:</font></u></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.04%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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>   </tr>
<tr>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><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" 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="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.04%;">
<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;">2,619</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;">2,619</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;">326</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;">2,945</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;&nbsp; Other comprehensive income</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.04%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(1,307)</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(1,307)</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(290)</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(1,597)</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 7.0pt;"><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" 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="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.04%;">
<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;">(1,307)</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;">2,619</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;">1,312</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;">36</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;">1,348</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.04%;">
<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;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">&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 7.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances   as of June&nbsp;30, 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" color="black" face="Arial" style="color:black;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;">115,540</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;">317,008</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;">6,644</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;">2,561</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></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;">74,555</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.04%;">
<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;">8,273</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;">(6,357)</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;">(1,095)</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;">2,559</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;">521,842</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;">7,706</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;">529,548</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.04%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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 7.0pt;"><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" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">115,540</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;">317,008</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;">6,644</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;">2,561</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;">50,602</font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.04%;">
<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;">(6,910)</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;">(1,067)</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;">(7,222)</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;">479,310</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;">8,020</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;">487,330</font></b></p>    </td>   </tr>
<tr>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Resolutions of the General Ordinary and   Extraordinary Shareholders&#146; Meeting held on April&nbsp;28, 2021:</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.04%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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%" style="padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">- Absorption of negative Retained earnings</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;">(7,162)</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.04%;">
<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;">7,162</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;">-</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;">-</font></b></p>    </td>   </tr>
<tr>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">- Reserves </font><font size="1" face="Arial" style="font-size:6.0pt;">reallocation</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(14,686)</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">14,686</font></p>    </td>
<td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.04%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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>   </tr>
<tr>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Dividends to non-controlling shareholders (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="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.04%;">
<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;"><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;"><font size="1" face="Arial" style="font-size:6.0pt;">(694)</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;">(694)</font></b></p>    </td>   </tr>
<tr>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Irrevocable Call and Put Option on the shares of AVC   Continente Audiovisual value adjustment (4)</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.04%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">18</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">18</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">18</font></b></p>    </td>   </tr>
<tr>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><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="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.04%;">
<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>
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;&nbsp; Net (loss)   income for the period</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.04%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(2,005)</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(2,005)</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">333</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(1,672)</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 7.0pt;"><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="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.04%;">
<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;">(1,659)</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;">(1,659)</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;">(494)</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;">(2,153)</font></b></p>    </td>   </tr>
<tr>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.04%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(1,659)</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(2,005)</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(3,664)</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(161)</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(3,825)</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 7.0pt;"><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;"><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="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.04%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.48%;">
<p style="margin:0in 0in .0001pt 7.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances   as of June&nbsp;30, 2021</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">115,540</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">302,322</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">6,644</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">2,561</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">58,126</font></b></p>    </td>
<td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.04%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(8,569)</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(1,049)</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(2,065)</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">475,664</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">7,165</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">482,829</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 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;Corresponds to non-controlling interest of N&#250;cleo.</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(4)&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 $133 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="Arial" style="font-size:7.0pt;">&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;">4</font></b><a name="PB_4_214446_8356"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<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="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:7.0pt;">&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_100136"></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="16" style="height:12.25pt;">
<td width="67%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="24%" colspan="2" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:24.0%;">
<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;">Six-month periods<br>   ended June&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr height="10" style="height:.1in;">
<td width="67%" height="10" valign="top" style="height:.1in;padding:0in 0in 0in 0in;width:67.0%;">
<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="10" valign="top" style="height:.1in;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="10" valign="top" style="height:.1in;padding:0in 0in 0in 0in;width:12.0%;">
<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="12%" height="10" valign="top" style="height:.1in;padding:0in 0in 0in 0in;width:12.0%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<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="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<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" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net (loss) income for   the period</font></p>    </td>
<td width="9%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,672)</font></p>    </td>
<td width="12%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,945</font></p>    </td>   </tr>
<tr>
<td width="67%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<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="12%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<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" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,352</font></p>    </td>
<td width="12%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,260</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">7</font></b></p>    </td>
<td width="12%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">44,931</font></p>    </td>
<td width="12%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">40,001</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">8</font></b></p>    </td>
<td width="12%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6,432</font></p>    </td>
<td width="12%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6,233</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">9</font></b></p>    </td>
<td width="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,073</font></p>    </td>
<td width="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,650</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">2.a</font></b></p>    </td>
<td width="12%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(115)</font></p>    </td>
<td width="12%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(324)</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:67.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Disposals of fixed assets and <font color="black" style="color:black;">consumption of materials</font></font></p>    </td>
<td width="9%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,011</font></p>    </td>
<td width="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">614</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(18,783)</font></p>    </td>
<td width="12%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">10,973</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">13</font></b></p>    </td>
<td width="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">25,682</font></p>    </td>
<td width="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,943</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(830)</font></p>    </td>
<td width="12%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,087)</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">2.b</font></b></p>    </td>
<td width="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10,533)</font></p>    </td>
<td width="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(11,582)</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Net increase in liabilities</font></p>    </td>
<td width="9%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">2.b</font></b></p>    </td>
<td width="12%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,792</font></p>    </td>
<td width="12%" height="16" style="border:none;border-bottom:solid black 1.0pt;height:12.25pt;padding:0in 0in 0.375pt 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,382</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">56,340</font></b></p>    </td>
<td width="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid black 1.0pt;height:11.4pt;padding:0in 0in 0.375pt 0in;width:12.0%;">
<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;">71,008</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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="12%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(31,059)</font></p>    </td>
<td width="12%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(32,759)</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(990)</font></p>    </td>
<td width="12%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<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>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">2.b</font></b></p>    </td>
<td width="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">194</font></p>    </td>
<td width="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">23</font></p>    </td>   </tr>
<tr height="15" style="height:11.1pt;">
<td width="67%" height="15" style="height:11.1pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="15" style="height:11.1pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="15" style="height:11.1pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">28</font></p>    </td>
<td width="12%" height="15" style="height:11.1pt;padding:0in 0in 0in 0in;width:12.0%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:67.0%;">
<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 net acquisitions</font></p>    </td>
<td width="9%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(27,141)</font></p>    </td>
<td width="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,618)</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">(58,968)</font></b></p>    </td>
<td width="12%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">(35,404)</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<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="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<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" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">2.b</font></b></p>    </td>
<td width="12%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">33,323</font></p>    </td>
<td width="12%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">41,587</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">2.b</font></b></p>    </td>
<td width="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(22,382)</font></p>    </td>
<td width="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(30,504)</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">2.b</font></b></p>    </td>
<td width="12%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(11,189)</font></p>    </td>
<td width="12%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(14,192)</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">15</font></b></p>    </td>
<td width="12%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,536)</font></p>    </td>
<td width="12%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,681)</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Payments of cash dividends</font></p>    </td>
<td width="9%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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;">2.b</font></b></p>    </td>
<td width="12%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(330)</font></p>    </td>
<td width="12%" height="16" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(231)</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.4pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">(3,114)</font></b></p>    </td>
<td width="12%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">(7,021)</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="67%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<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="12%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS</font></b></p>    </td>
<td width="9%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">(5,742)</font></b></p>    </td>
<td width="12%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">28,583</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">23,219</font></b></p>    </td>
<td width="12%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">43,647</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="67%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">(1,063)</font></b></p>    </td>
<td width="12%" height="16" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">1,612</font></b></p>    </td>   </tr>
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<td width="67%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:67.0%;">
<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="9%" height="15" style="height:11.4pt;padding:0in 0in 0in 0in;width:9.0%;">
<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="12%" height="15" style="border:none;border-bottom:double windowtext 1.5pt;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">16,414</font></b></p>    </td>
<td width="12%" height="15" style="border:none;border-bottom:double windowtext 1.5pt;height:11.4pt;padding:0in 0in 0in 0in;width:12.0%;">
<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;">73,842</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>
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<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(*)</font></p>    </td>
<td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.22%;">
<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;">Six-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:6.0pt;font-weight:bold;">ended June</font></u></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" style="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:6.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="15%" style="padding:0in 0in 0in 0in;width:15.8%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.78%;">
<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="18%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(707)</font></p>    </td>
<td width="15%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,062)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.78%;">
<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="18%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(123)</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(25)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:18.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(830)</font></b></p>    </td>
<td width="15%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:15.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,087)</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 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 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;">5</font></b><a name="PB_5_032657_7056"></a></p>
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<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:10.0pt;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;"><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></u></b><a name="NOTESTOTHEUNAUDITEDCONSOLIDATEDF_100132"></a></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">AS OF JUNE 30, 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="96%" style="border-collapse:collapse;margin-left:.15in;">
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<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.46%;">
<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:9.54%;">
<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;">Page</font></u></b></p>    </td>   </tr>
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<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.46%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Glossaryofterms_100842" 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:9.54%;">
<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>
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<td width="90%" height="22" valign="top" style="height:16.85pt;padding:0in 0in 0in 0in;width:90.46%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE1BASISOFPREPARATIONOFTHEUNAU_111817" 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:9.54%;">
<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>
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<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.46%;">
<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE2CASHANDCASHEQUIVALENTSANDIN_030131" 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:9.54%;">
<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>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE3TRADERECEIVABLES_030929" 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:9.54%;">
<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>
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<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.46%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE4OTHERRECEIVABLES_030941" 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:9.54%;">
<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>
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<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.46%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE5INVENTORIES_031009" 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:9.54%;">
<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>
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<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.46%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE6GOODWILL_031015" 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:9.54%;">
<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>
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<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.46%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE7PROPERTYPLANTANDEQUIPMENT_031023" 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:9.54%;">
<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>
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<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.46%;">
<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE8INTANGIBLEASSETS_031104" 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:9.54%;">
<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>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE9RIGHTOFUSEASSETS_031110" 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>
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<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>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE10TRADEPAYABLES_031119" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 10 &#150; Trade   payables</font></a></font></p>    </td>
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<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>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE11FINANCIALDEBT_031124" 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:9.54%;">
<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>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE12SALARIESANDSOCIALSECURITYP_031225" 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>
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<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>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE13DEFERREDINCOMETAXASSETSLIA_031230" 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:9.54%;">
<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>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE14TAXESPAYABLES_031310" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 14 &#150; Taxes   payables</font></a></font></p>    </td>
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<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>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE15LEASESLIABILITIES_031321" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 15 &#150; Leases   liabilities</font></a></font></p>    </td>
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<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-23</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE16OTHERLIABILITIES_031329" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 16 &#150; Other   liabilities</font></a></font></p>    </td>
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<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-23</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE17PROVISIONS_031407" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 17 &#150; Provisions</font></a></font></p>    </td>
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<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>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE18ADDITIONALINFORMATION_031419" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 18 &#150; Additional   information</font></a></font></p>    </td>
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<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>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE19PURCHASECOMMITMENTS_031428" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 19 &#150; Purchase   Commitments</font></a></font></p>    </td>
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<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>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE20EQUITY_031433" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 20 &#150; Equity</font></a></font></p>    </td>
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<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>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE21REVENUES_031442" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 21 &#150; Revenues</font></a></font></p>    </td>
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<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>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE22OPERATINGEXPENSES_031527" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 22 &#150; Operating   expenses</font></a></font></p>    </td>
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<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-27</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE23FINANCIALRESULTSNET_031537" 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>
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<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>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE24BALANCESANDTRANSACTIONSWIT_031542" 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>
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<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>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE25RESTRICTIONSONDISTRIBUTION_031626" 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>
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<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-30</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE26IMPACTOFCORONAVIRUSINTELEC_031632" 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>
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<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-30</font></b></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE27RECENTDEVELOPMENTSCORRESPO_031640" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 27 &#150; Recent   developments corresponding to the six-month period ended June&nbsp;30, 2021</font></a></font></p>    </td>
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<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>
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<p style="margin:6.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE28SUBSEQUENTEVENTSTOJUNE3020_031653" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 28 &#150; Subsequent   events to June&nbsp;30, 2021</font></a></font></p>    </td>
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<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-33</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;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;"><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;">6</font></b><a name="PB_6_032657_5335"></a></p>
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<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:10.0pt;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;">Glossary of terms</font></u></b><a name="Glossaryofterms_100842"></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;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="2" face="Arial" style="font-size:10.0pt;">&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="Arial" style="font-size:5.0pt;">&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">LGS</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="Arial" style="font-size:5.0pt;">&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 LGS.</font></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;"><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 LGS.</font></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;"><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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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;">Fintech:</font></i><font face="Arial"> Fintech Telecom LCC, a Telecom shareholder.</font></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;"><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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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;"><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;">7</font></b><a name="PB_7_032657_5796"></a></p>
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<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:10.0pt;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="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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="Arial" style="font-size:5.0pt;">&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="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 these unaudited consolidated financial statements, unless otherwise stated, Argentine peso amounts are stated in millions.</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;">8</font></b><a name="PB_8_032657_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<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>
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<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>
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<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_111817"></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. The annual financial statements can be consulted at the website of Telecom Argentina (<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>
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<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>
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<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>
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<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>
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<td width="28%" height="14" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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>
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<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>
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<td width="28%" height="14" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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>
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<td width="28%" height="14" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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>
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<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>
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<td width="28%" height="15" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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>
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<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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)&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Includes the 100% interest in Telemas S.A., whose objective is managing 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)&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Company started on December&nbsp;30, 2020 and registered in the IGJ on June&nbsp;9, 2021. As of June&nbsp;30, 2021 is a dormant entity.</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 June&nbsp;30, 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 June&nbsp;30, 2021, were approved by resolution of the Board of Directors&#146; meeting held on August&nbsp;6, 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 unaudited consolidated 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>
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<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>
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<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>
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<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 six-month periods ended June 30, 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 June 30, 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;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:18.74%;">
<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="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:9.98%;">
<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;">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:11.4%;">
<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;">Services<br>   rendered in<br>   Argentina<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:10.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size: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="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:10.78%;">
<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;">Other   abroad<br>   segments<br>   restated for<br>   inflation</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:9.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Eliminations</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:10.08%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:5.15pt;padding:0in 0in 0in 0in;width:18.74%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:5.15pt;padding:0in 0in 0in 0in;width:9.76%;">
<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;">153,205</font></b></p>    </td>
<td width="9%" height="7" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:5.15pt;padding:0in 0in 0in 0in;width:9.98%;">
<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;">14,109</font></b></p>    </td>
<td width="11%" height="7" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:5.15pt;padding:0in 0in 0in 0in;width:11.4%;">
<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;">167,314</font></b></p>    </td>
<td width="10%" height="7" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:5.15pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">12,441</font></b></p>    </td>
<td width="9%" height="7" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:5.15pt;padding:0in 0in 0in 0in;width:9.92%;">
<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;">1,136</font></b></p>    </td>
<td width="10%" height="7" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:5.15pt;padding:0in 0in 0in 0in;width:10.78%;">
<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;">13,577</font></b></p>    </td>
<td width="9%" height="7" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:5.15pt;padding:0in 0in 0in 0in;width:9.2%;">
<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;">(873)</font></b></p>    </td>
<td width="10%" height="7" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:5.15pt;padding:0in 0in 0in 0in;width:10.08%;">
<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;">180,018</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 0in 0in 0in;width:18.74%;">
<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 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(99,867)</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 0in 0in 0in;width:9.98%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(11,409)</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 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(111,276)</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 0in 0in 0in;width:10.14%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(7,669)</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 0in 0in 0in;width:9.92%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(692)</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 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(8,361)</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 0in 0in 0in;width:9.2%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">873</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 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(118,764)</font></p>    </td>   </tr>
<tr height="8" style="height:6.0pt;">
<td width="18%" height="8" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 0in 0in 0in;width:18.74%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 0in 0in 0in;width:9.76%;">
<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;">53,338</font></b></p>    </td>
<td width="9%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 0in 0in 0in;width:9.98%;">
<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;">2,700</font></b></p>    </td>
<td width="11%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 0in 0in 0in;width:11.4%;">
<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;">56,038</font></b></p>    </td>
<td width="10%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">4,772</font></b></p>    </td>
<td width="9%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 0in 0in 0in;width:9.92%;">
<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;">444</font></b></p>    </td>
<td width="10%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<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;">5,216</font></b></p>    </td>
<td width="9%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 0in 0in 0in;width:9.2%;">
<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="10%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.0pt;padding:0in 0in 0in 0in;width:10.08%;">
<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;">61,254</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 0in 0in 0in;width:18.74%;">
<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 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(20,556)</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 0in 0in 0in;width:9.98%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(31,931)</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 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(52,487)</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 0in 0in 0in;width:10.14%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(3,032)</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 0in 0in 0in;width:9.92%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(430)</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 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(3,462)</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 0in 0in 0in;width:9.2%;">
<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="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 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(55,949)</font></p>    </td>   </tr>
<tr height="11" style="height:8.6pt;">
<td width="18%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:8.6pt;padding:0in 0in 0in 0in;width:18.74%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 0in 0.375pt 0in;width:9.76%;">
<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;">32,782</font></b></p>    </td>
<td width="9%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 0in 0in 0in;width:9.98%;">
<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;">(29,231)</font></b></p>    </td>
<td width="11%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 0in 0in 0in;width:11.4%;">
<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;">3,551</font></b></p>    </td>
<td width="10%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 0in 0in 0in;width:10.14%;">
<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;">1,740</font></b></p>    </td>
<td width="9%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 0in 0in 0in;width:9.92%;">
<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;">14</font></b></p>    </td>
<td width="10%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 0in 0in 0in;width:10.78%;">
<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;">1,754</font></b></p>    </td>
<td width="9%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 0in 0in 0in;width:9.2%;">
<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="10%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.6pt;padding:0in 0in 0in 0in;width:10.08%;">
<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;">5,305</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 0in 0in 0in;width:18.74%;">
<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="5" valign="bottom" style="height:3.5pt;padding:0in 0in 0in 0in;width:9.76%;">
<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="9%" height="5" valign="bottom" style="height:3.5pt;padding:0in 0in 0in 0in;width:9.98%;">
<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="11%" height="5" valign="bottom" style="height:3.5pt;padding:0in 0in 0in 0in;width:11.4%;">
<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="10%" height="5" valign="bottom" style="height:3.5pt;padding:0in 0in 0in 0in;width:10.14%;">
<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="9%" height="5" valign="bottom" style="height:3.5pt;padding:0in 0in 0in 0in;width:9.92%;">
<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="10%" height="5" valign="bottom" style="height:3.5pt;padding:0in 0in 0in 0in;width:10.78%;">
<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="9%" height="5" valign="bottom" style="height:3.5pt;padding:0in 0in 0in 0in;width:9.2%;">
<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="10%" height="5" valign="bottom" style="height:3.5pt;padding:0in 0in 0in 0in;width:10.08%;">
<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>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:18.74%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.98%;">
<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="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.14%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.92%;">
<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="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.78%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.2%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">115</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:18.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Debt financial results</font></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;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 0in 0in 0in;width:9.98%;">
<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="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<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="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.14%;">
<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 0in 0in 0in;width:9.92%;">
<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="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.78%;">
<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 0in 0in 0in;width:9.2%;">
<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="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">12,145</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:18.74%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.98%;">
<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="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.14%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.92%;">
<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="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.78%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.2%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">6,445</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:18.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="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 0in 0in 0in;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 0in 0in 0in;width:9.98%;">
<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="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<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="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.14%;">
<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="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:9.92%;">
<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="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.78%;">
<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 0in 0in 0in;width:9.2%;">
<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="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.08%;">
<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;">24,010</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:18.74%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.98%;">
<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="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.14%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.92%;">
<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="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.78%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.2%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(25,682)</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:18.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net loss</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;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 0in 0in 0in;width:9.98%;">
<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="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<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="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.14%;">
<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="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:9.92%;">
<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="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.78%;">
<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 0in 0in 0in;width:9.2%;">
<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="10%" height="14" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;height:10.3pt;padding:0in 0in 0in 0in;width:10.08%;">
<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;">(1,672)</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:18.74%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.76%;">
<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>
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<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="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.14%;">
<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="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.92%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.78%;">
<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="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.2%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.08%;">
<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>   </tr>
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<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>
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<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 0in 0in 0in;width:9.98%;">
<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="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<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="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.14%;">
<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="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:9.92%;">
<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="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.78%;">
<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 0in 0in 0in;width:9.2%;">
<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="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.08%;">
<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>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:18.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Controlling Company</font></p>    </td>
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<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.98%;">
<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="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.14%;">
<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="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.92%;">
<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="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.78%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.2%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(2,005)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Non-controlling interest</font></p>    </td>
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<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 0in 0in 0in;width:9.98%;">
<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="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<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="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.14%;">
<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="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:9.92%;">
<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="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.78%;">
<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 0in 0in 0in;width:9.2%;">
<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="10%" height="14" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">333</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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;">(1,672)</font></b></p>    </td>   </tr>  </table>
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<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>
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<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 June 30, 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;">
<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:18.9%;">
<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:9.74%;">
<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:9.94%;">
<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:11.44%;">
<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<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:11.6%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.9pt;padding:0in 0in 0in 0in;width:18.9%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;width:9.74%;">
<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;">116,959</font></b></p>    </td>
<td width="9%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;width:9.94%;">
<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;">67,743</font></b></p>    </td>
<td width="11%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;width:11.38%;">
<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;">184,702</font></b></p>    </td>
<td width="11%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;width:11.44%;">
<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;">8,220</font></b></p>    </td>
<td width="9%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;width:9.9%;">
<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;">4,772</font></b></p>    </td>
<td width="11%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;width:11.6%;">
<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;">12,992</font></b></p>    </td>
<td width="10%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;width:10.4%;">
<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;">(695)</font></b></p>    </td>
<td width="6%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:13.9pt;padding:0in 0in 0in 0in;width:6.7%;">
<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;">196,999</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 0in 0in 0in;width:18.9%;">
<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 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(73,755)</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 0in 0in 0in;width:9.94%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(43,704)</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 0in 0in 0in;width:11.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(117,459)</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 0in 0in 0in;width:11.44%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(5,291)</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 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(3,071)</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 0in 0in 0in;width:11.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(8,362)</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 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">695</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 0in 0in 0in;width:6.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(125,126)</font></p>    </td>   </tr>
<tr height="19" style="height:14.05pt;">
<td width="18%" height="19" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 0in 0in 0in;width:18.9%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 0in 0in 0in;width:9.74%;">
<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;">43,204</font></b></p>    </td>
<td width="9%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 0in 0in 0in;width:9.94%;">
<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;">24,039</font></b></p>    </td>
<td width="11%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 0in 0in 0in;width:11.38%;">
<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;">67,243</font></b></p>    </td>
<td width="11%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 0in 0in 0in;width:11.44%;">
<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;">2,929</font></b></p>    </td>
<td width="9%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 0in 0in 0in;width:9.9%;">
<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;">1,701</font></b></p>    </td>
<td width="11%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 0in 0in 0in;width:11.6%;">
<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;">4,630</font></b></p>    </td>
<td width="10%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 0in 0in 0in;width:10.4%;">
<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;">-</font></b></p>    </td>
<td width="6%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:14.05pt;padding:0in 0in 0in 0in;width:6.7%;">
<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;">71,873</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 0in 0in 0in;width:18.9%;">
<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 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(14,817)</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 0in 0in 0in;width:9.94%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(32,062)</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 0in 0in 0in;width:11.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(46,879)</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 0in 0in 0in;width:11.44%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,951)</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 0in 0in 0in;width:9.9%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,278)</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 0in 0in 0in;width:11.6%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(3,229)</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 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</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 0in 0in 0in;width:6.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(50,108)</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:18.9%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0.375pt 0in;width:9.74%;">
<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;">28,387</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:9.94%;">
<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;">(8,023)</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:11.38%;">
<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;">20,364</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:11.44%;">
<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;">978</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:9.9%;">
<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;">423</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:11.6%;">
<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;">1,401</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:10.4%;">
<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;">-</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:6.7%;">
<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;">21,765</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 0in 0in 0in;width:18.9%;">
<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="5" valign="bottom" style="height:3.5pt;padding:0in 0in 0in 0in;width:9.74%;">
<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="9%" height="5" valign="bottom" style="height:3.5pt;padding:0in 0in 0in 0in;width:9.94%;">
<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="11%" height="5" valign="bottom" style="height:3.5pt;padding:0in 0in 0in 0in;width:11.38%;">
<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="11%" height="5" valign="bottom" style="height:3.5pt;padding:0in 0in 0in 0in;width:11.44%;">
<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="9%" height="5" valign="bottom" style="height:3.5pt;padding:0in 0in 0in 0in;width:9.9%;">
<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="11%" height="5" valign="bottom" style="height:3.5pt;padding:0in 0in 0in 0in;width:11.6%;">
<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="10%" height="5" valign="bottom" style="height:3.5pt;padding:0in 0in 0in 0in;width:10.4%;">
<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="6%" height="5" valign="bottom" style="height:3.5pt;padding:0in 0in 0in 0in;width:6.7%;">
<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>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:18.9%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.94%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.44%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.9%;">
<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="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.6%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.4%;">
<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="6%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:6.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">324</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:18.9%;">
<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 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;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 0in 0in 0in;width:9.94%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;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 0in 0in 0in;width:11.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;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 0in 0in 0in;width:11.44%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;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 0in 0in 0in;width:9.9%;">
<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="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.6%;">
<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="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.4%;">
<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="6%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:6.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(19,158)</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:18.9%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.94%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.44%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.9%;">
<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="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.6%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.4%;">
<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="6%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 0in 0in 0in;width:6.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">4,957</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:18.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="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 0in 0in 0in;width:9.74%;">
<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="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:9.94%;">
<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="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.38%;">
<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="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.44%;">
<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="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:9.9%;">
<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="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.6%;">
<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="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.4%;">
<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="6%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:6.7%;">
<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;">7,888</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:18.9%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.94%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.38%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.44%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.9%;">
<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="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.6%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.4%;">
<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="6%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 0in 0in 0in;width:6.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(4,943)</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:18.9%;">
<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 0in 0in 0in;width:9.74%;">
<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="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:9.94%;">
<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="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.38%;">
<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="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.44%;">
<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="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:9.9%;">
<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="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.6%;">
<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="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.4%;">
<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="6%" height="14" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;height:10.3pt;padding:0in 0in 0in 0in;width:6.7%;">
<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;">2,945</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:18.9%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.74%;">
<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="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.94%;">
<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="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.38%;">
<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="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.44%;">
<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="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.9%;">
<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="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.6%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.4%;">
<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="6%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:6.7%;">
<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>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:18.9%;">
<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 0in 0in 0in;width:9.74%;">
<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="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:9.94%;">
<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="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.38%;">
<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="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.44%;">
<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="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:9.9%;">
<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="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.6%;">
<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="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.4%;">
<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="6%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:6.7%;">
<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>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:18.9%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.74%;">
<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="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.94%;">
<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="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.38%;">
<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="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.44%;">
<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="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.9%;">
<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="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.6%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.4%;">
<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="6%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:6.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,619</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:18.9%;">
<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 0in 0in 0in;width:9.74%;">
<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="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:9.94%;">
<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="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.38%;">
<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="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.44%;">
<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="9%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:9.9%;">
<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="11%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:11.6%;">
<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="10%" height="14" valign="bottom" style="height:10.3pt;padding:0in 0in 0in 0in;width:10.4%;">
<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="6%" height="14" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 0in 0in 0in;width:6.7%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">326</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:18.9%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.74%;">
<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="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.94%;">
<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="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.38%;">
<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="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.44%;">
<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="9%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:9.9%;">
<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="11%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:11.6%;">
<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="10%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.3pt;padding:0in 0in 0in 0in;width:10.4%;">
<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="6%" height="14" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:10.3pt;padding:0in 0in 0in 0in;width:6.7%;">
<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;">2,945</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 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;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:0in 0in 0in 0in;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:0in 0in 0in 0in;width:23.8%;">
<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 June&nbsp;30,</font></b></p>    </td>
<td width="16%" height="11" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:8.45pt;padding:0in 0in 0in 0in;width:16.38%;">
<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;">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:0in 0in 0in 0in;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:0in 0in 0in 0in;width:11.9%;">
<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;">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:0in 0in 0in 0in;width:11.9%;">
<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;">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:0in 0in 0in 0in;width:16.38%;">
<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;">2020</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.4pt;">
<td width="59%" height="11" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:0in 0in 0in 0in;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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">166,709</font></p>    </td>
<td width="11%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">184,023</font></p>    </td>
<td width="16%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;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:0in 0in 0in 0in;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:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">13,309</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">12,976</font></p>    </td>
<td width="16%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;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="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:4.0pt;padding:0in 0in 0in 0in;width:59.84%;">
<p align="right" style="margin:0in 0in .0001pt 7.1pt;text-align:right;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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:4.0pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="5" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:4.0pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="16%" height="5" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:4.0pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;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:0in 0in 0in 0in;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&#148;</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">30,361</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">25,307</font></p>    </td>
<td width="16%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;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" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:0in 0in 0in 0in;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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,532</font></p>    </td>
<td width="11%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,228</font></p>    </td>
<td width="16%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>   </tr>
<tr height="7" style="height:5.15pt;">
<td width="59%" height="7" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:5.15pt;padding:0in 0in 0in 0in;width:59.84%;">
<p align="right" style="margin:0in 0in .0001pt 7.1pt;text-align:right;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="7" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:5.15pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="7" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:5.15pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="16%" height="7" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:5.15pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;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" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:0in 0in 0in 0in;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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">821,865</font></p>    </td>
<td width="11%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">837,352</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:0in 0in 0in 0in;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:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">30,806</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;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:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">33,113</font></p>    </td>   </tr>
<tr height="8" style="height:6.25pt;">
<td width="59%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:6.25pt;padding:0in 0in 0in 0in;width:59.84%;">
<p align="right" style="margin:0in 0in .0001pt 7.1pt;text-align:right;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:6.25pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:6.25pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="16%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:6.25pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;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:0in 0in 0in 0in;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:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">233,156</font></p>    </td>
<td width="11%" height="11" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;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:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">243,740</font></p>    </td>   </tr>
<tr height="11" style="height:8.4pt;">
<td width="59%" height="11" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:8.4pt;padding:0in 0in 0in 0in;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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7,129</font></p>    </td>
<td width="11%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:8.4pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7,160</font></p>    </td>   </tr>
<tr height="6" style="height:4.5pt;">
<td width="59%" height="6" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:4.5pt;padding:0in 0in 0in 0in;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="6" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.5pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="6" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.5pt;padding:0in 0in 0in 0in;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="6" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.5pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;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="Times New Roman" 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 for the period 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 attributable to owners of the Parent Company 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 six-month periods ended June&nbsp;30, 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>
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<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>
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<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:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<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 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="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;">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="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;">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 June&nbsp;30, 2021.</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="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="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 table below shows the evolution of such indexes in the last two years and as of June&nbsp;30, 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="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<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="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of June</font></u></b><br>    <b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">30, 2020</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<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, 2020</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of June</font></u></b><br>    <b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">30, 2021</font></u></b></p>    </td>   </tr>
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<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.96%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<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>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<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>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<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>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
<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>    </td>   </tr>
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<td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">National Consumer Price Index (December 2016=100)</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">283.44</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">321.97</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">385.88</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">483.60</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.96%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<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>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<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>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<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>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<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>    </td>   </tr>
<tr>
<td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.96%;">
<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="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<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="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<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="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<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="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<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>   </tr>
<tr>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Annual</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">53.8%</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">42.8%</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">36.1%</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">50.2%</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 3 months since March&nbsp;2020 / 2021</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">5.4%</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">11.0%</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 6 months</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">13.6%</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">25.3%</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.96%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<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>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<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>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<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>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<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>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.96%;">
<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="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">59.89</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">70.46</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">84.15</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">95.72</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.96%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<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>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<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>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<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>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<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>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.96%;">
<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="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<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="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<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="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<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="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<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>   </tr>
<tr>
<td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Annual</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">58.9%</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">65.9%</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">40.5%</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">35.9%</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 3 months since March&nbsp;2020 / 2021</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">9.3%</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">4.0%</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 6 months</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">17.6%</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">13.8%</font></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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company followed the </font><font face="Arial" style="background:white;">same restatement policies for items </font><font face="Arial">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="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;">12</font></b><a name="PB_12_215601_9938"></a></p>
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<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:4.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&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;">NOTE 2 &#150; CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS</font></b><a name="NOTE2CASHANDCASHEQUIVALENTSANDIN_030131"></a></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 .75in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">a)</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="border:none;padding:0in 0in 0in 0in;width:15.9%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.34%;">
<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;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:12.35pt;">
<td width="66%" height="16" valign="top" style="border:none;height:12.35pt;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" height="16" valign="top" style="border:none;height:12.35pt;padding:0in 0in 0in 0in;width:15.9%;">
<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;">2021</font></u></b></p>    </td>
<td width="17%" height="16" valign="top" style="border:none;height:12.35pt;padding:0in 0in 0in 0in;width:17.34%;">
<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;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">12,207</font></p>    </td>
<td width="17%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:17.34%;">
<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;">5,821</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Time   deposits</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,304</font></p>    </td>
<td width="17%" style="border:none;padding:0in 0in 0in 0in;width:17.34%;">
<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;">4,444</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="66%" height="11" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">416</font></p>    </td>
<td width="17%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:17.34%;">
<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;">11,025</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">487</font></p>    </td>
<td width="17%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.34%;">
<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;">1,929</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.9%;">
<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;">16,414</font></b></p>    </td>
<td width="17%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.34%;">
<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;">23,219</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.9%;">
<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="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.34%;">
<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>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.9%;">
<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="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:17.34%;">
<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>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">33,869</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.34%;">
<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;">6,334</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.9%;">
<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="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:17.34%;">
<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;">158</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">660</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.34%;">
<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;">1,807</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.9%;">
<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="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.34%;">
<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;">(100)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.9%;">
<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;">34,529</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.34%;">
<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;">8,199</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.9%;">
<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="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:17.34%;">
<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>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.9%;">
<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="17%" style="border:none;padding:0in 0in 0in 0in;width:17.34%;">
<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;">429</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,465</font></p>    </td>
<td width="17%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:17.34%;">
<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;">2,538</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.9%;">
<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="17%" style="border:none;padding:0in 0in 0in 0in;width:17.34%;">
<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></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.9%;">
<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="17%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.34%;">
<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;">(272)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.78%;">
<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="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.9%;">
<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;">2,466</font></b></p>    </td>
<td width="17%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.34%;">
<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;">2,696</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 style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">As of June&nbsp;30, 2021 includes $221 in Cash and cash equivalents which availability is restricted between 30 and 60 days, according to contractual provisions. Additionally, it includes $564 and $1,720 in Investments in guarantee of financial operations as of June&nbsp;30, 2021 and December&nbsp;31, 2020, respectively, however, they meet IAS 7 requirements to be considered cash and cash equivalents.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#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="2" face="Arial" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#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="Times New Roman" 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="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 height="60" style="height:44.9pt;">
<td width="36%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 5.4pt 0in 5.4pt;width:36.5%;">
<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;">Companies</font></b></p>    </td>
<td width="17%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 5.4pt 0in 5.4pt;width:17.98%;">
<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="8%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 5.4pt 0in 5.4pt;width:8.26%;">
<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;">Country</font></b></p>    </td>
<td width="11%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 5.4pt 0in 5.4pt;width:11.46%;">
<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:12.9%;">
<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>   06.30.2021</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:12.9%;">
<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="36%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:36.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Ver TV. (1)</font></p>    </td>
<td width="17%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:17.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Cable television station</font></p>    </td>
<td width="8%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:8.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Argentina</font></p>    </td>
<td width="11%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:11.46%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,503</font></p>    </td>
<td width="12%" height="8" bgcolor="#CCEEFF" style="background:#CCEEFF;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.9%;">
<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;">1,528</font></p>    </td>   </tr>
<tr height="8" style="height:5.65pt;">
<td width="36%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:36.5%;">
<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="17%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:17.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Cable television station</font></p>    </td>
<td width="8%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:8.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Argentina</font></p>    </td>
<td width="11%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:11.46%;">
<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:12.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">520</font></p>    </td>
<td width="12%" height="8" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.9%;">
<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;">568</font></p>    </td>   </tr>
<tr height="8" style="height:5.65pt;">
<td width="36%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:36.5%;">
<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="17%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:17.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Closed-circuit television</font></p>    </td>
<td width="8%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:8.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Argentina</font></p>    </td>
<td width="11%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:11.46%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">442</font></p>    </td>
<td width="12%" height="8" bgcolor="#CCEEFF" style="background:#CCEEFF;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.9%;">
<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;">436</font></p>    </td>   </tr>
<tr height="8" style="height:5.65pt;">
<td width="36%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:36.5%;">
<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 (4)</font></p>    </td>
<td width="17%" height="8" valign="top" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:17.98%;">
<p style="margin:0in 0in .0001pt 14.5pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" height="8" valign="top" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:8.26%;">
<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="8" valign="top" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:11.46%;">
<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:12.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="12%" height="8" style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.9%;">
<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;">6</font></p>    </td>   </tr>
<tr height="8" style="height:5.65pt;">
<td width="36%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:36.5%;">
<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="17%" height="8" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:17.98%;">
<p style="margin:0in 0in .0001pt 14.5pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" height="8" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:8.26%;">
<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="8" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:11.46%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.9%;">
<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;">2,465</font></b></p>    </td>
<td width="12%" height="8" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.9%;">
<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;">2,538</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 .8in;text-align:justify;text-indent:-.8in;"><font size="1" face="Arial" style="font-size:6.0pt;">(1)</font><font size="1" 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" 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" 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 .8in;text-align:justify;text-indent:-.8in;"><font size="1" face="Arial" style="font-size:6.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">As of June&nbsp;30, 2021, were reclassified to current other receivables &#150; Other.</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><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="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="74%" style="border-collapse:collapse;margin-left:5.4pt;width:74.6%;">
<tr height="30" style="height:22.7pt;">
<td width="39%" height="30" valign="top" style="height:22.7pt;padding:0in 5.4pt 0in 5.4pt;width:39.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="2" height="30" valign="top" style="height:22.7pt;padding:0in 5.4pt 0in 5.4pt;width:29.3%;">
<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;">Three-months periods ended<br>   June&nbsp;30,</font></u></b></p>    </td>
<td width="3%" height="30" valign="top" style="height:22.7pt;padding:0in 5.4pt 0in 5.4pt;width:3.46%;">
<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" height="30" valign="top" style="height:22.7pt;padding:0in 5.4pt 0in 5.4pt;width:27.58%;">
<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;">Six-months periods ended<br>   June&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr height="12" style="height:8.85pt;">
<td width="39%" height="12" valign="top" style="height:8.85pt;padding:0in 5.4pt 0in 5.4pt;width:39.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" height="12" valign="top" style="height:8.85pt;padding:0in 5.4pt 0in 5.4pt;width:15.5%;">
<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;">2021</font></u></b></p>    </td>
<td width="13%" height="12" valign="top" style="height:8.85pt;padding:0in 5.4pt 0in 5.4pt;width:13.8%;">
<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;">2020</font></u></b></p>    </td>
<td width="3%" height="12" valign="top" style="height:8.85pt;padding:0in 5.4pt 0in 5.4pt;width:3.46%;">
<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%" height="12" valign="top" style="height:8.85pt;padding:0in 5.4pt 0in 5.4pt;width:13.8%;">
<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;">2021</font></u></b></p>    </td>
<td width="13%" height="12" valign="top" style="height:8.85pt;padding:0in 5.4pt 0in 5.4pt;width:13.8%;">
<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;">2020</font></u></b></p>    </td>   </tr>
<tr height="8" style="height:6.1pt;">
<td width="39%" height="8" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:6.1pt;padding:0in 0in 0in 0in;width:39.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Ver TV</font></p>    </td>
<td width="15%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:6.1pt;padding:0in 5.4pt 0in 5.4pt;width:15.5%;">
<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;">20</font></p>    </td>
<td width="13%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:6.1pt;padding:0in 5.4pt 0in 5.4pt;width:13.8%;">
<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;">133</font></p>    </td>
<td width="3%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:6.1pt;padding:0in 5.4pt 0in 5.4pt;width:3.46%;">
<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="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:6.1pt;padding:0in 5.4pt 0in 5.4pt;width:13.8%;">
<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>
<td width="13%" height="8" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:6.1pt;padding:0in 5.4pt 0in 5.4pt;width:13.8%;">
<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;">237</font></p>    </td>   </tr>
<tr height="5" style="height:3.5pt;">
<td width="39%" height="5" valign="top" style="height:3.5pt;padding:0in 0in 0in 0in;width:39.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSMA</font></p>    </td>
<td width="15%" height="5" valign="bottom" style="height:3.5pt;padding:0in 5.4pt 0in 5.4pt;width:15.5%;">
<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="13%" height="5" valign="bottom" style="height:3.5pt;padding:0in 5.4pt 0in 5.4pt;width:13.8%;">
<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;">39</font></p>    </td>
<td width="3%" height="5" valign="bottom" style="height:3.5pt;padding:0in 5.4pt 0in 5.4pt;width:3.46%;">
<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="5" valign="bottom" style="height:3.5pt;padding:0in 5.4pt 0in 5.4pt;width:13.8%;">
<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="13%" height="5" valign="bottom" style="height:3.5pt;padding:0in 5.4pt 0in 5.4pt;width:13.8%;">
<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;">69</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="39%" height="11" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:8.5pt;padding:0in 0in 0in 0in;width:39.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">La Capital Cable</font></p>    </td>
<td width="15%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:15.5%;">
<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</font></p>    </td>
<td width="13%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:13.8%;">
<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="3%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:3.46%;">
<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="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:13.8%;">
<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</font></p>    </td>
<td width="13%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 5.4pt 0in 5.4pt;width:13.8%;">
<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;">18</font></p>    </td>   </tr>
<tr height="4" style="height:3.0pt;">
<td width="39%" height="4" valign="top" style="height:3.0pt;padding:0in 0in 0in 0in;width:39.66%;">
<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="4" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:3.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.5%;">
<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;">24</font></b></p>    </td>
<td width="13%" height="4" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:3.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.8%;">
<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;">179</font></b></p>    </td>
<td width="3%" height="4" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:3.0pt;padding:0in 5.4pt 0in 5.4pt;width:3.46%;">
<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="13%" height="4" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:3.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.8%;">
<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;">115</font></b></p>    </td>
<td width="13%" height="4" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:3.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.8%;">
<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;">324</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 the allowance of current credit risk 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="100%" style="border-collapse:collapse;">
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:27.64%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.8%;">
<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:13.84%;">
<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;">2020</font></u></b></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:7.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.18%;">
<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="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.8%;">
<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;">(100)</font></b></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<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;">(108)</font></b></p>    </td>
<td width="24%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:24.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:7.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions &#150; Exchange differences</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10)</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(18)</font></p>    </td>
<td width="24%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:24.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:7.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Reclassifications</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(62)</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(810)</font></p>    </td>
<td width="24%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:24.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:7.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Uses (includes RECPAM)</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">172</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">69</font></p>    </td>
<td width="24%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:24.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:7.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.18%;">
<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="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.84%;">
<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;">(867)</font></b></p>    </td>
<td width="24%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:24.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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 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_222223_7056"></a></p>
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<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>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&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="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
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<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:27.64%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.8%;">
<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:13.84%;">
<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;">2020</font></u></b></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="7%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:7.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.18%;">
<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="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.8%;">
<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;">(272)</font></b></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<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:8.0pt;font-weight:bold;">(1,670)</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="7%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:7.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.18%;">
<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="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(21)</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<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:8.0pt;">(263)</font></p>    </td>
<td width="24%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:24.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:7.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.18%;">
<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="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">62</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<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:8.0pt;">810</font></p>    </td>
<td width="24%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:24.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:7.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.18%;">
<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="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">231</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<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:8.0pt;">204</font></p>    </td>
<td width="24%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:24.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="7%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:7.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.18%;">
<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="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.8%;">
<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;">-</font></b></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.84%;">
<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:8.0pt;font-weight:bold;">(919)</font></b></p>    </td>
<td width="24%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:24.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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="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" 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="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 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="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;">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="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;">Changes in assets/liabilities components:</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="87%" style="border-collapse:collapse;width:87.34%;">
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<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="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.98%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>   </tr>
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<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net (increase) decrease in   assets</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
<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;">2021</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.48%;">
<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;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.02%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(7,050)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(8,545)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<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:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,418)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,794)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.02%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(65)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">757</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<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:14.5%;">
<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;">(10,533)</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.48%;">
<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;">(11,582)</font></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.02%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.5%;">
<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>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.48%;">
<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>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<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:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,349</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,791</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.02%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(206)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">71</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<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:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,391)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,052</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.02%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(960)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(532)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<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:14.5%;">
<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;">1,792</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.48%;">
<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;">5,382</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><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Main Financing activities components</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="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 following table presents the main financing activities components:</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="87%" style="border-collapse:collapse;width:87.32%;">
<tr>
<td width="71%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.06%;">
<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="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8,822</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.06%;">
<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" style="padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">23,006</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8,899</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.06%;">
<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="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">453</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">29,426</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.06%;">
<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" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,042</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,262</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.06%;">
<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="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.48%;">
<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;">33,323</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.46%;">
<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;">41,587</font></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.06%;">
<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" style="padding:0in 0in 0in 0in;width:14.48%;">
<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" style="padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,755)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.06%;">
<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="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(13,569)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(45)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.06%;">
<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" style="padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(7,324)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(26,381)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.06%;">
<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="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,489)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,323)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.06%;">
<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" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.48%;">
<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;">(22,382)</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.46%;">
<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;">(30,504)</font></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.06%;">
<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="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(759)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,681)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.06%;">
<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" style="padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,896)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,766)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.06%;">
<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="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,472)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(5,966)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.06%;">
<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" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,062)</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(779)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.06%;">
<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="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.48%;">
<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;">(11,189)</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.46%;">
<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;">(14,192)</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 .25in;"><b><i><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;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="Times New Roman" 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="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="87%" style="border-collapse:collapse;width:87.32%;">
<tr>
<td width="71%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.06%;">
<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="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">18,002</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">20,211</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.06%;">
<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="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,091</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.06%;">
<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="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,958</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.06%;">
<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="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,187</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</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 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;">14</font></b><a name="PB_14_222935_5335"></a></p>
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<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 align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><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>
<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;">Proceeds from dividends</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;">Brief information on dividends collected by the Company is provided below:</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="60%" style="border-collapse:collapse;margin-left:37.45pt;width:60.0%;">
<tr height="11" style="height:8.5pt;">
<td width="21%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:21.48%;">
<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;">Six-month <br>   periods ended<br>   June&nbsp;30,</font></b></p>    </td>
<td width="30%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:30.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Associate<br>   Company</font></b></p>    </td>
<td width="47%" colspan="2" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:47.58%;">
<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="23%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:23.78%;">
<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;">Currency of the<br>   transaction date</font></b></p>    </td>
<td width="23%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;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:7.0pt;font-weight:bold;">Current currency<br>   as of June&nbsp;30,<br>   2021</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="21%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;height:8.5pt;padding:0in 0in 0in 0in;width:21.48%;">
<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="30%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;height:8.5pt;padding:0in 0in 0in 0in;width:30.92%;">
<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;">Ver TV</font></p>    </td>
<td width="23%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;height:8.5pt;padding:0in 0in 0in 0in;width:23.78%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">109</font></p>    </td>
<td width="23%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;height:8.5pt;padding:0in 0in 0in 0in;width:23.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">127</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="21%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:21.48%;"></td>
<td width="30%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:30.92%;">
<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;">TSMA</font></p>    </td>
<td width="23%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:23.78%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">57</font></p>    </td>
<td width="23%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:23.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">67</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="21%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:21.48%;">
<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="30%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:30.92%;">
<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="23%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:23.78%;">
<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:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:23.8%;">
<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:7.0pt;font-weight:bold;">(*)&nbsp;&nbsp; 194</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="21%" height="11" style="height:8.5pt;padding:0in 0in 0in 0in;width:21.48%;">
<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="30%" height="11" style="height:8.5pt;padding:0in 0in 0in 0in;width:30.92%;">
<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;">Ver TV</font></p>    </td>
<td width="23%" height="11" style="height:8.5pt;padding:0in 0in 0in 0in;width:23.78%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">9</font></p>    </td>
<td width="23%" height="11" style="height:8.5pt;padding:0in 0in 0in 0in;width:23.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">16</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="21%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:21.48%;"></td>
<td width="30%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:30.92%;">
<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;">TSMA</font></p>    </td>
<td width="23%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:23.78%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">5</font></p>    </td>
<td width="23%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:23.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">7</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="21%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:21.48%;">
<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="30%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:30.92%;">
<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="23%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:23.78%;">
<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="23%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:23.8%;">
<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:7.0pt;font-weight:bold;">23</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&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 $12 corresponding to dividends distributed during 2020.</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><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Cash dividends distributed and paid</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;">Brief information on cash dividends distributed and paid is provided below:</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="88%" style="border-collapse:collapse;width:88.0%;">
<tr height="11" style="height:8.5pt;">
<td width="13%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.54%;">
<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;">Six-months <br>   periods <br>   ended<br>   June&nbsp;30,</font></b></p>    </td>
<td width="13%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Paying<br>   company</font></b></p>    </td>
<td width="13%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.84%;">
<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;">Distribution<br>   month</font></b></p>    </td>
<td width="31%" colspan="2" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:31.5%;">
<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;">Distributed amount</font></b></p>    </td>
<td width="13%" rowspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Payment<br>   month</font></b></p>    </td>
<td width="13%" rowspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Dividends<br>   paid in current<br>   currency as of<br>   June&nbsp;30, 2021</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="15%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.12%;">
<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="16%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:16.4%;">
<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;">Current currency<br>   as of June&nbsp;30,<br>   2020</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="13%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.54%;">
<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="13%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.6%;">
<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;">N&#250;cleo</font></p>    </td>
<td width="13%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.84%;">
<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;">April&nbsp;2021</font></p>    </td>
<td width="15%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.12%;">
<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;">650</font></p>    </td>
<td width="16%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:16.4%;">
<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;">694</font></p>    </td>
<td width="13%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.6%;">
<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;">May&nbsp;2021</font></p>    </td>
<td width="13%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.92%;">
<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;">330</font></p>    </td>   </tr>
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<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.54%;">
<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="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.6%;">
<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="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.84%;">
<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="15%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.12%;">
<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:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:16.4%;">
<p align="right" style="margin:0in .05in .0001pt .5in;text-align:right;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(a)</font></b><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">694</font></b></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.92%;">
<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;">330</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="13%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.54%;">
<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="13%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.6%;">
<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;">N&#250;cleo</font></p>    </td>
<td width="13%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.84%;">
<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;">April&nbsp;2020</font></p>    </td>
<td width="15%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.12%;">
<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;">295</font></p>    </td>
<td width="16%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:16.4%;">
<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;">463</font></p>    </td>
<td width="13%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.6%;">
<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;">May&nbsp;2020</font></p>    </td>
<td width="13%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.92%;">
<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;">231</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.54%;">
<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="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.6%;">
<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="13%" height="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.12%;">
<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:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:16.4%;">
<p align="right" style="margin:0in .05in .0001pt .5in;text-align:right;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(b)</font></b><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">463</font></b></p>    </td>
<td width="13%" height="11" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:13.92%;">
<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;">231</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:7.0pt;">(a)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">The second installment will be paid in October&nbsp;2021.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:7.0pt;">(b)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">The second installment was paid in October&nbsp;2020.</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 .75in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">c)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Dividends payable</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>
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<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.66%;">
<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="14%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:14.7%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.64%;">
<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;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
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<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.66%;">
<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="14%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:14.7%;">
<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="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.64%;">
<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;">2020</font></u></b></p>    </td>   </tr>
<tr height="14" style="height:10.2pt;">
<td width="67%" height="14" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:10.2pt;padding:0in 0in 0in 0in;width:67.66%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:9.0pt;">ABC Telecomunicaciones</font></p>    </td>
<td width="14%" height="14" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:10.2pt;padding:0in 0in 0in 0in;width:14.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">321</font></p>    </td>
<td width="17%" height="14" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:10.2pt;padding:0in 0in 0in 0in;width:17.64%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.66%;">
<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;">Total   dividends payable</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.7%;">
<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;">321</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.64%;">
<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;">-</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 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_030929"></a></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;">
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<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.28%;">
<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="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.12%;">
<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;">June&nbsp;30,   </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="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.28%;">
<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:16.12%;">
<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="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Ordinary   receivables</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">30,142</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.6%;">
<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;">36,137</font></p>    </td>   </tr>
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<td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.28%;">
<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:16.12%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">176</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<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;">206</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.28%;">
<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="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">46</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.6%;">
<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;">58</font></p>    </td>   </tr>
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<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.28%;">
<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="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(9,558)</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 .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(12,645)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.28%;">
<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="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
<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;">20,806</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<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;">23,756</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.28%;">
<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:16.12%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Ordinary   receivables</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">59</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.6%;">
<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;">66</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.28%;">
<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="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6</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 .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">8</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.28%;">
<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="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
<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;">65</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<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;">74</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.28%;">
<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;">Total   trade 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:16.12%;">
<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;">20,871</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 .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">23,830</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;">Movements in the allowance for current doubtful accounts 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="86%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.36%;">
<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="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.64%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="60%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:60.36%;">
<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%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:19.8%;">
<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="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:19.86%;">
<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;">2020</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="60%" height="16" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.9pt;padding:0in 0in 0in 0in;width:60.36%;">
<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="19%" height="16" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.9pt;padding:0in 0in 0in 0in;width:19.8%;">
<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;">(12,645)</font></b></p>    </td>
<td width="19%" height="16" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.9pt;padding:0in 0in 0in 0in;width:19.86%;">
<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;">(8,108)</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.36%;">
<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="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,113)</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.86%;">
<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;">(8,049)</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:60.36%;">
<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="19%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6,200</font></p>    </td>
<td width="19%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.86%;">
<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;">4,007</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.36%;">
<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="19%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.8%;">
<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;">(9,558)</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.86%;">
<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;">(12,150)</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 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_030941"></a></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="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<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:16.42%;">
<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;">June&nbsp;30,   </font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
<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;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<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:16.42%;">
<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="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
<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>
<td width="67%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:67.16%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,406</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.42%;">
<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;">3,474</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<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:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,907</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<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;">1,936</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:67.16%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">168</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.42%;">
<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;">188</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<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:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">36</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<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;">36</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:67.16%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.42%;">
<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="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.42%;">
<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;">2</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<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="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,462</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<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;">1,694</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:67.16%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(362)</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.42%;">
<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;">(417)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<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:16.42%;">
<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;">6,617</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.42%;">
<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;">6,913</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;">15</font></b><a name="PB_15_221054_9104"></a></p>
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<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:2.0pt;">&nbsp;</font></p>
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<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="97%" style="border-collapse:collapse;">
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.26%;">
<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;">June&nbsp;30,   </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>
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<td width="67%" 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 </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>
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<td width="67%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.38%;">
<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;">1,077</font></p>    </td>   </tr>
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<td width="67%" 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 .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,397</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.38%;">
<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;">209</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">285</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.38%;">
<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;">335</font></p>    </td>   </tr>
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<td width="67%" 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 .05in .0001pt 0in;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 .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">51</font></p>    </td>   </tr>
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<td width="67%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.36%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">302</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.38%;">
<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;">334</font></p>    </td>   </tr>
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<td width="67%" 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 2.25pt;padding:0in 0in 0in 0in;width:16.36%;">
<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;">2,025</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 .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">2,006</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:67.26%;">
<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;">Total other receivables, net</font></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.36%;">
<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;">8,642</font></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.38%;">
<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;">8,919</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;">Movements in the allowance for current other receivables 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="80%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.98%;">
<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="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.02%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>   </tr>
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<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.98%;">
<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="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.86%;">
<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;">2021</font></u></b></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.16%;">
<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="51%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:51.98%;">
<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="22%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.86%;">
<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;">(417)</font></b></p>    </td>
<td width="25%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.16%;">
<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;">(59)</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Increases</font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.86%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="25%" style="padding:0in 0in 0in 0in;width:25.16%;">
<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;">(60)</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:51.98%;">
<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="22%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.86%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">55</font></p>    </td>
<td width="25%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.16%;">
<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;">9</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.98%;">
<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="22%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:22.86%;">
<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;">(362)</font></b></p>    </td>
<td width="25%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:25.16%;">
<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;">(110)</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 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_031009"></a></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="95%" style="border-collapse:collapse;">
<tr height="4" style="height:3.15pt;">
<td width="66%" height="4" valign="top" style="height:3.15pt;padding:0in 0in 0in 0in;width:66.22%;">
<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="17%" height="4" valign="top" style="height:3.15pt;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;">June&nbsp;30,   </font></u></b></p>    </td>
<td width="16%" height="4" valign="top" style="height:3.15pt;padding:0in 0in 0in 0in;width:16.08%;">
<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="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.22%;">
<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="17%" valign="top" style="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="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.08%;">
<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="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.22%;">
<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="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">2,898</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<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;">3,410</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.22%;">
<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="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;">725</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.08%;">
<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;">1,573</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.22%;">
<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;">Subtotal</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">3,623</font></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<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;">4,983</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.22%;">
<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="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;">(294)</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.08%;">
<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;">(318)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.22%;">
<p align="right" style="margin:0in .05in .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="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">3,329</font></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.08%;">
<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;">4,665</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 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="81%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.82%;">
<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="41%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:41.18%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.82%;">
<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%" valign="top" style="padding:0in 0in 0in 0in;width:20.6%;">
<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;">2021</font></u></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.58%;">
<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="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.82%;">
<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="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.6%;">
<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;">(318)</font></b></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.58%;">
<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;">(398)</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions </font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.6%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(7)</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.58%;">
<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;">(78)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.82%;">
<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="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.6%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">31</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.58%;">
<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;">18</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.82%;">
<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="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.6%;">
<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;">(294)</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.58%;">
<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;">(458)</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 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_031015"></a></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="95%" style="border-collapse:collapse;margin-left:.1in;">
<tr height="11" style="height:8.15pt;">
<td width="66%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:66.1%;">
<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="17%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:17.76%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>
<td width="16%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:16.14%;">
<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="66%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:66.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:17.76%;">
<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%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:16.14%;">
<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="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.1%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Argentina </font><font size="1" face="Arial" style="font-size:7.0pt;">(1)</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">314,031</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.14%;">
<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;">314,114</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.1%;">
<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;">(2)</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,394</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.14%;">
<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;">1,588</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.1%;">
<p align="right" style="margin:0in .05in .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="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.76%;">
<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;">315,425</font></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.14%;">
<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;">315,702</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 .25in;text-indent:-10.9pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#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 impairment of fixed assets.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-10.9pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#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="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 7 &#150; PROPERTY, PLANT AND EQUIPMENT</font></b><a name="NOTE7PROPERTYPLANTANDEQUIPMENT_031023"></a></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="95%" style="border-collapse:collapse;">
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.22%;">
<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="17%" valign="top" style="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;">June&nbsp;30,</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.08%;">
<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="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.22%;">
<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="17%" valign="top" style="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="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.08%;">
<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="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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:9.0pt;">PP&amp;E </font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">391,486</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<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;">406,401</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="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:9.0pt;">Valuation allowance for obsolescence and   impairment of materials</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;">(4,024)</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<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;">(3,263)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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:9.0pt;">Impairment allowance of PP&amp;E</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(1,486)</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.08%;">
<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;">(1,018)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.22%;">
<p align="right" style="margin:0in .05in .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="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;">385,976</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.08%;">
<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;">402,120</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 style="margin:0in 0in .0001pt;text-align:justify;"><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="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.38%;">
<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:36.62%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.38%;">
<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:19.2%;">
<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="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<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>
<td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.38%;">
<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="19%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.2%;">
<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;">406,401</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.44%;">
<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;">423,650</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.38%;">
<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="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">31,838</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.44%;">
<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;">27,476</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.38%;">
<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="19%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,360)</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.44%;">
<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;">(619)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.38%;">
<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="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(462)</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.44%;">
<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;">(480)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.38%;">
<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="19%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(44,931)</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.44%;">
<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;">(40,001)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.38%;">
<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="19%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.2%;">
<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;">391,486</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.44%;">
<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;">410,026</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;">16</font></b><a name="PB_16_223312_7056"></a></p>
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<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:2.0pt;">&nbsp;</font></p>
</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;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="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.62%;">
<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="40%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:40.38%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.16%;">
<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="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.22%;">
<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="59%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:59.62%;">
<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="21%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.16%;">
<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;">(3,263)</font></b></p>    </td>
<td width="19%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.22%;">
<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;">(2,567)</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.16%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(786)</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.22%;">
<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;">(568)</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:59.62%;">
<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="21%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.16%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">25</font></p>    </td>
<td width="19%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.22%;">
<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;">-</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 0in 0in 0in;width:59.62%;">
<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="21%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:21.16%;">
<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;">(4,024)</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.22%;">
<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;">(3,135)</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;">Movements in the impairment allowance of PP&amp;E 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="86%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.38%;">
<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="41%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:41.62%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.38%;">
<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%" valign="top" style="padding:0in 0in 0in 0in;width:20.82%;">
<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="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.82%;">
<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="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.38%;">
<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="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.82%;">
<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;">(1,018)</font></b></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.82%;">
<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;">(1,368)</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(469)</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.82%;">
<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;">(54)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Uses</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.82%;">
<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;">541</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.38%;">
<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="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.82%;">
<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;">(1,486)</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.82%;">
<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;">(881)</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 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_031104"></a></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="92%" style="border-collapse:collapse;margin-left:.1in;">
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.92%;">
<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="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.04%;">
<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;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.92%;">
<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="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
<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:18.04%;">
<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;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Intangible assets</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.06%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">132,692</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.04%;">
<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;">138,185</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Impairment   allowance</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.06%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(7,776)</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.04%;">
<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;">(7,815)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.92%;">
<p align="right" style="margin:0in .05in .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="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.06%;">
<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;">124,916</font></b></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.04%;">
<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;">130,370</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="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="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.38%;">
<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="41%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:41.62%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.38%;">
<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%" valign="top" style="padding:0in 0in 0in 0in;width:20.82%;">
<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="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.82%;">
<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="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.38%;">
<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="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.82%;">
<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;">138,185</font></b></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.82%;">
<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;">148,769</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.38%;">
<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="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,055</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.82%;">
<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;">1,059</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.38%;">
<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="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(116)</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.82%;">
<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;">(41)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.38%;">
<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="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,432)</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.82%;">
<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;">(6,233)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.38%;">
<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="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.82%;">
<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;">132,692</font></b></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.82%;">
<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;">143,554</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 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="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.38%;">
<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="41%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:41.62%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.38%;">
<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%" valign="top" style="padding:0in 0in 0in 0in;width:20.82%;">
<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="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.82%;">
<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="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.38%;">
<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="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.82%;">
<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;">(7,815)</font></b></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.82%;">
<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;">(7,919)</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">(Additions) / Reversal</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.82%;">
<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;">39</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.82%;">
<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;">(170)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.38%;">
<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="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.82%;">
<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;">(7,776)</font></b></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.82%;">
<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;">(8,089)</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 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<a name="NOTE9RIGHTOFUSEASSETS_031110"></a></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="93%" style="border-collapse:collapse;">
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.4%;">
<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%" valign="top" style="padding:0in 0in 0in 0in;width:17.8%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.78%;">
<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;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.4%;">
<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="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.8%;">
<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:17.78%;">
<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;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.4%;">
<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="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.8%;">
<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="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.78%;">
<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>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.4%;">
<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="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">16,884</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.78%;">
<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;">12,657</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.4%;">
<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="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,577</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.78%;">
<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;">3,751</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.4%;">
<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="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,833</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.78%;">
<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;">1,760</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Indefeasible rights   of use</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">996</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.78%;">
<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;">942</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.4%;">
<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="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.8%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,064</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.78%;">
<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;">3,163</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.4%;">
<p align="right" style="margin:0in .05in .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="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.8%;">
<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;">26,354</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.78%;">
<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;">22,273</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="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="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.38%;">
<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="41%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:41.62%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.38%;">
<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%" valign="top" style="padding:0in 0in 0in 0in;width:20.82%;">
<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="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.82%;">
<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="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.38%;">
<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="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.82%;">
<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;">22,273</font></b></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.82%;">
<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;">16,207</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.38%;">
<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="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.82%;">
<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;">8,812</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.82%;">
<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;">5,660</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.38%;">
<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="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.82%;">
<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;">(551)</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.82%;">
<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;">(134)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.38%;">
<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="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.82%;">
<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;">(107)</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.82%;">
<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;">(42)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.38%;">
<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="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.82%;">
<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;">(4,073)</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.82%;">
<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;">(3,650)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.38%;">
<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="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.82%;">
<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;">26,354</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.82%;">
<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;">18,041</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;">17</font></b><a name="PB_17_230317_1512"></a></p>
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<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:2.0pt;">&nbsp;</font></p>
</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 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<a name="NOTE10TRADEPAYABLES_031119"></a></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="95%" style="border-collapse:collapse;">
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.04%;">
<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:9.0pt;font-weight:bold;">June&nbsp;30,</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.48%;">
<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;">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="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.04%;">
<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="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:9.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.48%;">
<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;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.04%;">
<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="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:9.0pt;">41,833</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.48%;">
<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;">48,181</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.04%;">
<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="17%" valign="bottom" 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:9.0pt;">1,079</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.48%;">
<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;">1,144</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.04%;">
<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%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">42,912</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.48%;">
<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;">49,325</font></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.04%;">
<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="17%" valign="bottom" style="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:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.48%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.04%;">
<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="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:9.0pt;">1,665</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.48%;">
<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;">3,068</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.04%;">
<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%" valign="bottom" 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;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,665</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.48%;">
<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;">3,068</font></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.04%;">
<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;">Total   trade payables</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:9.0pt;font-weight:bold;">44,577</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.48%;">
<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;">52,393</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 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<a name="NOTE11FINANCIALDEBT_031124"></a></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="92%" style="border-collapse:collapse;margin-left:.1in;">
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.32%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<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="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.3%;">
<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:65.22%;">
<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="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.32%;">
<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="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<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="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.3%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Bank overdrafts &#150; principal</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.32%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">12,715</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:0in .05in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,954</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Bank and other financial entities   loans &#150; principal</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.32%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">19,960</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:0in .05in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">9,548</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Notes &#150; principal</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.32%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,808</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:0in .05in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">17,281</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">NDF</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.32%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">324</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:0in .05in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">647</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Loans for purchase of equipment</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.32%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,164</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:0in .05in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,078</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Accrued interest and related expenses</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.32%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">13,746</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:0in .05in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">16,630</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.32%;">
<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;">52,717</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:0in .05in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.3%;">
<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;">52,138</font></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.22%;">
<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="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.32%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:0in .05in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Notes &#150; principal</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.32%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">86,110</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:0in .05in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">70,850</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Bank and other financial entities   loans &#150; principal</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.32%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">69,743</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:0in .05in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">92,045</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">NDF</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.32%;">
<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="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:0in .05in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">13</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Loans for purchase of equipment</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.32%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,560</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:0in .05in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5,213</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; </font><font size="1" face="Arial" style="font-size:9.0pt;">Accrued interest and related expenses</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.32%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">27,153</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:0in .05in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">30,641</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.32%;">
<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;">187,568</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:0in .05in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.3%;">
<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;">198,762</font></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.22%;">
<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;">Total financial debt</font></b></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.32%;">
<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;">240,285</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:0in .05in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.3%;">
<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;">250,900</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 Financial debt 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="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.78%;">
<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="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.04%;">
<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 <br>   beginning of <br>   the year</font></u></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.38%;">
<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 0in 0in 0in;width:9.38%;">
<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="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
<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;">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 0in 0in 0in;width:10.7%;">
<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 June<br>   30, 2021</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.7%;">
<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 June<br>   30, 2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="35%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.78%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Bank overdrafts </font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">4,954</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">8,822</font></p>    </td>
<td width="9%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="12%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(1,061)</font></p>    </td>
<td width="10%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.7%;">
<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:7.0pt;font-weight:bold;">12,715</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">12,166</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.78%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><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="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">101,593</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(6,871)</font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(5,019)</font></p>    </td>
<td width="10%" style="padding:0in 0in 0in 0in;width:10.7%;">
<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:7.0pt;font-weight:bold;">89,703</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">129,237</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.78%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Notes &#150; principal </font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">88,131</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">9,437</font></p>    </td>
<td width="9%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(8,650)</font></p>    </td>
<td width="10%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.7%;">
<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:7.0pt;font-weight:bold;">88,918</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">80,925</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.78%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:7.5pt;">NDF</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">660</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(1,021)</font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">687</font></p>    </td>
<td width="10%" style="padding:0in 0in 0in 0in;width:10.7%;">
<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:7.0pt;font-weight:bold;">326</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,239</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.78%;">
<p style="margin:0in 0in .0001pt 4.3pt;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="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">8,291</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(447)</font></p>    </td>
<td width="9%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(120)</font></p>    </td>
<td width="10%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.7%;">
<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:7.0pt;font-weight:bold;">7,724</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">9,063</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.78%;">
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued interests and related expenses</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">47,271</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(10,298)</font></p>    </td>
<td width="9%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">6,475</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(2,549)</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.7%;">
<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:7.0pt;font-weight:bold;">40,899</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">42,536</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.78%;">
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total as of June&nbsp;30,   2021</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.04%;">
<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:7.0pt;font-weight:bold;">250,900</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(378)</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6,475</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(*)&nbsp;&nbsp; (16,712)</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">240,285</font></b></p>    </td>
<td width="10%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.7%;">
<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>   </tr>
<tr>
<td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.78%;">
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;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="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.78%;">
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total as of June&nbsp;30,   2020</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.04%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">259,331</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(3,309)</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">10,215</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">8,929</font></b></p>    </td>
<td width="10%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.7%;">
<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="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.7%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">275,166</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;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Includes $2,187 of loans that do not represent cash movement.</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" 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 June&nbsp;30, 2021, Telecom has complied with them.</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" 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="2" face="Times New Roman" style="font-size:10.0pt;">&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: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" face="Arial" style="font-size:10.0pt;">On December&nbsp;28, 2017, Telecom Argentina held an Ordinary Shareholders&#146; Meeting that approved a Notes Global Program for a maximum outstanding amount of US$3,000 million or its equivalent in other currencies. Operations carried out during the period ended June&nbsp;30, 2021 within the mentioned Program are described below:</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 .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:6.0pt;">&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: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;">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="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;">18</font></b><a name="PB_18_232132_7056"></a></p>
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<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:1.0pt;">&nbsp;</font></p>
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<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;">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;">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;"><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;">The Company received a disbursement for a total amount of $8,664, since $45 corresponding to debt issuance expenses were deducted from the initial disbursement (amount corresponding to the transaction 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of June&nbsp;30, 2021, an amount of </font><font face="Arial">$10,881</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: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;9 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;">The Company announced, from June&nbsp;1, 2021, the subscription of notes for a total nominal value determined in US dollars equivalent for up to US$15 million, that could be increased to US$120 million, payable in Argentine pesos to the applicable exchange rate. 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;">June&nbsp;7, 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 color="black" face="Arial" style="color:black;">US$91.8 million payable in Argentine pesos to the applicable exchange rate</font><font face="Arial"> (equivalent to $8,699 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;">June&nbsp;7, 2024.</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 2.75%. 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;"><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;">The Company received a disbursement for a total amount of $8,655, since $44 corresponding to debt issuance expenses were deducted from the initial disbursement (amount corresponding to the transaction 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;">The Company used US$91 million of the proceeds of Series&nbsp;9 Notes for the total cancellation of Series&nbsp;&#147;A&#148; Notes maturing in June&nbsp;2021 (see below &#147;Cancellation of Series&nbsp;&#147;A&#148; Notes).</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 of June&nbsp;30, 2021, an amount of </font><font face="Arial">$8,757</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: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;">Cancellation of Series&nbsp;&#147;A&#148; 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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;15, 2021, the Company cancelled the outstanding Series&nbsp;&#147;A&#148; Notes for a total amount of US$106,6 million (</font><font face="Arial">US$103.2 million of principal and US$3.4 million of interest).</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;">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: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: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: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 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: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 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: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 the first half of 2021, the Company subscribed the second, the third, the fourth and the fifth tranches for a total of RMB117 million (equivalent to approximately $1,665), </font><font face="Arial">bearing an annual interest rate of 6.8% payable semi-annually. Principal will be cancelled in 11 semi-annual and consecutive installments since the subscription date of each installment.</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 of June&nbsp;30, 2021, an amount of RMB153 million remained unpaid </font><font face="Arial">(equivalent to $2,269).</font></p>
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<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_215159_8887"></a></p>
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<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="1" face="Times New Roman" style="font-size:5.0pt;">&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>
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<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;"><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: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: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: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 debt agreements with Cisco Systems Capital Corporation related to purchase equipment financing, amounting to US$85.1 million (of which US$17 million were received during the first half 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: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 June&nbsp;30, 2021, an amount of </font><font face="Arial">US$85.6 million </font><font face="Arial">remained unpaid (</font><font face="Arial">equivalent to $8,190)</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;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Finnvera</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;"><font size="2" face="Arial" style="font-size:10.0pt;">On May&nbsp;14, 2021, the Company submitted a proposal for an export credit line for a total amount of up to US$30 million to the following entities: (i)&nbsp;JPMorgan Chase Bank, N.A., London Branch, as initial lender, lead coordinator and guarantee of residual risk, (ii)&nbsp;JPMorgan Chase Bank, N.A., London Branch, as a financing agent, and (iii)&nbsp;JPMorgan Chase Bank, N.A, Buenos Aires branch, as a local custody agent, which was accepted on the same 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;">The credit line is guaranteed by Finnvera plc, the official export credit agency of Finland, which granted a bond in favor of the lenders subject to certain terms and conditions.</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 proceeds from the loans under this credit line will be used to finance up to 85% of the value of certain imported goods and services, the value of certain national goods and services and the total payment of the Finnvera premium equivalent to 14.41% of the total amount committed by the lenders under the credit line.</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 of June&nbsp;30, 2021</font><font face="Arial">, no proceeds have been received from this credit line.</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 July&nbsp;31, 2021, the Company received <font color="black" style="color:black;">a disbursement for a total amount of </font>US$5.1 million (</font><font face="Arial">US$4.4 million were received, because US$0.7 million corresponding to the premium were deducted from the initial disbursement).</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;">N&#250;cleo</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="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 series. 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: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;">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:5.0pt;">&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:5.0pt;">&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: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;">N&#250;cleo received a disbursement for a total amount of 129,057 million of Guaran&#237;es (equivalent to $1,758), since 943 million of Guaran&#237;es (equivalent to $13) corresponding to debt issuance expenses were deducted from the initial disbursement (amount corresponding to the transaction 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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of June&nbsp;30, 2021, an amount of </font><font face="Arial">132,814 million of Guaran&#237;es </font><font face="Arial">remained unpaid (</font><font face="Arial">equivalent to $1,877)</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;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:5.0pt;">&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 8.00%.</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: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;">N&#250;cleo received a disbursement for a total amount of 119,122 million of Guaran&#237;es (equivalent to $1,623), since 878 million of Guaran&#237;es (equivalent to $12) corresponding to debt issuance expenses were deducted from the initial disbursement (amount corresponding to the transaction date).</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="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_215611_7056"></a></p>
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<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="1" face="Times New Roman" style="font-size:5.0pt;">&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:2.0pt;">&nbsp;</font></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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of June&nbsp;30, 2021, an amount of </font><font face="Arial">122,924 million of Guaran&#237;es </font><font face="Arial">remained unpaid (</font><font face="Arial">equivalent to $1,737)</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;">The proceeds of the aforementioned series IV and V Notes were used for the cancellation of bank loans and financing of working capital.</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;">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 June&nbsp;30, 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="65%" style="border-collapse:collapse;">
<tr>
<td width="45%" valign="top" style="padding:0in 5.75pt 0in 0in;width:45.66%;">
<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>
<td width="27%" valign="top" style="padding:0in 5.75pt 0in 0in;width:27.2%;">
<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;">Carrying   Value</font></u></b></p>    </td>
<td width="27%" valign="top" style="padding:0in 5.75pt 0in 0in;width:27.14%;">
<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="45%" valign="top" style="padding:0in 5.75pt 0in 0in;width:45.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 5.75pt 0in 0in;width:27.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 5.75pt 0in 0in;width:27.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 5.75pt 0in 0in;width:45.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Notes</font></p>    </td>
<td width="27%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 5.75pt 0in 0in;width:27.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">118,522</font></p>    </td>
<td width="27%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 5.75pt 0in 0in;width:27.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">113,184</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 5.75pt 0in 0in;width:45.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other financial debts</font></p>    </td>
<td width="27%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 0in;width:27.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">121,763</font></p>    </td>
<td width="27%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 0in;width:27.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">113,622</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 5.75pt 0in 0in;width:45.66%;">
<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="27%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.75pt 0in 0in;width:27.2%;">
<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;">240,285</font></b></p>    </td>
<td width="27%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.75pt 0in 0in;width:27.14%;">
<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;">226,806</font></b></p>    </td>   </tr>  </table>
</div>
<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 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_031225"></a></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="95%" style="border-collapse:collapse;">
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.62%;">
<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="18%" valign="top" style="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;">June&nbsp;30, </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>
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<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.62%;">
<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="18%" valign="top" style="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="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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.62%;">
<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="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.46%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.62%;">
<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="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.46%;">
<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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.62%;">
<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="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;">12,270</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.92%;">
<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>
<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;">17,087</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Termination benefits</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">808</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.92%;">
<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;">880</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.62%;">
<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:solid windowtext 1.0pt;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;">13,078</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 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">17,967</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.62%;">
<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="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in 0in .0001pt;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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.62%;">
<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="18%" valign="bottom" style="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: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 0in .0001pt;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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Termination benefits</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;">1,035</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.92%;">
<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;">1,053</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.62%;">
<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="#CCEEFF" style="background:#CCEEFF;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;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,035</font></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">1,053</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.62%;">
<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;">Total salaries and social   security payables</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;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;">14,113</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:16.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">19,020</font></b></p>    </td>   </tr>  </table>
</div>
<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 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_031230"></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;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Amendments to the Income Tax</font></u></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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;27,430, as amended by Law No.&nbsp;27,541, the </font><font face="Arial">statutory </font><font face="Arial">income tax rate in Argentina for fiscal years 2018, 2019 and 2020 was 30%, while for fiscal years beginning since January&nbsp;1, 2021, the </font><font face="Arial">statutory </font><font face="Arial">income tax rate would be 25%. However, on June&nbsp;16, 2021, Law No.&nbsp;27,630 was published in the Official Gazette, and replaced the 25% </font><font face="Arial">statutory </font><font face="Arial">income tax rate by an increasing rate scale related to the taxable income of each taxpayer: 25% for annual taxable income of up to $5 million, 30% for the exceeding annual taxable income between $5 million and $50 million and 35% for annual taxable income exceeding $50 million. The annual taxable income scale will be adjusted annually starting in fiscal year 2022 according to the CPI of October&nbsp;of the prior year to the adjustment, with respect to the same month of the previous year. The Company has recognized </font><font face="Arial">the increase in the </font><font face="Arial">statutory </font><font face="Arial">income tax rate effects in the &#147;Income tax expense&#148; item of the consolidated income statement as of June&nbsp;30, 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;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, Law No.&nbsp;27,430 established a withholding tax regime on distributed dividends at a rate of 7% for profits generated during fiscal years beginning on or after January&nbsp;1, 2018 up to and including fiscal year ending on December&nbsp;31, 2020, and at a rate of 13% for profits generated during fiscal years beginning on or after January&nbsp;1, 2021. Law No.&nbsp;27, 630 also amended the last mentioned withholding tax rate, replacing it by 7% for fiscal years beginning on or after January&nbsp;1, 2021. Withholding tax regime applies only to shareholders who are Argentine resident individuals and to non-resident shareholders.</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;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Income tax - Actions for recourse filed with the Tax Authority</font></u></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 filed during 2015 to 2020 actions for recourse with the AFIP to claim the full tax overpaid for fiscal years 2009, 2010, 2011, 2012, 2013, 2014 and 2015 for a total amount of approximately $1,261 plus interest, under the argument that the lack of application of the income tax inflation adjustment is confiscatory.</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 July&nbsp;28, 2021 Telecom was notified of the resolution dated July&nbsp;26, 2021 in which the AFIP has rejected the action for recourse corresponding to fiscal year 2013. Telecom will file an action for recourse before the National Court of First Instance.</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;">21</font></b><a name="PB_21_221128_5335"></a></p>
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<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: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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Management, with the assistance of its tax advisors, understands that the arguments that will be presented should obtain a favorable resolution to its claim.</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;">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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;">
<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;">June&nbsp;30,</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" bgcolor="#CCEEFF" style="background:#CCEEFF;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%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(157)</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.28%;">
<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;">(14,371)</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 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,478)</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.28%;">
<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;">(3,646)</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,302)</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.28%;">
<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;">(1,845)</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 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">102,932</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.28%;">
<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;">92,871</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,215</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.28%;">
<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;">737</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 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">23,197</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.28%;">
<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;">26,744</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">231</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<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;">(50)</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 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">120,638</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 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">100,440</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(882)</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<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;">(1,105)</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 1.5pt;padding:0in 0in 0in 0in;width:19.02%;">
<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;&nbsp;&nbsp; 119,756&nbsp;&nbsp;&nbsp; </font></b></p>    </td>
<td width="16%" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">99,335</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="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.02%;">
<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="16%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<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>
<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 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(492)</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 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(516)</font></b></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 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">120,248</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 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">99,851</font></b></p>    </td>   </tr>  </table>
</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 20.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Includes $49 of currency translation adjustments on foreign subsidiaries&#146; initial balances.</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;">As of June&nbsp;30, 2021, the Company and some subsidiaries have cumulative tax carryforwards of approximately $646, that calculated considering the statutory income tax rate applicable to each entity, represent a deferred tax asset of approximately $157.</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="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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="75%" style="border:none;border-collapse:collapse;margin-left:.3in;">
<tr height="22" style="height:16.7pt;">
<td width="25%" height="22" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:16.7pt;padding:0in 0in 0in 0in;width:25.82%;">
<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="25%" height="22" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:16.7pt;padding:0in 0in 0in 0in;width:25.8%;">
<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<br>   generation year</font></b></p>    </td>
<td width="25%" height="22" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:16.7pt;padding:0in 0in 0in 0in;width:25.8%;">
<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 06.30.2021</font></b></p>    </td>
<td width="22%" height="22" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:16.7pt;padding:0in 0in 0in 0in;width:22.58%;">
<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<br>   expiration year</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="25%" height="11" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.82%;">
<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="25%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.8%;">
<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="25%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.8%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>    </td>
<td width="22%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:22.58%;">
<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 height="11" style="height:8.5pt;">
<td width="25%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.82%;">
<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="25%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.8%;">
<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="25%" height="11" valign="bottom" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.8%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">484</font></p>    </td>
<td width="22%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:22.58%;">
<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 height="11" style="height:8.5pt;">
<td width="25%" height="11" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.82%;">
<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="25%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.8%;">
<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="25%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.8%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">80</font></p>    </td>
<td width="22%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:22.58%;">
<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 height="11" style="height:8.5pt;">
<td width="25%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Cable Imagen</font></p>    </td>
<td width="25%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.8%;">
<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="25%" height="11" valign="bottom" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.8%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>    </td>
<td width="22%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:22.58%;">
<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 height="11" style="height:8.5pt;">
<td width="25%" height="11" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.82%;">
<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="25%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.8%;">
<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="25%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.8%;">
<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="22%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:22.58%;">
<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 height="11" style="height:8.5pt;">
<td width="25%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.82%;">
<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="25%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.8%;">
<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="25%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:25.8%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">73</font></p>    </td>
<td width="22%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0.375pt 0in;width:22.58%;">
<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 height="11" style="height:8.5pt;">
<td width="25%" height="11" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.82%;">
<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="25%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.8%;">
<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="25%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:8.5pt;padding:0in 0in 0in 0in;width:25.8%;">
<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;">646</font></b></p>    </td>
<td width="22%" height="11" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;height:8.5pt;padding:0in 0in 0in 0in;width:22.58%;">
<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>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&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 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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="70%" style="border:none;border-collapse:collapse;margin-left:.2in;">
<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;">June&nbsp;30,</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" bgcolor="#CCEEFF" style="background:#CCEEFF;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="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">24,010</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7,888</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="top" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(115)</font></p>    </td>
<td width="16%" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(324)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<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="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,195)</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="top" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">56</font></p>    </td>
<td width="16%" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(822)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">48,024</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">36,437</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="top" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<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;">71,975</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">35,984</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">34.43%</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">25.27%</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="top" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<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;">(24,784)</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(9,093)</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">18,660</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">13,679</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="top" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(18,832)</font></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,436)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(726)</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(93)</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="top" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:17.68%;">
<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;">(25,682)</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(4,943)</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:17.68%;">
<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="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&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="top" style="border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,359)</font></p>    </td>
<td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(126)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:17.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(20,323)</font></p>    </td>
<td width="16%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:16.1%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,817)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Includes the statutory income tax rate change effect provided by Law No.&nbsp;27,630.</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;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 14 &#150;TAXES PAYABLES</font></b><a name="NOTE14TAXESPAYABLES_031310"></a></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="85%" style="border-collapse:collapse;margin-left:.2in;">
<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;">June&nbsp;30,   </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;">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:16.94%;">
<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;">2020</font></u></b></p>    </td>   </tr>
<tr height="15" style="height:11.5pt;">
<td width="66%" height="15" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.5pt;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%" height="15" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.5pt;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%" height="15" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.5pt;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>   </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, net and others </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 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,106</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">83</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,822</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,618</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 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">460</font></p>    </td>
<td width="16%" style="padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">510</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">557</font></p>    </td>
<td width="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">475</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 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">6,945</font></b></p>    </td>
<td width="16%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">4,686</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.94%;">
<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%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.94%;">
<p align="center" style="margin:0in .7pt .0001pt 0in;text-align:center;"><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="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .7pt .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="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<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="16%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">7</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="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.94%;">
<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;">6,945</font></b></p>    </td>
<td width="16%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">4,693</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;">22</font></b><a name="PB_22_223847_1123"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<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: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>
<p style="margin:0in 0in .0001pt 7.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">(*) The breakdown of income tax payable of each entity is as follows:</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="76%" style="border-collapse:collapse;margin-left:.75in;">
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.06%;">
<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" style="padding:0in 0in 0in 0in;width:18.96%;">
<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;">June&nbsp;30,</font></u></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.96%;">
<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:62.06%;">
<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" style="padding:0in 0in 0in 0in;width:18.96%;">
<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:18.96%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Telecom</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,979</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.96%;">
<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>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">N&#250;cleo</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">124</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.96%;">
<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;">70</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Adesol</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.96%;">
<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;">9</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">AVC Continente Audiovisual</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.96%;">
<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="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.96%;">
<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;">3</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Pem</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.96%;">
<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="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.96%;">
<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>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cable Imagen</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.96%;">
<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="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.96%;">
<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>   </tr>
<tr>
<td width="62%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.06%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.96%;">
<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;">2,106</font></b></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.96%;">
<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;">83</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 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_031321"></a></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="85%" style="border-collapse:collapse;margin-left:.2in;">
<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;">June&nbsp;30,   </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;">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:16.94%;">
<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;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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>   </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 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5,298</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.94%;">
<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;">3,845</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">147</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<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;">336</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 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">5,445</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<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;">4,181</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.94%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in 0in .0001pt;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 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">9,239</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.94%;">
<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;">7,669</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,369</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<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;">1,061</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 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">10,608</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.94%;">
<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;">8,730</font></b></p>    </td>   </tr>
<tr height="17" style="height:12.5pt;">
<td width="66%" height="17" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.5pt;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%" height="17" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:12.5pt;padding:0in 0in 0in 0in;width:16.94%;">
<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;">16,053</font></b></p>    </td>
<td width="16%" height="17" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:12.5pt;padding:0in 0in 0in 0in;width:16.94%;">
<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;">12,911</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 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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="60%" style="border-collapse:collapse;margin-left:.55in;">
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.48%;">
<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="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.52%;">
<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;">June&nbsp;30,</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:63.48%;">
<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="18%" height="16" valign="bottom" style="height:11.9pt;padding:0in 0in 0in 0in;width:18.34%;">
<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;">2021</font></u></b></p>    </td>
<td width="18%" height="16" valign="bottom" style="height:11.9pt;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 height="9" style="height:6.5pt;">
<td width="63%" height="9" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:6.5pt;padding:0in 0in 0in 0in;width:63.48%;">
<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="9" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:6.5pt;padding:0in 0in 0in 0in;width:18.34%;">
<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;">12,911</font></b></p>    </td>
<td width="18%" height="9" bgcolor="#CCEEFF" style="background:#CCEEFF;height:6.5pt;padding:0in 0in 0in 0in;width:18.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">10,767</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Increases (*)</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.34%;">
<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;">8,673</font></p>    </td>
<td width="18%" style="padding:0in 0in 0in 0in;width:18.18%;">
<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;">5,577</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Financial results, net (**)</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,438</font></p>    </td>
<td width="18%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.18%;">
<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;">1,084</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Cash Flows</font></p>    </td>
<td width="18%" style="padding:0in 0in 0in 0in;width:18.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,536)</font></p>    </td>
<td width="18%" style="padding:0in 0in 0in 0in;width:18.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,681)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:63.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Decreases (includes RECPAM)</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,433)</font></p>    </td>
<td width="18%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.18%;">
<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;">(864)</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.48%;">
<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:18.34%;">
<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;">16,053</font></b></p>    </td>
<td width="18%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">12,883</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;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Included in acquisitions of Rights of Use assets.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(**) Included in Other Exchange differences and Other interests, net and other investments 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;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 16 &#150; OTHER LIABILITIES</font></b><a name="NOTE16OTHERLIABILITIES_031329"></a></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="86%" style="border-collapse:collapse;">
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.76%;">
<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;">June&nbsp;30,</font></u></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;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.76%;">
<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="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;">2020</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="66%" height="16" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:66.76%;">
<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%" height="16" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:16.62%;">
<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="16%" height="16" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:16.62%;">
<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>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.76%;">
<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:16.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,283</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" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,394</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.76%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">699</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.62%;">
<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;">513</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.76%;">
<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:16.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">65</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" color="black" face="Arial" style="color:black;font-size:9.0pt;">5</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.76%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">16</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.62%;">
<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;">18</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.76%;">
<p style="margin:0in 0in .0001pt;"><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="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;">3</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" color="black" face="Arial" style="color:black;font-size:9.0pt;">3</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.76%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">260</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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" color="black" face="Arial" style="color:black;font-size:9.0pt;">651</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.76%;">
<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:16.62%;">
<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;">2,326</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.62%;">
<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;">2,584</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="66%" height="16" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:66.76%;">
<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%" height="16" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;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:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="16" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 0in 0in 0in;width:16.62%;">
<p align="right" style="margin:0in 0in .0001pt;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:66.76%;">
<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:16.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">487</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" color="black" face="Arial" style="color:black;font-size:9.0pt;">529</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.76%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">585</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.62%;">
<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;">501</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.76%;">
<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:16.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">336</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" color="black" face="Arial" style="color:black;font-size:9.0pt;">419</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.76%;">
<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="#CCEEFF" style="background:#CCEEFF;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;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,408</font></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">1,449</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.76%;">
<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:16.62%;">
<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;">3,734</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" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">4,033</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;">23</font></b><a name="PB_23_224620_7056"></a></p>
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<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 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;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 17 &#150; PROVISIONS</font></b><a name="NOTE17PROVISIONS_031407"></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="80%" style="border-collapse:collapse;width:80.0%;">
<tr height="24" style="height:.25in;">
<td width="31%" height="24" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:.25in;padding:0in 0in 0in 0in;width:31.62%;">
<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="10%" rowspan="2" valign="bottom" 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;">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:17.2%;">
<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" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:11.94%;">
<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;">Decreases</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;"><br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(iii)</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:11.42%;">
<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;">&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</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;"><br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">as of <br>   June&nbsp;30,<br>   2021</font></b></p>    </td>   </tr>
<tr height="36" style="height:26.75pt;">
<td width="31%" height="36" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:26.75pt;padding:0in 0in 0in 0in;width:31.62%;">
<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="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:7.46%;">
<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</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;"><br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(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:9.78%;">
<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;">&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:17.2%;">
<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;">Reclassifications</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="31%" height="12" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:31.62%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><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="10%" height="12" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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="7%" height="12" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<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="9%" height="12" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.78%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:17.2%;">
<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="11%" height="12" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.94%;">
<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="12" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.42%;">
<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>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="31%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:31.62%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Provisions</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 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;">2,026</font></b></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:7.46%;">
<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;">1,539</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:9.78%;">
<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;">-</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:17.2%;">
<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:8.0pt;">545</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:11.94%;">
<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:8.0pt;">(2,117)</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:11.42%;">
<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;">1,993</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.3pt;">
<td width="31%" height="11" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:8.3pt;padding:0in 0in 0in 0in;width:31.62%;">
<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;">Total current provisions</font></b></p>    </td>
<td width="10%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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 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;">2,026</font></b></p>    </td>
<td width="7%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:7.46%;">
<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;">1,539</font></b></p>    </td>
<td width="9%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:9.78%;">
<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;">-</font></b></p>    </td>
<td width="17%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:17.2%;">
<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:8.0pt;font-weight:bold;">545</font></b></p>    </td>
<td width="11%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:11.94%;">
<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:8.0pt;font-weight:bold;">(2,117)</font></b></p>    </td>
<td width="11%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:11.42%;">
<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;">1,993</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="31%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:31.62%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><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="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 1.45pt .0001pt 0in;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="7%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<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: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:9.78%;">
<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: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:17.2%;">
<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:1.0pt;">&nbsp;</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:11.94%;">
<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:1.0pt;">&nbsp;</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:11.42%;">
<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:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="31%" height="12" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:31.62%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Provisions</font></p>    </td>
<td width="10%" height="12" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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 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;">5,614</font></b></p>    </td>
<td width="7%" height="12" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<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;">365</font></p>    </td>
<td width="9%" height="12" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.78%;">
<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;">36</font></p>    </td>
<td width="17%" height="12" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:17.2%;">
<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:8.0pt;">(545)</font></p>    </td>
<td width="11%" height="12" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.94%;">
<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:8.0pt;">(636)</font></p>    </td>
<td width="11%" height="12" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.42%;">
<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;">4,834</font></b></p>    </td>   </tr>
<tr height="8" style="height:6.2pt;">
<td width="31%" height="8" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:6.2pt;padding:0in 0in 0in 0in;width:31.62%;">
<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="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 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;">3,738</font></b></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:7.46%;">
<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;">-</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:9.78%;">
<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>
<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:17.2%;">
<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:8.0pt;">-</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:11.94%;">
<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:8.0pt;">(801)</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:11.42%;">
<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;">3,482</font></b></p>    </td>   </tr>
<tr height="13" style="height:9.8pt;">
<td width="31%" height="13" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.8pt;padding:0in 0in 0in 0in;width:31.62%;">
<p style="margin:0in 0in .0001pt 11.5pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total non-current provisions</font></b></p>    </td>
<td width="10%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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 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;">9,352</font></b></p>    </td>
<td width="7%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:7.46%;">
<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;">365</font></b></p>    </td>
<td width="9%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:9.78%;">
<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;">581</font></b></p>    </td>
<td width="17%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:17.2%;">
<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:8.0pt;font-weight:bold;">(545)</font></b></p>    </td>
<td width="11%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:11.94%;">
<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:8.0pt;font-weight:bold;">(1,437)</font></b></p>    </td>
<td width="11%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:11.42%;">
<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;">8,316</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="31%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:31.62%;">
<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="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 1.45pt .0001pt 0in;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:7.46%;">
<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;">&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:9.78%;">
<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;">&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:17.2%;">
<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:8.0pt;">&nbsp;</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:11.94%;">
<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:8.0pt;">&nbsp;</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:11.42%;">
<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;">&nbsp;</font></p>    </td>   </tr>
<tr height="6" style="height:4.45pt;">
<td width="31%" height="6" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:4.45pt;padding:0in 0in 0in 0in;width:31.62%;">
<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;">Total   provisions</font></b></p>    </td>
<td width="10%" height="6" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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 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;">11,378</font></b></p>    </td>
<td width="7%" height="6" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:7.46%;">
<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;">1,904</font></b></p>    </td>
<td width="9%" height="6" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:9.78%;">
<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;">581</font></b></p>    </td>
<td width="17%" height="6" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:17.2%;">
<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:8.0pt;font-weight:bold;">- </font></b></p>    </td>
<td width="11%" height="6" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:11.94%;">
<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:8.0pt;font-weight:bold;">(iv)&nbsp; (3,554)</font></b></p>    </td>
<td width="11%" height="6" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:11.42%;">
<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;">10,309</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>
<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;width:80.0%;">
<tr height="24" style="height:.25in;">
<td width="31%" height="24" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:.25in;padding:0in 0in 0in 0in;width:31.64%;">
<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" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:10.6%;">
<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:17.22%;">
<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:17.2%;">
<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" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:11.94%;">
<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;">Decreases</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;"><br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(iii)</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:11.42%;">
<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;">&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</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;"><br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">as of <br>   June&nbsp;30,<br>   2020</font></b></p>    </td>   </tr>
<tr height="36" style="height:26.75pt;">
<td width="31%" height="36" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:26.75pt;padding:0in 0in 0in 0in;width:31.64%;">
<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:7.46%;">
<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</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;"><br>    </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(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:9.76%;">
<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;">&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:17.2%;">
<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;">Reclassifications</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="31%" height="12" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:31.64%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><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="10%" height="12" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.6%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<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="9%" height="12" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;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="17%" height="12" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:17.2%;">
<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="11%" height="12" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.94%;">
<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="12" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.42%;">
<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>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="31%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:31.64%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Provisions</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:10.6%;">
<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;">2,032</font></b></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:7.46%;">
<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;">12 </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:9.76%;">
<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;">- </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:17.2%;">
<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:8.0pt;">574</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:11.94%;">
<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:8.0pt;">(634)</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:11.42%;">
<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;">1,984</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.3pt;">
<td width="31%" height="11" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:8.3pt;padding:0in 0in 0in 0in;width:31.64%;">
<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;">Total current provisions</font></b></p>    </td>
<td width="10%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:10.6%;">
<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;">2,032</font></b></p>    </td>
<td width="7%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:7.46%;">
<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;">12 </font></b></p>    </td>
<td width="9%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:9.76%;">
<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;">-&nbsp; </font></b></p>    </td>
<td width="17%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:17.2%;">
<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:8.0pt;font-weight:bold;">574</font></b></p>    </td>
<td width="11%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:11.94%;">
<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:8.0pt;font-weight:bold;">(634)</font></b></p>    </td>
<td width="11%" height="11" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:11.42%;">
<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;">1,984</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="31%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:31.64%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><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="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.6%;">
<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:1.0pt;font-weight:bold;">&nbsp;</font></b></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:7.46%;">
<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: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:9.76%;">
<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: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:17.2%;">
<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:1.0pt;">&nbsp;</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:11.94%;">
<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:1.0pt;">&nbsp;</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:11.42%;">
<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:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="31%" height="12" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:31.64%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Provisions</font></p>    </td>
<td width="10%" height="12" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.6%;">
<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;">6,816</font></b></p>    </td>
<td width="7%" height="12" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.46%;">
<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;">155</font></p>    </td>
<td width="9%" height="12" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.76%;">
<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;">727</font></p>    </td>
<td width="17%" height="12" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:17.2%;">
<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:8.0pt;">(574)</font></p>    </td>
<td width="11%" height="12" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.94%;">
<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:8.0pt;">(1,147)</font></p>    </td>
<td width="11%" height="12" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.42%;">
<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;">5,977</font></b></p>    </td>   </tr>
<tr height="8" style="height:6.2pt;">
<td width="31%" height="8" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:6.2pt;padding:0in 0in 0in 0in;width:31.64%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Asset retirement obligations</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:10.6%;">
<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;">1,081</font></b></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:7.46%;">
<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;">-</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:9.76%;">
<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;">168</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:17.2%;">
<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:8.0pt;">-&nbsp;&nbsp; </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:11.94%;">
<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:8.0pt;">(224)</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:11.42%;">
<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;">1,025</font></b></p>    </td>   </tr>
<tr height="13" style="height:9.8pt;">
<td width="31%" height="13" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:9.8pt;padding:0in 0in 0in 0in;width:31.64%;">
<p style="margin:0in 0in .0001pt 11.5pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total non-current provisions</font></b></p>    </td>
<td width="10%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:10.6%;">
<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;">7,897</font></b></p>    </td>
<td width="7%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:7.46%;">
<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;">155</font></b></p>    </td>
<td width="9%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:9.76%;">
<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;">895</font></b></p>    </td>
<td width="17%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:17.2%;">
<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:8.0pt;font-weight:bold;">(574)</font></b></p>    </td>
<td width="11%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:11.94%;">
<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:8.0pt;font-weight:bold;">(1,371)</font></b></p>    </td>
<td width="11%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:11.42%;">
<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;">7,002</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="31%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:31.64%;">
<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;">&nbsp;</font></b></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:10.6%;">
<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;">&nbsp;</font></b></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:7.46%;">
<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;">&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:9.76%;">
<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;">&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:17.2%;">
<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:8.0pt;">&nbsp;</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:11.94%;">
<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:8.0pt;">&nbsp;</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:11.42%;">
<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;">&nbsp;</font></p>    </td>   </tr>
<tr height="6" style="height:4.45pt;">
<td width="31%" height="6" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-right:solid windowtext 1.0pt;height:4.45pt;padding:0in 0in 0in 0in;width:31.64%;">
<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;">Total provisions</font></b></p>    </td>
<td width="10%" height="6" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:10.6%;">
<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;">9,929</font></b></p>    </td>
<td width="7%" height="6" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:7.46%;">
<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;">167</font></b></p>    </td>
<td width="9%" height="6" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:9.76%;">
<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;">895</font></b></p>    </td>
<td width="17%" height="6" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:17.2%;">
<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:8.0pt;font-weight:bold;">- </font></b></p>    </td>
<td width="11%" height="6" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:11.94%;">
<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:8.0pt;font-weight:bold;">(iv)&nbsp; (2,005)</font></b></p>    </td>
<td width="11%" height="6" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:11.42%;">
<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;">8,986</font></b></p>    </td>   </tr>  </table>
<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 28.35pt;text-indent:-17.0pt;"><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; </font><font size="1" face="Arial" style="font-size:6.0pt;">$1,923 charged to Other operating expenses and ($19) charged to Other comprehensive income.</font></p>
<p style="margin:0in 0in .0001pt 28.35pt;text-indent:-17.0pt;"><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; </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 28.35pt;text-indent:-17.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#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 28.35pt;text-indent:-17.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Includes ($1,747) and ($753) as of June&nbsp;30, 2021 and 2020, respectively, related to provisions payments.</font></p>
<p style="margin:0in 0in .0001pt 28.35pt;text-indent:-17.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">$296 charged to Other operating expenses and ($129) charged to Other comprehensive income.</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;">A summary of recent developments as of June&nbsp;30, 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="Times New Roman" style="font-size:6.0pt;">&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><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><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="Times New Roman" 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="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 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="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;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. The resolution was ratified by the ENACOM Board of Directors on April&nbsp;28, 2021 through Synthesized Resolution No.&nbsp;581/21.</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;">The Company filed a spontaneous presentation to ENACOM communicating its complete adherence to the recourse filed by </font><font face="Arial">&#147;Asociaci&#243;n Argentina de Televisi&#243;n por Cable&#148; </font><font face="Arial">(&#147;ATVC&#148;) against the provisions of that resolution, for considering that it is illegitimate and, consequently, that it should be revoked.</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 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="Times New Roman" 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><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><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="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" 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="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;">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="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><b><font face="Arial" style="font-weight:bold;"><a name="PB_24_111243_7056"></a></font></b></p>
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<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>
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<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>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&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;">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 ATVC. The </font><font face="Arial">preliminary injunction</font><font face="Arial"> 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="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;">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="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 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="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;">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="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 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="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 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="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, 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="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 18 &#150; ADDITIONAL INFORMATION<a name="NOTE18ADDITIONALINFORMATION_031419"></a></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;"><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="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;">Financial assets and liabilities denominated in foreign currencies as of June&nbsp;30, 2021 and December&nbsp;31, 2020 are the following:</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
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<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>
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<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;">06.30.2021</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>
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<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:8.0pt;font-weight:bold;">In equivalent millions of   Argentine pesos</font></b></p>    </td>   </tr>
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<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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">22,085</font></p>    </td>
<td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">25,872</font></p>    </td>   </tr>
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<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;">(227,926)</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;">(258,518)</font></p>    </td>   </tr>
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<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(205,841)</font></b></p>    </td>
<td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(232,646)</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 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 June&nbsp;30, 2021 amounting to US$13 million, therefore the net liability not hedged amounts to approximately US$2,137 million as of 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;"><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="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 information required by the amendment to IFRS 7 as of June&nbsp;30, 2021 and December&nbsp;31, 2020 is as follows:</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
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<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 June&nbsp;30, 2021</font></b></p>    </td>   </tr>
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<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%" 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%" 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%" 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%" 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" bgcolor="#CCEEFF" style="background:#CCEEFF;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 non-current assets (liabilities) - Gross   value</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<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:8.0pt;">21,847</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<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:8.0pt;">1,430</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<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:8.0pt;">(45,553)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<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:8.0pt;">(291)</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 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(976)</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 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(111)</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 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">976</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 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">111</font></p>    </td>   </tr>
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<td width="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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 non-current   assets (liabilities) &#150; Book value </font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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:8.0pt;font-weight:bold;">20,871</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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:8.0pt;font-weight:bold;">1,319</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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:8.0pt;font-weight:bold;">(44,577)</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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:8.0pt;font-weight:bold;">(180)</font></b></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><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:.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%" 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%" 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%" 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%" 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" bgcolor="#CCEEFF" style="background:#CCEEFF;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 non-current assets (liabilities) - Gross   value</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<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:8.0pt;">24,942</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<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:8.0pt;">1,964</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<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:8.0pt;">(53,505)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<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:8.0pt;">(708)</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 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,112)</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 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(113)</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 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,112</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 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">113</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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 non-current   assets (liabilities) &#150; Book value </font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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:8.0pt;font-weight:bold;">23,830</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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:8.0pt;font-weight:bold;">1,851</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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:8.0pt;font-weight:bold;">(52,393)</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<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:8.0pt;font-weight:bold;">(595)</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;">25</font></b><a name="PB_25_111243_5335"></a></p>
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<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 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;">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="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 19 &#150; PURCHASE COMMITMENTS<a name="NOTE19PURCHASECOMMITMENTS_031428"></a></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;">The Company has entered into various purchase commitments with domestic and foreign suppliers amounting to approximately $67,757 as of June&nbsp;30, 2021 (of which $29,384 corresponds to PP&amp;E commitments).</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 20 &#150; EQUITY<a name="NOTE20EQUITY_031433"></a></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 .75in;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="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Capital Stock</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 June&nbsp;30, 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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><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="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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.18%;">
<p style="margin:0in 0in .0001pt .4in;"><font size="1" face="Arial" style="font-size:9.0pt;">Class&nbsp;&#147;A&#148;</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.9%;">
<p align="right" style="margin:0in .75in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">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 .4in;"><font size="1" face="Arial" style="font-size:9.0pt;">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="right" style="margin:0in .75in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">628,058,019</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.18%;">
<p style="margin:0in 0in .0001pt .4in;"><font size="1" face="Arial" style="font-size:9.0pt;">Class&nbsp;&#147;C&#148;</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.9%;">
<p align="right" style="margin:0in .75in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">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 .4in;"><font size="1" face="Arial" style="font-size:9.0pt;">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="right" style="margin:0in .75in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">841,666,658</font></p>    </td>   </tr>
<tr height="18" style="height:13.3pt;page-break-inside:avoid;">
<td width="48%" height="18" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:13.3pt;padding:0in 0in 0in 0in;width:48.18%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;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%" height="18" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:13.3pt;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%" height="18" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:13.3pt;padding:0in 0in 0in 0in;width:48.9%;">
<p align="right" style="margin:0in .75in .0001pt 0in;text-align:right;"><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;"><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 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="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;">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="margin:0in 0in .0001pt .75in;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="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;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="Times New Roman" 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;">(a)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;</font><font face="Arial">To&nbsp;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="Times New Roman" 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)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;</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 ($7,162 in current currency as of June&nbsp;30, 2021) 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 ($14,686 in current currency as of June&nbsp;30, 2021) 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 style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 21 &#150; REVENUES<a name="NOTE21REVENUES_031442"></a></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;">Revenues include:</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="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.96%;">
<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="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.02%;">
<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;">Three-month periods ended<br>   June&nbsp;30,</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.76%;">
<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="24%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:24.24%;">
<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;">Six-month periods ended<br>   June&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.96%;">
<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="12%" valign="top" style="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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.04%;">
<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;">2020</font></u></b></p>    </td>
<td width="1%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:1.82%;">
<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="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.12%;">
<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="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.06%;">
<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="47%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:47.96%;">
<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="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.98%;">
<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;">33,364</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.04%;">
<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;">37,645</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.82%;">
<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="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.12%;">
<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;">67,633</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.06%;">
<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;">74,248</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.96%;">
<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="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.98%;">
<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;">18,163</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.04%;">
<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;">21,031</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
<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="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.12%;">
<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;">37,535</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.06%;">
<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;">42,645</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:47.96%;">
<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="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.98%;">
<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;">17,105</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.04%;">
<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;">18,822</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.82%;">
<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="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.12%;">
<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;">35,665</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.06%;">
<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;">39,588</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.96%;">
<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="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.98%;">
<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;">12,755</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.04%;">
<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;">15,179</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
<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="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.12%;">
<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;">25,884</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.06%;">
<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;">30,180</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:47.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other services revenues</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.98%;">
<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;">136</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.04%;">
<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;">293</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.82%;">
<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="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.12%;">
<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;">368</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<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;">575</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.96%;">
<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;">Subtotal   Services revenues</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.98%;">
<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;">81,523</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.04%;">
<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;">92,970</font></b></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
<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="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.12%;">
<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;">167,085</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<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;">187,236</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:47.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Equipment revenues</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.98%;">
<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;">6,907</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.04%;">
<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;">4,694</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.82%;">
<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="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.12%;">
<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;">12,933</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<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;">9,763</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.96%;">
<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;">Total Revenues</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.98%;">
<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;">88,430</font></b></p>    </td>
<td width="13%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.04%;">
<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;">97,664</font></b></p>    </td>
<td width="1%" colspan="2" style="padding:0in 0in 0in 0in;width:1.82%;">
<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="12%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.12%;">
<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;">180,018</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.06%;">
<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;">196,999</font></b></p>    </td>   </tr>
<tr height="0">
<td width="340" style="border:none;"></td>
<td width="92" style="border:none;"></td>
<td width="92" style="border:none;"></td>
<td width="12" style="border:none;"></td>
<td width="0" style="border:none;"></td>
<td width="86" style="border:none;"></td>
<td width="85" style="border:none;"></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;">26</font></b><a name="PB_26_111243_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<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>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;font-weight:bold;margin:0in 0in .0001pt 62.35pt;padding:0in;text-align:center;text-indent:-62.35pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;font-weight:bold;margin:0in 0in .0001pt 62.35pt;padding:0in;text-align:center;text-indent:-62.35pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></b></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></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<a name="NOTE22OPERATINGEXPENSES_031527"></a></font></b></p>
<p align="left" style="margin:0in 0in .0001pt 59.55pt;text-align:left;text-indent:-59.55pt;"><b><font size="1" face="Arial" style="font-size:4.0pt;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;">Operating expenses disclosed by nature of expense amounted to $174,713 and $175,234 for the six-month periods ended June 30, 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="97%" style="border-collapse:collapse;margin-left:1.45pt;width:97.1%;">
<tr>
<td width="53%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:53.52%;">
<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="22%" colspan="4" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:22.84%;">
<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;">Three-month&nbsp;periods<br>   ended&nbsp;June&nbsp;30,</font></u></b></p>    </td>
<td width="1%" colspan="2" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="22%" colspan="3" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:22.48%;">
<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;">Six-month&nbsp;periods<br>   ended&nbsp;June&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="11%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="10%" colspan="3" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2020</font></u></b></p>    </td>
<td width="1%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="10%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2020</font></u></b></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="22%" colspan="4" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:22.84%;">
<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;">Profit&nbsp;(loss)</font></u></b></p>    </td>
<td width="1%" colspan="2" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="22%" colspan="3" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:22.48%;">
<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;">Profit&nbsp;(loss)</font></u></b></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="22%" colspan="4" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:22.84%;">
<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="1%" colspan="2" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="22%" colspan="3" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:22.48%;">
<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="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Salaries, Social security expenses and   benefits</font><font size="1" face="Arial" style="font-size:8.5pt;">  </font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(16,604)</font></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.94%;">
<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;">(17,212)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(32,623)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">(34,193)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Severance indemnities </font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(1,203)</font></p>    </td>
<td width="10%" colspan="3" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.94%;">
<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;">(514)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(1,919)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">(1,727)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other employee expenses</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:11.9%;">
<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;">(386)</font></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.94%;">
<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;">(395)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(661)</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:10.48%;">
<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;">(757)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(18,193)</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.94%;">
<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;">(18,121)</font></b></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(35,203)</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">(36,677)</font></b></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;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:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.94%;">
<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="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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>
<td width="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Maintenance and   materials</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(5,798)</font></p>    </td>
<td width="10%" colspan="3" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.94%;">
<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;">(5,454)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(11,714)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">(11,637)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fees for services</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(4,270)</font></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.94%;">
<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;">(4,241)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(8,528)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">(8,892)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Directors and   Supervisory Committee members&#146; fees</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(102)</font></p>    </td>
<td width="10%" colspan="3" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.94%;">
<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;">(55)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(263)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">(107)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(10,170)</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.94%;">
<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;">(9,750)</font></b></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(20,505)</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:10.48%;">
<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;">(20,636)</font></b></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:11.9%;">
<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="10%" colspan="3" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.94%;">
<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="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Turnover tax</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(3,304)</font></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.94%;">
<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;">(3,497)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(6,690)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">(7,085)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Municipal taxes</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(968)</font></p>    </td>
<td width="10%" colspan="3" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.94%;">
<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;">(1,004)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(1,958)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">(2,010)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(2,542)</font></p>    </td>
<td width="10%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.94%;">
<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;">(2,840)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(5,289)</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:10.48%;">
<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;">(5,809)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(6,814)</font></b></p>    </td>
<td width="10%" colspan="3" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.94%;">
<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;">(7,341)</font></b></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(13,937)</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">(14,904)</font></b></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="22%" colspan="4" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:22.84%;">
<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="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="22%" colspan="3" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:22.48%;">
<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="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<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 period / year</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(4,638)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.84%;">
<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;">(5,243)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(4,983)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">(5,879)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Plus:</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.84%;">
<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="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Purchases</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(3,665)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.84%;">
<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;">(2,171)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(7,962)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">(5,210)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;   Other</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(201)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.84%;">
<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;">419</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">101</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">532</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Less:</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.84%;">
<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="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">3,623</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:10.84%;">
<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;">3,950</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">3,623</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:10.48%;">
<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;">3,950</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(4,881)</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.84%;">
<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;">(3,045)</font></b></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(9,221)</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">(6,607)</font></b></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="12%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.84%;">
<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="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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="padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(1,761)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.84%;">
<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;">(212)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(1,923)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">(296)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Rentals and internet capacity</font></p></td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(540)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.84%;">
<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;">(439)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(1,164)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">(1,274)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(1,463)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.84%;">
<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;">(1,736)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(2,919)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">(3,899)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(638)</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:10.84%;">
<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;">(891)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(1,535)</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:10.48%;">
<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;">(1,838)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(4,402)</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.84%;">
<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;">(3,278)</font></b></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:12.0%;">
<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;">(7,541)</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.48%;">
<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;">(7,307)</font></b></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="22%" colspan="3" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:22.68%;">
<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="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="22%" colspan="4" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:22.64%;">
<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>   </tr>
<tr>
<td width="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(22,877)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.78%;">
<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;">(19,405)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(44,931)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.74%;">
<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;">(40,001)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(3,193)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.78%;">
<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;">(2,840)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(6,432)</font></p>    </td>
<td width="10%" colspan="2" 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" color="black" face="Arial" style="color:black;font-size:9.0pt;">(6,233)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(2,088)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.78%;">
<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;">(2,014)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(4,073)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.74%;">
<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;">(3,650)</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(432)</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:10.78%;">
<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;">(116)</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(513)</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:10.74%;">
<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;">(224)</font></p>    </td>   </tr>
<tr height="17" style="height:12.85pt;">
<td width="53%" height="17" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.85pt;padding:0in 1.5pt 0in 0in;width:53.52%;">
<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="11%" height="17" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:12.85pt;padding:0in 1.5pt 0in 1.5pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(28,590)</font></b></p>    </td>
<td width="10%" colspan="2" height="17" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:12.85pt;padding:0in 1.5pt 0in 1.5pt;width:10.78%;">
<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;">(24,375)</font></b></p>    </td>
<td width="1%" colspan="2" height="17" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.85pt;padding:0in 1.5pt 0in 1.5pt;width:1.16%;">
<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="11%" colspan="2" height="17" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:12.85pt;padding:0in 1.5pt 0in 1.5pt;width:11.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(55,949)</font></b></p>    </td>
<td width="10%" colspan="2" height="17" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:12.85pt;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" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(50,108)</font></b></p>    </td>   </tr>
<tr height="0">
<td width="368" style="border:none;"></td>
<td width="82" style="border:none;"></td>
<td width="1" style="border:none;"></td>
<td width="73" style="border:none;"></td>
<td width="1" style="border:none;"></td>
<td width="7" style="border:none;"></td>
<td width="1" style="border:none;"></td>
<td width="81" style="border:none;"></td>
<td width="2" style="border:none;"></td>
<td width="72" style="border:none;"></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;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;text-align:justify;"><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="9" style="height:7.05pt;">
<td width="30%" height="9" style="height:7.05pt;padding:0in 5.75pt 0in 0in;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;">&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;">Concept</font></b></p>    </td>
<td width="10%" height="9" 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" 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" 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" 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&nbsp;<br>   06.30.2021</font></b></p>    </td>
<td width="11%" height="9" valign="top" 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&nbsp;<br>   06.30.2020</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" bgcolor="#CCEEFF" style="background:#CCEEFF;height:1.0pt;padding:0in 5.75pt 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="#CCEEFF" style="background:#CCEEFF;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;">(20,659)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(5,804)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(8,740)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(35,203)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(36,677)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 5.75pt 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" style="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;">(6,646)</font></p>    </td>
<td width="17%" height="1" valign="bottom" style="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" style="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" style="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;">(6,646)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" style="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;">(6,911)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" bgcolor="#CCEEFF" style="background:#CCEEFF;height:1.0pt;padding:0in 5.75pt 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="#CCEEFF" style="background:#CCEEFF;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;">(9,935)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(4,140)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(6,430)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(20,505)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(20,636)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 5.75pt 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" style="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;">(13,784)</font></p>    </td>
<td width="17%" height="1" valign="bottom" style="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;">(46)</font></p>    </td>
<td width="17%" height="1" valign="bottom" style="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;">(107)</font></p>    </td>
<td width="11%" height="1" valign="bottom" style="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;">(13,937)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" style="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;">(14,904)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" bgcolor="#CCEEFF" style="background:#CCEEFF;height:1.0pt;padding:0in 5.75pt 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="#CCEEFF" style="background:#CCEEFF;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="#CCEEFF" style="background:#CCEEFF;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;">(96)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(9,954)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(10,050)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(10,531)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 5.75pt 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" style="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;">(9,221)</font></p>    </td>
<td width="17%" height="1" valign="bottom" style="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" style="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" style="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;">(9,221)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" style="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;">(6,607)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" bgcolor="#CCEEFF" style="background:#CCEEFF;height:1.0pt;padding:0in 5.75pt 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="#CCEEFF" style="background:#CCEEFF;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;">(12,548)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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="#CCEEFF" style="background:#CCEEFF;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="#CCEEFF" style="background:#CCEEFF;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;">(12,548)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(13,504)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 5.75pt 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" style="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" style="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" style="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;">(3,113)</font></p>    </td>
<td width="11%" height="1" valign="bottom" style="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;">(3,113)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" style="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;">(8,049)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" bgcolor="#CCEEFF" style="background:#CCEEFF;height:1.0pt;padding:0in 5.75pt 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="#CCEEFF" style="background:#CCEEFF;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;">(4,569)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(75)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(2,897)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(7,541)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(7,307)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 5.75pt 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" style="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;">(45,068)</font></p>    </td>
<td width="17%" height="1" valign="bottom" style="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;">(5,083)</font></p>    </td>
<td width="17%" height="1" valign="bottom" style="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;">(5,798)</font></p>    </td>
<td width="11%" height="1" valign="bottom" style="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;">(55,949)</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 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;">(50,108)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:1.0pt;padding:0in 5.75pt 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 06.30.2021</font></b></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(122,430)</font></b></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(15,244)</font></b></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(37,039)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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;">(174,713)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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 5.75pt 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 06.30.2020</font></b></p>    </td>
<td width="10%" height="1" valign="bottom" style="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;">(118,206)</font></b></p>    </td>
<td width="17%" height="1" valign="bottom" style="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;">(15,128)</font></b></p>    </td>
<td width="17%" height="1" valign="bottom" style="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;">(41,900)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" style="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" style="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;">(175,234)</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;">27</font></b><a name="PB_27_221412_5796"></a></p>
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<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>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;font-weight:bold;margin:0in 0in .0001pt 62.35pt;padding:0in;text-align:center;text-indent:-62.35pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;font-weight:bold;margin:0in 0in .0001pt 62.35pt;padding:0in;text-align:center;text-indent:-62.35pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></b></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="left" style="margin:0in 0in .0001pt 59.55pt;text-align:left;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 23 &#150; FINANCIAL RESULTS, NET<a name="NOTE23FINANCIALRESULTSNET_031537"></a></font></b></p>
<p align="left" style="margin:0in 0in .0001pt 59.55pt;text-align:left;text-indent:-59.55pt;"><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="55%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:55.2%;">
<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="21%" colspan="2" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:21.66%;">
<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;">Three-month&nbsp;periods<br>   ended&nbsp;June&nbsp;30,</font></u></b></p>    </td>
<td width="2%" colspan="2" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:2.4%;">
<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="20%" colspan="3" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:20.74%;">
<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;">Six-month&nbsp;periods<br>   ended&nbsp;June&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:55.2%;">
<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 1.5pt 0in 1.5pt;width:11.56%;">
<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;">2021</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:10.1%;">
<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>
<td width="2%" colspan="2" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:2.4%;">
<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="10%" colspan="2" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:10.36%;">
<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="10%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:10.38%;">
<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="55%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:55.2%;">
<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="21%" colspan="2" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:21.66%;">
<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;">Profit&nbsp;(loss)</font></u></b></p>    </td>
<td width="2%" colspan="2" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:2.4%;">
<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="20%" colspan="3" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:20.74%;">
<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;">Profit&nbsp;(loss)</font></u></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:55.2%;">
<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><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(*)</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:11.56%;">
<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;">(3,655)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.1%;">
<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;">(5,380)</font></p>    </td>
<td width="2%" colspan="2" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:2.4%;">
<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="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.36%;">
<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;">(6,655)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.38%;">
<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;">(10,457)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 1.5pt 0in 0in;width:55.2%;">
<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><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(**)</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:11.56%;">
<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;">12,368</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:10.1%;">
<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;">(8,881)</font></p>    </td>
<td width="2%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:2.4%;">
<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="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.36%;">
<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;">18,800</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:10.38%;">
<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;">(8,701)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:55.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Total Debt financial results </font></b></p>    </td>
<td width="11%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:11.56%;">
<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;">8,713</font></b></p>    </td>
<td width="10%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.1%;">
<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;">(14,261)</font></b></p>    </td>
<td width="2%" colspan="2" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:2.4%;">
<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="10%" colspan="2" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">12,145</font></b></p>    </td>
<td width="10%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(19,158)</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 1.5pt 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;(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:11.56%;">
<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;">(555)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.1%;">
<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;">290</font></p>    </td>
<td width="2%" style="padding:0in 1.5pt 0in 1.5pt;width:2.18%;">
<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" style="padding:0in 1.5pt 0in 1.5pt;width:10.38%;">
<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;">(939)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">388</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:55.2%;">
<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="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,601</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,390</font></p>    </td>
<td width="2%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:2.18%;">
<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>
<td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,155</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,942</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 1.5pt 0in 0in;width:55.2%;">
<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="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(567)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(450)</font></p>    </td>
<td width="2%" style="padding:0in 1.5pt 0in 1.5pt;width:2.18%;">
<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" style="padding:0in 1.5pt 0in 1.5pt;width:10.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,033)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(290)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:55.2%;">
<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="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:11.56%;">
<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;">(892)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.1%;">
<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;">(791)</font></p>    </td>
<td width="2%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:2.18%;">
<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="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.38%;">
<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;">(1,756)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(1,733)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 1.5pt 0in 0in;width:55.2%;">
<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="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:11.56%;">
<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;">(75)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.1%;">
<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;">(77)</font></p>    </td>
<td width="2%" style="padding:0in 1.5pt 0in 1.5pt;width:2.18%;">
<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>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.38%;">
<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;">(158)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(159)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:55.2%;">
<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="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:11.56%;">
<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;">(844)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.1%;">
<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;">(115)</font></p>    </td>
<td width="2%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:2.18%;">
<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>
<td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.38%;">
<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;">(1,572)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;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:9.0pt;">(86)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 1.5pt 0in 0in;width:55.2%;">
<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="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:11.56%;">
<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;">3,696</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:10.1%;">
<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;">2,225</font></p>    </td>
<td width="2%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:2.18%;">
<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>
<td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.38%;">
<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;">7,748</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:10.58%;">
<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;">3,895</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:55.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Total other financial results, net</font></b></p>    </td>
<td width="11%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:11.56%;">
<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;">2,364</font></b></p>    </td>
<td width="10%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.1%;">
<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;">2,472</font></b></p>    </td>
<td width="2%" colspan="2" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:2.4%;">
<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="10%" colspan="2" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">6,445</font></b></p>    </td>
<td width="10%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">4,957</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 1.5pt 0in 0in;width:55.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Total financial results, net</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:11.56%;">
<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;">11,077</font></b></p>    </td>
<td width="10%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.1%;">
<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;">(11,789)</font></b></p>    </td>
<td width="2%" colspan="2" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:2.4%;">
<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="10%" colspan="2" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">18,590</font></b></p>    </td>
<td width="10%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(14,201)</font></b></p>    </td>   </tr>
<tr height="0">
<td width="391" style="border:none;"></td>
<td width="82" style="border:none;"></td>
<td width="72" style="border:none;"></td>
<td width="15" style="border:none;"></td>
<td width="2" style="border:none;"></td>
<td width="72" style="border:none;"></td>
<td width="1" style="border:none;"></td>
<td width="73" 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="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Includes ($180) and ($140) corresponding to net losses generated by NDF in the six-month periods ended June 30, 2021 and 2020, respectively. </font></p>
<p style="margin:0in -28.35pt .0001pt 0in;"><font size="1" face="Arial" style="font-size:7.0pt;">(**) Includes ($605) and ($712) corresponding to net losses generated by NDF in the six-month periods ended June 30, 2021 and 2020, respectively.</font></p>
<p style="margin:0in -28.35pt .0001pt 0in;"><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 $91 corresponding to income related to decreases in financial assets at amortized cost in the six-month period ended June 30, 2021.</font></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><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 24 - BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION 33 - LAW No. 19,550 AND RELATED PARTIES<a name="NOTE24BALANCESANDTRANSACTIONSWIT_031542"></a></font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="font-size:10.0pt;line-height:95%;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;line-height:95%;">a)</font></b><font size="1" face="Arial" style="font-size:3.0pt;line-height:95%;">&#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;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;">On January 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. 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;text-align:justify;"><font size="1" color="black" face="Arial" style="background:white;color:black;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;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;line-height:95%;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;line-height:95%;">b)</font></b><font size="1" face="Arial" style="font-size:3.0pt;line-height:95%;">&#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;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;">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;text-align:justify;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="font-size:10.0pt;line-height:95%;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;line-height:95%;">c)</font></b><font size="1" face="Arial" style="font-size:3.0pt;line-height:95%;">&#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. 19,550 and Related Parties </font></b></p>
<p style="line-height:95%;margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;line-height:95%;">&nbsp;</font></b></p>
<p style="font-size:10.0pt;line-height:95%;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;line-height:95%;">&#183;</font><font size="1" face="Symbol" style="font-size:3.0pt;line-height:95%;">&#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. 19,550</font></u></b><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;line-height:95%;">  </font></u></b><b><u><font face="Arial" style="font-weight:bold;">&#150; Associates</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></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 1.5pt 0in 0in;width:42.66%;">
<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="8%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;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 1.5pt 0in 1.5pt;width:25.3%;">
<p align="center" style="margin:0in 0in .0001pt 35.4pt;text-align:center;text-indent:-35.4pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">June   30,</font></u></b></p>    </td>
<td width="23%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<p align="center" style="margin:0in 0in .0001pt 35.4pt;text-align:center;text-indent:-35.4pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">December   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 1.5pt 0in 0in;width:42.66%;">
<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="8%" height="13" valign="top" style="height:9.7pt;padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" height="13" valign="top" style="height:9.7pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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;">2021</font></u></b></p>    </td>
<td width="23%" height="13" valign="top" style="height:9.7pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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="13" style="height:9.7pt;">
<td width="42%" height="13" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:9.7pt;padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CURRENT ASSETS</font></b></p>    </td>
<td width="8%" height="13" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:9.7pt;padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" height="13" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:9.7pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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="23%" height="13" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:9.7pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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 height="13" style="height:9.7pt;">
<td width="42%" height="13" valign="top" style="height:9.7pt;padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade   receivables</font></b></p>    </td>
<td width="8%" height="13" valign="top" style="height:9.7pt;padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" height="13" valign="top" style="height:9.7pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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="23%" height="13" valign="top" style="height:9.7pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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 height="13" style="height:9.7pt;">
<td width="42%" height="13" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:9.7pt;padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Ver TV</font></p>    </td>
<td width="8%" height="13" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:9.7pt;padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:9.7pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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="23%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:9.7pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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>   </tr>
<tr height="13" style="height:9.7pt;">
<td width="42%" height="13" valign="top" style="height:9.7pt;padding:0in 1.5pt 0in 0in;width:42.66%;">
<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 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&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 1.5pt 0in 1.5pt;width:25.3%;">
<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;">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 1.5pt 0in 1.5pt;width:23.64%;">
<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;">2</font></b></p>    </td>   </tr>
<tr height="13" style="height:9.7pt;">
<td width="42%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:9.7pt;padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other </font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">receivables </font></b></p>    </td>
<td width="8%" height="13" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:9.7pt;padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:9.7pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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="23%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:9.7pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:normal;">La Capital Cable</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">161</font></p>    </td>
<td width="23%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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;">132</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:normal;">TSMA</font></b></p>    </td>
<td width="8%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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;">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 1.5pt 0in 0in;width:42.66%;">
<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:normal;">Ver TV</font></b></p>    </td>
<td width="8%" height="13" valign="top" style="height:9.9pt;padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&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 1.5pt 0in 1.5pt;width:25.3%;">
<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="23%" height="13" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:9.9pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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;">12</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:42.66%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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;">163</font></b></p>    </td>
<td width="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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;">147</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CURRENT LIABILITIES</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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="23%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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>   </tr>
<tr>
<td width="42%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade payables</font></b></p>    </td>
<td width="8%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">TSMA</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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>
<td width="42%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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;">1</font></b></p>    </td>
<td width="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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;">-</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 1.5pt 0in 0in;width:42.66%;">
<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="8%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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="23%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other liabilities</font></b></p>    </td>
<td width="8%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Televisora   Privada del Oeste S.A.</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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>   </tr>
<tr>
<td width="42%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:42.66%;">
<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="8%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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;">3</font></b></p>    </td>
<td width="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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;">3</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;">28</font></b><a name="PB_28_221412_2897"></a></p>
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<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>
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<p align="center" style="border:none;font-weight:bold;margin:0in 0in .0001pt 62.35pt;padding:0in;text-align:center;text-indent:-62.35pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;font-weight:bold;margin:0in 0in .0001pt 62.35pt;padding:0in;text-align:center;text-indent:-62.35pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="line-height:95%;margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;line-height:95%;">&nbsp;</font></b></p>
<p style="font-size:10.0pt;line-height:95%;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;line-height:95%;">&#183;</font><font size="1" face="Symbol" style="font-size:3.0pt;line-height:95%;">&#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:6.0pt;">&nbsp;</font></p>
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<td width="42%" valign="bottom" style="padding:0in 1.5pt 0in 0in;width:42.66%;">
<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="8%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;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 1.5pt 0in 1.5pt;width:25.3%;">
<p align="center" style="margin:0in 0in .0001pt 35.4pt;text-align:center;text-indent:-35.4pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">June   30,</font></u></b></p>    </td>
<td width="23%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<p align="center" style="margin:0in 0in .0001pt 35.4pt;text-align:center;text-indent:-35.4pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">December   31,</font></u></b></p>    </td>   </tr>
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<td width="42%" height="1" valign="bottom" style="height:1.0pt;padding:0in 1.5pt 0in 0in;width:42.66%;">
<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="8%" height="1" valign="top" style="height:1.0pt;padding:0in 1.5pt 0in 1.5pt;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%" height="1" valign="top" style="height:1.0pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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;">2021</font></u></b></p>    </td>
<td width="23%" height="1" valign="top" style="height:1.0pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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>
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<td width="42%" height="1" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:1.0pt;padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CURRENT ASSETS</font></b></p>    </td>
<td width="8%" height="1" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:1.0pt;padding:0in 1.5pt 0in 1.5pt;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%" height="1" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:1.0pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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="23%" height="1" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:1.0pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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>
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<td width="42%" height="1" valign="bottom" style="height:1.0pt;padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade receivables</font></b></p>    </td>
<td width="8%" height="1" valign="top" style="height:1.0pt;padding:0in 1.5pt 0in 1.5pt;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%" height="1" valign="top" style="height:1.0pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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="23%" height="1" valign="top" style="height:1.0pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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>
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<td width="42%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other   Related parties</font></p>    </td>
<td width="8%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">174</font></p>    </td>
<td width="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">204</font></p>    </td>   </tr>
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<td width="42%" valign="bottom" style="padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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;">174</font></b></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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;">204</font></b></p>    </td>   </tr>
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<td width="42%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="1" face="Arial" style="font-size:8.0pt;">Other </font></b><font size="1" face="Arial" style="font-size:8.0pt;">receivables</font></p>    </td>
<td width="8%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other   Related parties</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5</font></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">41</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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;">5</font></b></p>    </td>
<td width="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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;">41</font></b></p>    </td>   </tr>
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<td width="42%" valign="bottom" style="padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CURRENT LIABILITIES</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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="23%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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>   </tr>
<tr>
<td width="42%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade payables</font></b></p>    </td>
<td width="8%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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>   </tr>
<tr>
<td width="42%" valign="bottom" style="padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:normal;">Other   Related parties</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,078</font></p>    </td>
<td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,144</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:42.66%;">
<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.42%;">
<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:25.3%;">
<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;">1,078</font></b></p>    </td>
<td width="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:23.64%;">
<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;">1,144</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 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" face="Arial" 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. 19,550 and related parties</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;line-height:95%;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;line-height:95%;">&#183;</font><font size="1" face="Symbol" style="font-size:3.0pt;line-height:95%;">&#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. 19,550&#150; Associates</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="84%" style="border-collapse:collapse;margin-left:-.2pt;width:84.36%;">
<tr>
<td width="32%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:32.22%;">
<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="40%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:40.08%;">
<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="3" valign="top" style="padding:0in 1.5pt 0.375pt 1.5pt;width:27.4%;">
<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;">Six-month&nbsp;periods<br>   ended&nbsp;June&nbsp;30,</font></u></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="18" style="height:13.45pt;page-break-inside:avoid;">
<td width="32%" height="18" valign="top" style="height:13.45pt;padding:0in 2.95pt 0in 2.95pt;width:32.22%;">
<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%" height="18" style="height:13.45pt;padding:0in 2.95pt 0in 2.95pt;width:40.08%;">
<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%" colspan="2" height="18" valign="top" style="height:13.45pt;padding:0in 2.95pt 0in 2.95pt;width:13.7%;">
<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="18" valign="top" style="height:13.45pt;padding:0in 2.95pt 0in 2.95pt;width:13.7%;">
<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>
<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 style="page-break-inside:avoid;">
<td width="32%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:32.22%;">
<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="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.08%;">
<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="3" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:27.4%;">
<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&nbsp;(loss)</font></u></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 style="page-break-inside:avoid;">
<td width="32%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:32.22%;">
<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:40.08%;">
<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="3" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:27.4%;">
<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;">Revenues</font></u></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 style="page-break-inside:avoid;">
<td width="32%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 0in 0in;width:32.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">La Capital Cable</font></p>    </td>
<td width="40%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 2.95pt 0in 2.95pt;width:40.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Services revenues and other   revenues</font></p>    </td>
<td width="13%" colspan="2" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 2.95pt 0in 2.95pt;width:13.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">19</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 2.95pt 0in 2.95pt;width:13.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">29</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 style="page-break-inside:avoid;">
<td width="32%" style="padding:0in 1.45pt 0in 0in;width:32.22%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:8.0pt;">Ver   TV</font></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Services revenues and other   revenues</font></p>    </td>
<td width="13%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.7%;">
<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="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.7%;">
<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="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 0in 0in;width:32.22%;">
<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%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 2.95pt 0in 2.95pt;width:40.08%;">
<p align="center" style="margin:0in 0in .0001pt .2in;text-align:center;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.7%;">
<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;">21</font></b></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.7%;">
<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;">29</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 style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in 1.45pt 0in 0in;width:32.22%;">
<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="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.08%;">
<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="3" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:27.4%;">
<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;">Operating&nbsp;costs</font></u></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 style="page-break-inside:avoid;">
<td width="32%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 0in 0in;width:32.22%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:8.0pt;">La Capital Cable</font></p>    </td>
<td width="40%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 2.95pt 0in 2.95pt;width:40.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Fees for services</font></p>    </td>
<td width="13%" colspan="2" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(34)</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(36)</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 style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in 1.45pt 0in 0in;width:32.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.08%;">
<p align="center" style="font-weight:bold;margin:0in 0in .0001pt .2in;page-break-after:avoid;text-align:center;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.7%;">
<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)</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.7%;">
<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;">(36)</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 style="page-break-inside:avoid;">
<td width="32%" valign="top" style="padding:0in 1.45pt 0in 0in;width:32.22%;">
<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%" colspan="2" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:40.24%;">
<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="27%" colspan="3" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:27.54%;">
<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;">Financial&nbsp;Results</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 0in 0in;width:32.22%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:8.0pt;">Ver TV</font></p>    </td>
<td width="40%" colspan="2" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 2.95pt 0in 2.95pt;width:40.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Interests</font></p>    </td>
<td width="13%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 2.95pt 0in 2.95pt;width:13.54%;">
<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="14%" colspan="2" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 2.95pt 0in 2.95pt;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">42</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" style="padding:0in 1.45pt 0in 0in;width:32.22%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:8.0pt;">TSMA</font></p>    </td>
<td width="40%" colspan="2" style="padding:0in 2.95pt 0in 2.95pt;width:40.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Interests</font></p>    </td>
<td width="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.54%;">
<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="14%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">18</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 0in 0in;width:32.22%;">
<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%" colspan="2" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 2.95pt 0in 2.95pt;width:40.24%;">
<p align="center" style="margin:0in 0in .0001pt .2in;text-align:center;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.54%;">
<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;">-</font></b></p>    </td>
<td width="14%" colspan="2" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:14.0%;">
<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;">60</font></b></p>    </td>   </tr>
<tr height="0">
<td width="192" style="border:none;"></td>
<td width="239" style="border:none;"></td>
<td width="1" style="border:none;"></td>
<td width="81" style="border:none;"></td>
<td width="82" 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="font-size:10.0pt;line-height:95%;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;line-height:95%;">&#183;</font><font size="1" face="Symbol" style="font-size:3.0pt;line-height:95%;">&#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;text-align:justify;"><font size="1" face="Arial" 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 1.5pt 0in 1.5pt;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 1.5pt 0in 1.5pt;width:40.22%;">
<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;">Transaction</font></b></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 1.5pt 0.375pt 1.5pt;width:27.48%;">
<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;">Six-month&nbsp;periods<br>   ended&nbsp;June&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr height="22" style="height:16.65pt;page-break-inside:avoid;">
<td width="32%" height="22" valign="top" style="height:16.65pt;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%" height="22" style="height:16.65pt;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%" height="22" valign="top" style="height:16.65pt;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:8.0pt;font-weight:bold;">2021</font></u></b></p>    </td>
<td width="13%" height="22" valign="top" style="height:16.65pt;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:8.0pt;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:8.0pt;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:8.0pt;font-weight:bold;">Revenues</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:8.0pt;">Other   Related parties</font></p>    </td>
<td width="40%" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">Services and advertising revenues</font></p>    </td>
<td width="13%" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">127</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">131</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in .7pt 0in 0in;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 .2in;text-align:center;text-indent:-.2in;"><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="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:8.0pt;font-weight:bold;">127</font></b></p>    </td>
<td width="13%" valign="top" 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:8.0pt;font-weight:bold;">131</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in .7pt 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="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:8.0pt;font-weight:bold;">Operating   costs</font></u></b></p>    </td>   </tr>
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<td width="32%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other Related parties</font></p>    </td>
<td width="40%" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">Programming costs</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">(1,681)</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">(2,080)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in .7pt 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other Related parties</font></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">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:8.0pt;">(365)</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:8.0pt;">(488)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other Related parties</font></p>    </td>
<td width="40%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="font-weight:bold;margin:0in 0in .0001pt .2in;page-break-after:avoid;text-align:center;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:normal;">Advisory services</font></b></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">(258)</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">(252)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" style="padding:0in .7pt 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other Related parties</font></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">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:8.0pt;">(210)</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:8.0pt;">(270)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in 0in;width:32.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other Related parties</font></p>    </td>
<td width="40%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="font-weight:bold;margin:0in 0in .0001pt .2in;page-break-after:avoid;text-align:center;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:normal;">Other purchases and commissions</font></b></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">(77)</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">(111)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="32%" style="padding:0in .7pt 0in 0in;width:32.3%;">
<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></b></p>    </td>
<td width="40%" style="padding:0in 2.95pt 0in 2.95pt;width:40.22%;">
<p align="center" style="font-weight:bold;margin:0in 0in .0001pt .2in;page-break-after:avoid;text-align:center;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;">&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:8.0pt;font-weight:bold;">(2,591)</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:8.0pt;font-weight:bold;">(3,201)</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. 26,831, the Bylaws and the Executive Committees&#146; Faculties and Performance Regulation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;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;">e)</font></b><font size="1" face="Arial" 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="background:white;margin:0in 0in .0001pt;text-align:justify;"><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;">The Extraordinary General Meeting and the Special Meetings of the Class &#147;A&#148; and Class &#147;D&#148; Shares held on October 10, 2019 approved the amendment of sections 4, 5 and 6 of the Bylaws, so that the shares Class &#147;A&#148; and Class &#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 &#147;A&#148; or Class &#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 &#147;A&#148; and Class &#147;D&#148; shares. </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;">Afterwards, General Extraordinary Shareholders&#146; Meeting and Class &#147;A&#148; and Class &#147;D&#148; Shares Special Shareholders&#146; Meetings held on December 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="background:white;margin:0in 0in .0001pt;text-align:justify;"><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;">On April 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;"><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;">29</font></b><a name="PB_29_221412_3020"></a></p>
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<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>
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<p align="center" style="border:none;font-weight:bold;margin:0in 0in .0001pt 62.35pt;padding:0in;text-align:center;text-indent:-62.35pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;font-weight:bold;margin:0in 0in .0001pt 62.35pt;padding:0in;text-align:center;text-indent:-62.35pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="line-height:8.0pt;margin:0in -.05pt .0001pt 0in;text-align:justify;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="line-height:8.0pt;margin:0in -.05pt .0001pt 0in;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 <a name="NOTE25RESTRICTIONSONDISTRIBUTION_031626"></a></font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;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;">Under the LGS, the by-laws of the Company and rules and regulations of the CNV, a minimum of 5% of net income for the year in accordance with the statutory books, plus/less previous years&#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="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="line-height:8.0pt;margin:0in -.05pt .0001pt 0in;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<a name="NOTE26IMPACTOFCORONAVIRUSINTELEC_031632"></a></font></b></p>
<p style="font-weight:bold;margin:0in 0in .0001pt 62.35pt;text-indent:-62.35pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:normal;">&nbsp;</font></b></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;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 Argentina, the National Government ordered the Mandatory and Preventive Social Isolation from March 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="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;">On November 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;text-align:justify;"><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;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">During the second quarter of 2021, and as a result of 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'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;text-align:justify;text-autospace:none;"><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;text-autospace:none;"><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,</font><font face="Arial">  </font><font face="Arial">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;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">By the end of 2020, 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. During the first quarter of 2021 the national vaccination campaign was aimed at the population in risk (older people) and health and education staff. During the second quarter of 2021, the national vaccination campaign included the remaining adult population.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" 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="Wingdings" style="font-size:10.0pt;">&#252;</font><font size="1" face="Arial" 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;text-align:justify;"><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;">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 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;text-align:justify;"><font size="1" face="Arial" 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="Wingdings" style="font-size:10.0pt;">&#252;</font><font size="1" face="Arial" 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;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;">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 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;text-align:justify;"><font size="1" face="Arial" 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="Wingdings" style="font-size:10.0pt;">&#252;</font><font size="1" face="Arial" 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;text-align:justify;"><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 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="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 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;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;">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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;font-weight:bold;margin:0in 0in .0001pt 62.35pt;padding:0in;text-align:center;text-indent:-62.35pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;font-weight:bold;margin:0in 0in .0001pt 62.35pt;padding:0in;text-align:center;text-indent:-62.35pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></b></p>
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<p style="line-height:8.0pt;margin:0in -.05pt .0001pt 0in;text-align:justify;"><b><font size="1" face="Arial" style="font-size:5.0pt;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;">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="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;">It is estimated that, during the second half of 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;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;">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="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's Board of Directors and the Crisis Committee continue monitoring the evolution of the situation and taking the necessary measures to preserve human life and the sustainability of Telecom's businesses.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:normal;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 SIX-MONTH PERIOD ENDED JUNE 30, 2021<a name="NOTE27RECENTDEVELOPMENTSCORRESPO_031640"></a></font></b></p>
<p style="font-weight:bold;margin:0in 0in .0001pt 62.35pt;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></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. 690/20 - Amendment to the LAD</font></b></p>
<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;">On August 22, 2020, the PEN issued Decree No. 690/20 (&#147;DNU No. 690/20&#148;) amending the LAD. DNU No. 690/20 declared ICT services (which includes fixed and mobile telephony services, cable television and Internet &#150;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;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;">DNU No. 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;text-align:justify;"><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;">Moreover, DNU No. 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</font> <font face="Arial">(&#147;PBU&#148;)</font><font face="Arial">.</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;">Finally, DNU No. 690/20 suspended any price increases or changes set or announced by the ICT&#146;s licensees from July 31, 2020 to December 31, 2020.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">DNU No. 690/20 was ratified by the Argentine Congress under Law No. 26,122 and regulated through ENACOM </font><font face="Arial">Resolutions No. 1,466/20 and 1,467/20.</font></p>
<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;">Resolution No. 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 2021. Licensees must consider the prices effective as of July 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 48 of the LAD.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">Resolution No. 1,467/20 regulated the PBU provided by </font><font face="Arial">DNU No. 690/20 </font><font face="Arial">for the different services provided by ICT licensees, namely:</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">PBU-SBT:   Compulsory Universal Provision of Basic Fixed Telephony Service;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">PBU-SCM:   Compulsory Universal Provision of Basic Mobile Communication Service;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">PBU-I:   Compulsory Universal Provision of Basic Internet Access Value Added Service;</font></p>    </td>   </tr>
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<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">PBU-TP:   Compulsory Universal Basic Provision of subscription television services by   physical or radio-electric or satellite link.</font></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;">Resolution No. 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. 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="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;">On the other hand, the Company ordered a price recomposition since January 2021, failing to transfer to the price of its services, the inflation accumulated in the period March-December 2020, as a result of different measures provided by the PEN. 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. 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 29, 2021 and the Company appealed the court&#146;s decision.</font></p>
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<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>
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<p align="center" style="border:none;font-weight:bold;margin:0in 0in .0001pt 62.35pt;padding:0in;text-align:center;text-indent:-62.35pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;font-weight:bold;margin:0in 0in .0001pt 62.35pt;padding:0in;text-align:center;text-indent:-62.35pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></b></p>
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<p style="line-height:8.0pt;margin:0in -.05pt .0001pt 0in;text-align:justify;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></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 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. 690/20</font><font face="Arial">  </font><font face="Arial">and resolutions provided as a consequence and their non-applicability to the Company for a period of six months. As supported by the preliminary injunction granted, the Company ordered a new price recomposition in June 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;">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's reasonability standard and legitimacy and of ENACOM's resolutions adopted as a consequence, due to the direct adverse effects they have on Telecom Argentina'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;text-align:justify;"><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;">The National Government and ENACOM filed extraordinary legal proceedings against the mentioned decision of the Federal Court of Appeals on Administrative Litigation Matters</font><font face="Arial">, which were denied on June 18, 2021 through the decision of Chamber II decision </font><font face="Arial">the Federal Court of Appeals on Administrative Litigation Matters.</font></p>
<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;">On June 29, 2021, the PEN and ENACOM filed legal proceedings before the Argentine Supreme Court of Justice. As of the date of these unaudited consolidated financial statements, the mentioned legal proceedings have not been attended.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">T</font><font face="Arial">he 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;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 &#147;Asociaci&#243;n Civil de Usuarios Bancarios Argentinos&#148; (&#147;ACUBA&#148;)</font></u></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><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;">On January 27, 2021, the Company was served with notice of a preliminary injunction granted by the </font><font face="Arial">Civil and Commercial Court No. 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, Internet access services, fixed telephony services and mobile telecommunications services to those of December 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. 690/20</font><font face="Arial">, </font><font face="Arial">Decree No. </font><font face="Arial">311/20 and prohibited ENACOM from issuing any subsequent resolutions.</font></p>
<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;">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="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;text-align:justify;"><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;">On February 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. 690/20</font><font face="Arial">, of </font><font face="Arial">Decree No. </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;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;">ATVC also informed that, pursuant to the court&#146;s indications, the regulatory authority should refrain from issuing regulations related to DNU No. 690/20 or enforcing the regulations previously issued, which are generally suspended. </font></p>
<p style="font-weight:bold;margin:0in 0in .0001pt 62.35pt;text-indent:-62.35pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:normal;">&nbsp;</font></b></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;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;">On March 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. 858/21), pending before the Federal Court of C&#243;rdoba No. 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;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;">Likewise, on that date ATVC was notified of the resolution of the Federal Court of C&#243;rdoba No. 1 of March 30, 2021, which provided, in File. No. 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. 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;"><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;">32</font></b><a name="PB_32_231945_455"></a></p>
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<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>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;font-weight:bold;margin:0in 0in .0001pt 62.35pt;padding:0in;text-align:center;text-indent:-62.35pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;font-weight:bold;margin:0in 0in .0001pt 62.35pt;padding:0in;text-align:center;text-indent:-62.35pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></b></p>
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<p style="line-height:8.0pt;margin:0in -.05pt .0001pt 0in;text-align:justify;"><b><font size="1" face="Arial" style="font-size:5.0pt;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 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="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:8.0pt;margin:0in -.05pt .0001pt 0in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 28 &#150; SUBSEQUENT EVENTS TO JUNE 30, 2021<a name="NOTE28SUBSEQUENTEVENTSTOJUNE3020_031653"></a></font></b></p>
<p style="font-weight:bold;margin:0in 0in .0001pt 62.35pt;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></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="Arial" 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" face="Arial" 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 4 in Argentine Pesos</font></u></i></b></p>
<p style="font-weight:bold;margin:0in 0in .0001pt 62.35pt;text-indent:-62.35pt;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:normal;">&nbsp;</font></b></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 23, 2020, the Company informed CNV about the renewal of the period of placement of Notes. On January 31, 2020 the Company issued Series 4 Notes for a total nominal value of $1,200.</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="black" face="Arial" style="color:black;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 4 Notes (July 31, 2021), the Company cancelled the total principal for $1,200 (nominal value) plus interest accrued to such date.</font></p>
<p style="font-weight:bold;margin:0in 0in .0001pt 62.35pt;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>
<p style="font-weight:bold;margin:0in 0in .0001pt 62.35pt;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>
<p style="font-weight:bold;margin:0in 0in .0001pt 62.35pt;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>
<p style="font-weight:bold;margin:0in 0in .0001pt 62.35pt;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>
<p style="font-weight:bold;margin:0in 0in .0001pt 62.35pt;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>
<p style="font-weight:bold;margin:0in 0in .0001pt 62.35pt;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>
<p style="font-weight:bold;margin:0in 0in .0001pt 62.35pt;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>
<p style="font-weight:bold;margin:0in 0in .0001pt 62.35pt;text-indent:-62.35pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>
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<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 3.5pt 0in 3.5pt;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 3.5pt 0in 3.5pt;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>
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<td width="44%" height="5" valign="top" style="height:3.5pt;padding:0in 3.5pt 0in 3.5pt;width:44.72%;">
<p align="center" style="line-height:9.6pt;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 3.5pt 0in 3.5pt;width:18.66%;">
<p align="center" style="line-height:9.6pt;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>
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<p align="center" style="line-height:9.6pt;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>
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<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;">33</font></b><a name="PB_33_231945_4141"></a></p>
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<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><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OPERATING AND FINANCIAL REVIEW AND PROSPECTS AS OF JUNE 30, 2021</font></u></b><a name="OPERATINGANDFINANCIALREVIEWANDPR_034812"></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;font-size:10.0pt;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">1</font></i></b><b><font face="Arial" style="font-weight:bold;">.</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><i><font face="Arial" style="font-style:italic;font-weight:bold;">General considerations</font></i></b></p>
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<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 June&nbsp;30, 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 six-month period ended June&nbsp;30, 2020, restated to current currency as of June&nbsp;30, 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 June&nbsp;30, 2021 and 2020 according to official statistics (INDEC) and the Banco Naci&#243;n US 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="83%" style="border-collapse:collapse;width:83.0%;">
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.22%;">
<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="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.72%;">
<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,&nbsp;2019</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.18%;">
<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 June<br>   30, 2020</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<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;">As of December<br>   31,&nbsp;2020</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.14%;">
<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 June</font></u></b><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;"><br>    </font></u></b><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">30, 2021</font></u></b></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.22%;">
<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="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.72%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.18%;">
<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 0in 0in 0in;width:15.74%;">
<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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.14%;">
<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>
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<td width="40%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.22%;">
<p style="margin:0in 0in .0001pt .05in;"><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="15%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">283.44</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">321.97</font></p>    </td>
<td width="15%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">385.88</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">483.60</font></p>    </td>   </tr>
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<td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.22%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" style="padding:0in 0in 0in 0in;width:15.72%;">
<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="14%" style="padding:0in 0in 0in 0in;width:14.18%;">
<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%" style="padding:0in 0in 0in 0in;width:15.74%;">
<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="14%" style="padding:0in 0in 0in 0in;width:14.14%;">
<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>
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<p style="margin:0in 0in .0001pt .05in;"><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="15%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.72%;">
<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="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.18%;">
<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%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.74%;">
<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="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.14%;">
<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>
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<td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.22%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">Annual </font></p>    </td>
<td width="15%" style="padding:0in 0in 0in 0in;width:15.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">53.8%</font></p>    </td>
<td width="14%" style="padding:0in 0in 0in 0in;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">42.8%</font></p>    </td>
<td width="15%" style="padding:0in 0in 0in 0in;width:15.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">36.1%</font></p>    </td>
<td width="14%" style="padding:0in 0in 0in 0in;width:14.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">50.2%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="40%" height="4" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:40.22%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 3 months since   March&nbsp;2020 / 2021</font></p>    </td>
<td width="15%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:15.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="14%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">5.4%</font></p>    </td>
<td width="15%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:15.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="14%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:14.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">11.0%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="40%" height="4" valign="bottom" style="height:3.15pt;padding:0in 0in 0in 0in;width:40.22%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 6 months</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 0in 0in 0in;width:15.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="14%" height="4" style="height:3.15pt;padding:0in 0in 0in 0in;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">13.6%</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 0in 0in 0in;width:15.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="14%" height="4" style="height:3.15pt;padding:0in 0in 0in 0in;width:14.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">25.3%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="40%" height="4" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:40.22%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="15%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:15.72%;">
<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="14%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:14.18%;">
<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%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:15.74%;">
<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="14%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:14.14%;">
<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 height="4" style="height:3.15pt;">
<td width="40%" height="4" valign="bottom" style="height:3.15pt;padding:0in 0in 0in 0in;width:40.22%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">Banco Naci&#243;n US$/$&nbsp;exchange   rate </font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 0in 0in 0in;width:15.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">59.89</font></p>    </td>
<td width="14%" height="4" style="height:3.15pt;padding:0in 0in 0in 0in;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">70.46</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 0in 0in 0in;width:15.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">84.15</font></p>    </td>
<td width="14%" height="4" style="height:3.15pt;padding:0in 0in 0in 0in;width:14.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">95.72</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="40%" height="4" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:40.22%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:15.72%;">
<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="14%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:14.18%;">
<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%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:15.74%;">
<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="14%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:14.14%;">
<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 height="4" style="height:3.15pt;">
<td width="40%" height="4" valign="bottom" style="height:3.15pt;padding:0in 0in 0in 0in;width:40.22%;">
<p style="margin:0in 0in .0001pt .05in;"><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="15%" height="4" style="height:3.15pt;padding:0in 0in 0in 0in;width:15.72%;">
<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="14%" height="4" style="height:3.15pt;padding:0in 0in 0in 0in;width:14.18%;">
<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 0in 0in 0in;width:15.74%;">
<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="14%" height="4" style="height:3.15pt;padding:0in 0in 0in 0in;width:14.14%;">
<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="40%" height="4" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:40.22%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">Annual</font></p>    </td>
<td width="15%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:15.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">58.9%</font></p>    </td>
<td width="14%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">65.9%</font></p>    </td>
<td width="15%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:15.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">40.5%</font></p>    </td>
<td width="14%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:14.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">35.9%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="40%" height="4" valign="bottom" style="height:3.15pt;padding:0in 0in 0in 0in;width:40.22%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 3 months since   March&nbsp;2020 / 2021</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 0in 0in 0in;width:15.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="14%" height="4" style="height:3.15pt;padding:0in 0in 0in 0in;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">9.3%</font></p>    </td>
<td width="15%" height="4" style="height:3.15pt;padding:0in 0in 0in 0in;width:15.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="14%" height="4" style="height:3.15pt;padding:0in 0in 0in 0in;width:14.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">4.0%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="40%" height="4" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:40.22%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 6 months</font></p>    </td>
<td width="15%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:15.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="14%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:14.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">17.6%</font></p>    </td>
<td width="15%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:15.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="14%" height="4" bgcolor="#CCEEFF" style="background:#CCEEFF;height:3.15pt;padding:0in 0in 0in 0in;width:14.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">13.8%</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="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">2</font></i></b><b><font face="Arial" style="font-weight:bold;">.</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><i><font face="Arial" style="font-style:italic;font-weight:bold;">Telecom&#146;s activities for the six-month periods ended June, 2021 (&#147;1H21&#148;) and 2020 (&#147;1H20&#148;)</font></i></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="88%" style="border-collapse:collapse;">
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.98%;">
<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%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.78%;">
<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:18.26%;">
<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="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.98%;">
<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="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;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;">1H21</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.64%;">
<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;">1H20</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<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;">$</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
<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;">%</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Revenues </font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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;">180,018</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<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;">196,999</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<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;">(16,981)</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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;">(8.6)</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Employee benefit expenses and severance payments</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(35,203)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(36,677)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,474</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4.0)</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Interconnection and transmission costs </font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,646)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,911)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">265</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3.8)</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Fees for services, maintenance, materials and   supplies</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(20,505)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(20,636)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<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%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(0.6)</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Taxes and fees with the Regulatory Authority</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(13,937)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(14,904)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">967</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6.5)</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Commissions and advertising</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10,050)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10,531)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">481</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4.6)</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cost of equipment and handsets</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,221)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,607)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,614)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">39.6</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Programming and content costs</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12,548)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(13,504)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">956</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7.1)</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Bad debt expenses</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,113)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(8,049)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,936</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(61.3)</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Other operating expenses</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,541)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,307)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(234)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3.2</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Depreciation, amortization and impairment of fixed   assets</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(55,949)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(50,108)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,841)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11.7</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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;">5,305</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<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;">21,765</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<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;">(16,460)</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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;">(75.6)</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Earnings from associates</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">115</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">324</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial results, net</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:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">18,590</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:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(14,201)</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:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">32,791</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:9.14%;">
<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="61%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><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%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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;">24,010</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<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;">7,888</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<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;">16,122</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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;">204.4</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Income tax expense</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:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(25,682)</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:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,943)</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:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(20,739)</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:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">419.6</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net (loss) income</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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;">(1,672)</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<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;">2,945</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<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;">(4,617)</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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;">(156.8)</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<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%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<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%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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>   </tr>
<tr>
<td width="61%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<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%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Controlling Company</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,005)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,619</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,624)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(176.6)</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-controlling interest</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">333</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">326</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2.1</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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;">(1,672)</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<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;">2,945</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<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;">(4,617)</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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;">(156.8)</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<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:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:61.98%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Basic and diluted earnings (losses)   per share attributable to the Controlling Company (in Argentine pesos)</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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;">(0.93)</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<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;">1.22</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<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%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<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>   </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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In relation to the economic performance, operating income amounted to $5,305, representing 2.9% of consolidated revenues. Additionally, financial results amounted to a gain of $18,590. However, income tax expenses amounted to $25,682, mainly due to the statutory income tax rate change in accordance to Law No.&nbsp;27,630. As a result, Net loss amounted to $1,672.</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_224925_8493"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<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:11.0pt;font-weight:bold;">&#183;</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#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="95%" style="border-collapse:collapse;width:95.6%;">
<tr>
<td width="46%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:46.0%;">
<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:13.26%;">
<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" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:13.58%;">
<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" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:27.16%;">
<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="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.0%;">
<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" style="padding:0in 0in 0in 0in;width:13.26%;">
<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;">1H21</font></u></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<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;">1H20</font></u></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<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="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<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="46%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Mobile Services</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">67,633</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">74,248</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,615)</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(8.9)</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.0%;">
<p style="margin:0in 0in .0001pt .05in;"><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:13.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">37,535</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">42,645</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,110)</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12.0)</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.0%;">
<p style="margin:0in 0in .0001pt .05in;"><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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">35,665</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">39,588</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,923)</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9.9)</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.0%;">
<p style="margin:0in 0in .0001pt .05in;"><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:13.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">25,884</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">30,180</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,296)</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(14.2)</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Other services revenues</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">368</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">575</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(207)</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(36.0)</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.0%;">
<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</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.26%;">
<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;">167,085</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<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;">187,236</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<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;">(20,151)</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<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;">(10.8)</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Equipment revenues</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">12,933</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,763</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,170</font></p>    </td>
<td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">32.5</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.0%;">
<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</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.26%;">
<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;">180,018</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.58%;">
<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;">196,999</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.58%;">
<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;">(16,981)</font></b></p>    </td>
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<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;">(8.6)</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 style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">During 1H21 consolidated revenues showed a decrease of 8.6% (-$16,981 vs. 1H20) amounting to $180,018 This decrease in revenues is noted in services revenues, 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 stable churn, consolidated revenues decreased because the rate of inflation for the last twelve months amounted to 50.2% and the Company did not transfer a portion of this effect to its prices as a result 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 $167,085 in 1H21 (-10.8% vs. 1H20) and represent 92.8% of consolidated revenues. Mobile Services revenues amounted to $67,633 in 1H21 (-$6,615 vs. 1H20),&nbsp;Internet Services revenues amounted to $37,535 in 1H21 (-$5,110 vs. 1H20), Cable Television Services revenues amounted to $35,665 in 1H21 (-$3,923 vs. 1H20) and Fixed and Data Services revenues amounted to $25,884 in 1H21 (-$4,296 vs. 1H20). Equipment revenues increased 32.5%, amounting to $12,933 in 1H21 and represent 7.2% of 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 $15,171 and $72,261 in 1H21 and 1H20, respectively, related to the effect generated by the restatement in current currency as of June&nbsp;30, 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;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;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 $67,663 (-$6,615 or -8.9% vs. 1H20), being the main business in term of service revenues </font><font face="Arial">(40.5% and 39.7% of services revenues in 1H21 and </font><font face="Arial">1H20</font><font face="Arial">, respectively</font><font face="Arial">). The variation was mainly due to mobile services revenues in Argentina, which amounted to $59,845 (-$4,915 or -7.6% vs. 1H20).</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 June&nbsp;30, 2021 included in mobile services revenues amounted to $5,677 and $27,207 in 1H21 and 1H20, 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 19.3 million and 18.8 million as of June&nbsp;30, 2021 and 2020, respectively. 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 June&nbsp;30, 2021, 58% of total customers are prepaid customers, and 42% are postpaid customers,</font><font face="Arial"> while, </font><font face="Arial">as of June&nbsp;30, 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 $525.2 Argentine pesos per month in 1H21 (vs. $564.0 Argentine pesos per month in 1H20), representing a decrease of 6.9%. The effect generated by the restatement in current currency as of June&nbsp;30, 2021 included in ARPU amounted to $43.9 Argentine pesos and $207.3 Argentine pesos in 1H21 and 1H20, 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 0.7% in 1H21 (vs. 2.1% average in 1H20).</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 13.9 million customers with 4G devices throughout the country. The traffic carried by 4G technologies in 1H21 corresponds to the 91% of the total traffic.</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 $7,788 (-$1,700 or -17.9% vs. 1H20) 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_225106_5335"></a></p>
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<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;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: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">N&#250;cleo&#146;s mobile customers decrease 2.7%, amounting to in 2.2 million as of June&nbsp;30, 2021. </font><font face="Arial">As of June&nbsp;30, 2021 and 2020, 83% of total customers consist of prepaid customers and 17% consist of postpaid customers.</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 $558.0 Argentine pesos per month in 1H21 (vs. $569.0 pesos in 1H20), representing a 1.9% decrease.</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 3.6% in 1H21 (vs. 3.5% in 1H20).</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;"><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:5.0pt;">&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 $37,535 in 1H21 (-$5,110 or -12.0% vs. 1H20) driven mainly by the 17.3% decrease in broadband ARPU, which amounted to $1,442.3 Argentine pesos in 1H21 (vs. $1,743.7 Argentine pesos in 1H20). The effect generated by the restatement in current currency as of June&nbsp;30, 2021 included in ARPU amounts to $123.9 Argentine pesos and $638.4 Argentine pesos in 1H21 and 1H20, 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;">It should be noted that customers with service of 20Mb or higher represent 76.0% and 67.5% of the total customer base as of June&nbsp;30, 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 June&nbsp;30, 2021 amounted to 775,309, 132,785 and 5,825, 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:5.0pt;">&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 3.1% in 1H21 amounting to 4.2 million customers. Churn rate per month positioned into 1.5% and 1.3% as of June&nbsp;30, 2021 and 2020, 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="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 June&nbsp;30, 2021 included in Internet Services revenues amounts to $3,216 and $15,649 in 1H21 and 1H20, 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;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:5.0pt;">&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 $35,665 in 1H21 (-$3,923 or -9.9% vs. 1H20). The variation is mainly due to a 15.8% decrease in ARPU, amounting to $1,586.9 Argentine pesos in 1H21 (vs. $1,885.5 Argentine pesos in 1H20). The effect generated by the restatement in current currency as of June&nbsp;30, 2021 included in ARPU amounts to $93.1 Argentine pesos and $690.5 Argentine pesos in 1H21 and 1H20, 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="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 June&nbsp;30, 2021, of which 1.1 million are subscribed to Flow. Churn rate per month of Cable television services positioned into 1.0% as of June&nbsp;30, 2021 and 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="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: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 June&nbsp;30, 2021 included in Cable television services revenues amounts to $3,051 and $14,548 in 1H21 and 1H20, 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;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:5.0pt;">&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 $25,884 in 1H21 (-$4,296 or -14.2% vs. 1H20).</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 June&nbsp;30, 2021 included in Fixed and Data Services revenues amounts to $2,174 and $11,073 in 1H21 and 1H20, 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;">The average monthly revenue billed per user (&#147;ARBU&#148;) of fixed telephony services amounted to $656.6 Argentine pesos in 1H21 (vs. $780.1 Argentine pesos in 1H20). The effect generated by the restatement in current currency as of June&nbsp;30, 2021 included in ARBU amounts to $57.4 Argentine pesos and $286.5 Argentine pesos in 1H21 and 1H20, 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><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: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;">Equipment revenues amounted to $12,933 in 1H21 (+3,170 or +32.5% vs. 1H20). This variation is mainly due to an increase in handsets sold as compared to 1H20 (+42%), complemented by an increase of approximately 45% in handset average sale prices as compared to 1H20.</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;">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: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 June&nbsp;30, 2021 included in Equipment revenues amounts to $1,020 and $3,578 in 1H21 and 1H20, 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 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_225531_5796"></a></p>
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<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-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="Times New Roman" 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: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 costs (without depreciation, amortization and impairment of fixed assets) amounted to $118,764 in 1H21, which represents a decrease of $6,362 or -5.1% vs. 1H20. These lower costs are related with the decrease in all operating costs, except for costs of equipment and handsets and other operating expenses.</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 June&nbsp;30, 2021 included in operating costs amounts to $12,027 and $46,521 in 1H21 and 1H20, 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="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="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:11.0pt;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: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;">Employee benefit expenses and </font><font face="Arial">severance payments amounted to $35,203 in 1H21 </font><font face="Arial">(-$1,474 or -4.0% </font><font face="Arial">vs. 1H20). The decrease is mainly due to a decrease in the Company&#146;s headcount (23,051 employees in 1H21) partially offset by higher charges for dismissals, 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: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 effect generated by the restatement in current currency as of June&nbsp;30, 2021 included in employee benefit expenses and severance payments amounts to $2,972 and $13,465, as of 1H21 and 1H20, 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><i><u><font size="2" face="Arial" style="font-size:11.0pt;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: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;">Interconnection and transmission costs, which also includes charges for roaming, cost of international outbound calls and lease of lines and circuits, amounted to $6,646 in 1H21 </font><font face="Arial">(-$265 </font><font face="Arial">or</font><font face="Arial"> -3.8%</font><font face="Arial"> vs. 1H20). The decrease is mainly due to fewer links and sites, partially offset by increases in the exchange rate in relation to services in U$S.</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 effect generated by the restatement in current currency as of June&nbsp;30, 2021 included in interconnection and transmission costs amounts to $577 and $2,515 in 1H21 and 1H20, 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><i><u><font size="2" face="Arial" style="font-size:11.0pt;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: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;">Fees for services, maintenance, materials and supplies amounted to $20,505 in 1H21 (-$131 or -0.6% vs. 1H20). Fees for services decreased $208 while fees for maintenance, materials and supplies increased $77 vs. 1H20.</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 effect generated by the restatement in current currency as of June&nbsp;30, 2021 included in fees for services, maintenance, materials and supplies amounts to $2,430 and $7,905 in 1H21 and 1H20, 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><i><u><font size="2" face="Arial" style="font-size:11.0pt;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: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;">Taxes and fees with the Regulatory Authority, including turnover tax, municipal taxes and other taxes and fees, decreased, amounting to $13,937 in 1H21 (-$967 or -6.5% vs. 1H20). This decrease is mainly due to the effect of lower revenues in 1H21 vs. 1H20. Taxes and fees with the Regulatory Authority represent 7.7% and 7.6% of consolidated revenues in 1H21 and 1H20, 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;">The effect generated by the restatement in current currency as of June&nbsp;30, 2021 included in taxes and fees with the Regulatory Authority amounts to $1,180 and $5,469 in 1H21 and 1H20, 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><i><u><font size="2" face="Arial" style="font-size:11.0pt;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: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;">Commissions (including commissions paid to agents, collection commissions and other commissions) and advertising amounted to $10,050 in 1H21 (-$481 or -4.6% vs. 1H20). 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: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 effect generated by the restatement in current currency as of June&nbsp;30, 2021 included in commissions and advertising amounts to $819 and $3,873 in 1H21 and 1H20, 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><i><u><font size="2" face="Arial" style="font-size:11.0pt;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: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;">Cost of equipment and handsets sold amounted to </font><font face="Arial">$9,221 in 1H21 (+$2,614 or +39.6% </font><font face="Arial">vs. </font><font face="Arial">1H20</font><font face="Arial">). Thereby, $8,730 of such amount correspond to cost of handsets sold in Argentina, which increased 43.2% vs. 1H20, mainly due to higher handsets sold and the increase in the purchase prices of handsets.</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;">IV</font></b><a name="PB_IV_230001_2897"></a></p>
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<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="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 June&nbsp;30, 2021 included in cost of equipment and handsets amounts to $1,816 and $2,685 in 1H21 and 1H20, 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><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="2" face="Times New Roman" 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;">Programming and content costs amounted to $12,548 in 1H21 (-$956 or -7.1% vs. 1H20), mainly due to commercial efficiencies, partially offset by price increases of approximately 30% in almost all signals.</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;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 June&nbsp;30, 2021 included in </font><font face="Arial">programming and content costs </font><font face="Arial">amounts to $1,112 and $4,972 in 1H21 and 1H20, 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><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: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;">Bad debt expenses amounted to </font><font face="Arial">$3,113 in 1H21 (-$4,936 or -61.3</font><font face="Arial">% vs. 1H20). Bad debt expenses represent 1.7% and 4.1% of total consolidated revenues in 1H21 and in 1H20, respectively. The decrease is mainly due to the different actions undertaken by the Company in retail defaulted-payment management since the end of 2020, which results have an impact in 1H21. Through several campaigns and promotions, bad debt receivables are 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.</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 effect generated by the restatement in current currency as of June&nbsp;30, 2021 included in bad debt expenses amounts to $249 and $2,940 in 1H21 and 1H20, 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><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: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;">Other operating expenses, which include provisions, energy and other public services, insurance, leases and internet capacity, among others, amounted to $7,541 in 1H21 (+$234 or +3.2% vs. 1H20). </font><font face="Arial">The increase is mainly due to higher provisions, partially offset by lower energy costs and other public services charges, lower rentals and internet capacity charges, and other charges.</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 effect generated by the restatement in current currency as of June&nbsp;30, 2021 included in other operating expenses amounts to $872 and $2,697 in 1H21 and 1H20, 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><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: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;">Depreciation, amortization and impairment of fixed assets amounted to </font><font face="Arial">$55,949 in 1H21 (+$5,841 or +11.7% </font><font face="Arial">vs. 1H20). The increase is due to the impact of the amortization of the CAPEX subsequent to June&nbsp;30, 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: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 effect generated by the restatement in current currency as of June&nbsp;30, 2021 included in depreciation, amortization and impairment of fixed assets amounts to $32,361 and $33,340 in 1H21 and 1H20, 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 .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" style="font-size:11.0pt;">&#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="2" face="Times New Roman" style="font-size:10.0pt;">&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">$5,305 in 1H21 (-$16,460 or -75.6% </font><font face="Arial">vs. </font><font face="Arial">1H20</font><font face="Arial">), representing 2.9% of consolidated revenues in 1H21 (vs. 11.0% in </font><font face="Arial">1H20</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 style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" style="font-size:11.0pt;">&#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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;">
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<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>
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<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>
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<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>
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<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;">1H21</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.76%;">
<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;">1H20</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>
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<td width="59%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 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;">(6,655)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 0in 1.5pt;width:10.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10,457)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 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;">3,802</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 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;">(36.4)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Foreign currency exchange gains (losses)   on financial debts</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.45pt 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;">18,800</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.45pt 0in 1.5pt;width:10.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(8,701)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.45pt 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;">27,501</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.45pt 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%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 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   debt financial </font></b><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">results</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.45pt 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;">12,145</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.45pt 0in 1.5pt;width:10.76%;">
<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;">(19,158)</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.45pt 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;">31,303</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.45pt 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;">(163.4)</font></b></p>    </td>   </tr>
<tr>
<td width="59%" style="padding:0in 1.45pt 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 1.45pt 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;">4,155</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.45pt 0in 1.5pt;width:10.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,942</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.45pt 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;">1,213</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.45pt 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;">41.2</font></p>    </td>   </tr>
<tr>
<td width="59%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 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;">(939)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 0in 1.5pt;width:10.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">388</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 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;">(1,327)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 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 1.45pt 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 1.45pt 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;">(1,033)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 1.45pt 0in 1.5pt;width:10.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(290)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.45pt 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;">(743)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.45pt 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%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 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;">7,748</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 0in 1.5pt;width:10.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,895</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 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;">3,853</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 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;">98.9</font></p>    </td>   </tr>
<tr>
<td width="59%" style="padding:0in 1.45pt 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 1.45pt 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;">(3,486)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.45pt 0in 1.5pt;width:10.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,978)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.45pt 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;">(1,508)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.45pt 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;">76.2</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.45pt 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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.45pt 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;">6,445</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.45pt 0in 1.5pt;width:10.76%;">
<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;">4,957</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.45pt 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;">1,488</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.45pt 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;">30.0</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 1.45pt 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 1.45pt 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;">18,590</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.45pt 0in 1.5pt;width:10.76%;">
<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;">(14,201)</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.45pt 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;">32,791</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.45pt 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>  </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;">V</font></b><a name="PB_V_235325_5075"></a></p>
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<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;">Financial gain, net amounted to $18,590 in 1H21 (vs. a loss of $14,201 in 1H20). Financial Results, net in 1H21 mainly include foreign exchange gains measured in real terms of $22,955 as a result of a 13.8% devaluation of the Argentine peso against the US dollar vs. a 25.3% inflation (vs. a loss of $5,759 in 1H20, 17.6% devaluation of the Argentine peso against the US dollar vs. a 13.6% inflation), and the effect generated by the restatement in current currency, which amounted to a gain of $7,748 (vs. $3,895 in 1H20). These effects are partially offset by losses of (i)&nbsp;interest on financial debts, measured in real terms, of $6,655 (vs. a loss of $10,457 in 1H20), (ii)&nbsp;operations with notes and bonds of $939 (iii)&nbsp;other interest, net and other investment results of $1,033 and other financial results of $3,486.</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-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" style="font-size:11.0pt;">&#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: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 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 vs. 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:5.0pt;">&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 $25,682 in 1H21 vs. $4,943 in 1H20. It mainly includes the change in the statutory income tax rate in accordance with the provisions of Law No.&nbsp;27,630, which replaced the 25% rate with a scale of increasing rates based on the taxable income of each taxpayer that reaches 35% since fiscal year 2021. Therefore, it includes the following effects: (i)&nbsp;regarding current tax expenses, Telecom generated a $5,359 tax expense in 1H21 (vs. $126 in 1H20), and (ii)&nbsp;regarding the deferred tax in 1H21, Telecom recorded a deferred tax loss of $20,323 in 1H21 (vs. 4,817 in 1H20).</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-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" style="font-size:11.0pt;">&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Net (loss) income</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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina recorded a net loss of $1,672 in </font><font face="Arial">1H21</font><font face="Arial"> (vs. a net income of $2,945 in 1H20) and represents -0.9% of consolidated revenues (vs. +1.5% in 1H20). Net loss recorded in 1H21 is mainly due to the income tax expense of $25,682, partially offset by the operating income amounting to $5,305, and the financial gains, net amounting to $18,590.</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;">Net loss attributable to controlling shareholders amounted to $2,005 in 1H21 vs. a gain of $2,619 in 1H20.</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-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" style="font-size:11.0pt;">&#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="2" face="Times New Roman" 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 consolidated financial position, net (that is: Cash and cash equivalents plus Financial investments and IFD less Financial debts) is debt and amounted to $189,342 and $219,323 as of June&nbsp;30, 2021 and as of December&nbsp;31, 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 .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" style="font-size:11.0pt;">&#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="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;">CAPEX and Rights of use assets additions composition 1H21 and 1H20 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="100%" style="border-collapse:collapse;width:100.0%;">
<tr height="20" style="height:12.25pt;">
<td width="42%" height="20" 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="20" 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 $</font></b></p>    </td>
<td width="27%" colspan="2" height="20" style="background:white;border:solid windowtext 1.0pt;border-left:none;height:12.25pt;padding:0in 0in 0in 0in;width:27.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Variation </font></b></p>    </td>   </tr>
<tr height="20" style="height:12.25pt;">
<td width="42%" height="20" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:42.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1H21</font></b></p>    </td>
<td width="15%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in 0in 0in 0in;width:15.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">1H20</font></b></p>    </td>
<td width="13%" height="20" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$</font></b></p>    </td>
<td width="13%" height="20" style="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="20" style="height:12.25pt;">
<td width="42%" height="20" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 4.3pt 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="20" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 4.3pt 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;">31,838</font></p>    </td>
<td width="15%" height="20" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 4.3pt 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;">27,476</font></p>    </td>
<td width="13%" height="20" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 4.3pt 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;">4,362</font></p>    </td>
<td width="13%" height="20" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.25pt;padding:0in 4.3pt 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;">15.9</font></p>    </td>   </tr>
<tr height="20" style="height:12.25pt;">
<td width="42%" height="20" style="height:12.25pt;padding:0in 4.3pt 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="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 4.3pt 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;">1,055</font></p>    </td>
<td width="15%" height="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 4.3pt 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;">1,059</font></p>    </td>
<td width="13%" height="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 4.3pt 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;">(4)</font></p>    </td>
<td width="13%" height="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 4.3pt 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;">(0.4)</font></p>    </td>   </tr>
<tr height="22" style="height:12.95pt;">
<td width="42%" height="22" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.95pt;padding:0in 4.3pt 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="22" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 4.3pt 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;">32,893</font></b></p>    </td>
<td width="15%" height="22" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 4.3pt 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;">28,535</font></b></p>    </td>
<td width="13%" height="22" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 4.3pt 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;">4,358</font></b></p>    </td>
<td width="13%" height="22" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 4.3pt 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;">15.3</font></b></p>    </td>   </tr>
<tr height="22" style="height:12.95pt;">
<td width="42%" height="22" style="height:12.95pt;padding:0in 4.3pt 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="22" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 4.3pt 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;">8,812</font></p>    </td>
<td width="15%" height="22" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 4.3pt 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;">5,660</font></p>    </td>
<td width="13%" height="22" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 4.3pt 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;">3,152</font></p>    </td>
<td width="13%" height="22" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 4.3pt 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;">55.7</font></p>    </td>   </tr>
<tr height="22" style="height:12.95pt;">
<td width="42%" height="22" bgcolor="#CCEEFF" style="background:#CCEEFF;height:12.95pt;padding:0in 4.3pt 0in 0in;width:42.28%;">
<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;">Total </font></b></p>    </td>
<td width="15%" height="22" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:12.95pt;padding:0in 4.3pt 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;">41,705</font></b></p>    </td>
<td width="15%" height="22" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:12.95pt;padding:0in 4.3pt 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;">34,195</font></b></p>    </td>
<td width="13%" height="22" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:12.95pt;padding:0in 4.3pt 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;">7,510</font></b></p>    </td>
<td width="13%" height="22" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:12.95pt;padding:0in 4.3pt 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;">22.0</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 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: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 1H21 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_235404_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="4" width="100%" noshade align="left" style="color:#010101;"></div>
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<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>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="98%" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:1.45pt 0in 1.45pt 0in;width:98.8%;">
<p style="margin:0in 0in .0001pt .3in;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="1" face="Arial" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Telecom   Group&#146;s activities for the three-month periods ended June&nbsp;30, 2021   (&#147;2Q21&#148;) and 2020 (&#147;2Q20&#148;)</font></i></b></p>    </td>
<td width="1%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:1.45pt 0in 1.45pt 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="85%" style="border-collapse:collapse;margin-left:.05in;">
<tr>
<td width="66%" valign="top" style="padding:0in 1.5pt 0in 0in;width:66.08%;">
<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="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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="16%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:16.48%;">
<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="66%" valign="top" style="padding:0in 1.5pt 0in 0in;width:66.08%;">
<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="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">2Q21</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">2Q20</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.18%;">
<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;">$</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;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;">%</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:66.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Revenues </font></b></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">88,430</font></b></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">97,664</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.18%;">
<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;">(9,234)</font></b></p>    </td>
<td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;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;">(9.5)</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 1.5pt 0in 0in;width:66.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Operating costs without depreciation, amortization and impairment of   fixed assets</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">(60,512)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">(60,650)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">138</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(0.2)</font></p>    </td>   </tr>
<tr height="19" style="height:11.65pt;">
<td width="66%" height="19" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;height:11.65pt;padding:0in 1.5pt 0in 0in;width:66.08%;">
<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="8%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:11.65pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">(28,590)</font></p>    </td>
<td width="8%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:11.65pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">(24,375)</font></p>    </td>
<td width="9%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:11.65pt;padding:0in 1.5pt 0in 1.5pt;width:9.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,215)</font></p>    </td>
<td width="7%" height="19" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;height:11.65pt;padding:0in 1.5pt 0in 1.5pt;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">17.3</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 1.5pt 0in 0in;width:66.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Operating (loss) income</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">(672)</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">12,639</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.18%;">
<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;">(13,311)</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;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;">(105.3)</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:66.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Earnings from associates</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">24</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">179</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(155)</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(86.6)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 1.5pt 0in 0in;width:66.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial results, net</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">11,077</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">(11,789)</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:9.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">22,866</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(194.0)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:66.08%;">
<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="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">10,429</font></b></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">1,029</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.18%;">
<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;">9,400</font></b></p>    </td>
<td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;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;">n/a</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 1.5pt 0in 0in;width:66.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Income tax expense</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">(22,100)</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">(2,264)</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:9.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(19,836)</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:7.3%;">
<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="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:66.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net loss</font></b></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">(11,671)</font></b></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">(1,235)</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.18%;">
<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;">(10,436)</font></b></p>    </td>
<td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;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;">n/a</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 1.5pt 0in 0in;width:66.08%;">
<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="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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="8%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.18%;">
<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;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:7.3%;">
<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>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:66.08%;">
<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="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.18%;">
<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>
<td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;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>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 1.5pt 0in 0in;width:66.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Controlling Company</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(11,703)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,415)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10,288)</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:7.3%;">
<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="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:66.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-controlling interest</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">32</font></p>    </td>
<td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">180</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(148)</font></p>    </td>
<td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(82.2)</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 1.5pt 0in 0in;width:66.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">(11,671)</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">(1,235)</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:9.18%;">
<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;">(10,436)</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;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;">n/a</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 0in;width:66.08%;">
<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="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:9.18%;">
<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="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 1.5pt 0in 1.5pt;width:7.3%;">
<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>   </tr>
<tr height="25" style="height:15.1pt;">
<td width="66%" height="25" valign="top" style="height:15.1pt;padding:0in 1.5pt 0in 0in;width:66.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Basic and diluted losses per share attributable to the Controlling   Company (in Argentine pesos)</font></b></p>    </td>
<td width="8%" height="25" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:15.1pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">(5.43)</font></b></p>    </td>
<td width="8%" height="25" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:15.1pt;padding:0in 1.5pt 0in 1.5pt;width:8.72%;">
<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;">(0.66)</font></b></p>    </td>
<td width="9%" height="25" valign="bottom" style="height:15.1pt;padding:0in 1.5pt 0in 1.5pt;width:9.18%;">
<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="7%" height="25" valign="bottom" style="height:15.1pt;padding:0in 1.5pt 0in 1.5pt;width:7.3%;">
<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>   </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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues in 2Q21 amounted to $88,430, operating costs (without depreciation, amortization and impairment of fixed assets) amounted to $60,512, depreciation, amortization and impairment of fixed assets amounted to $28,590 (equivalent to 32.3% of consolidated revenues) and operating loss amounted to $672 (equivalent to -0.8% of consolidated revenue in 2Q21 vs. 12.9% in 2Q20).</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 $81,523 in 2Q21 -equivalent to 92.2% of consolidated revenues-, and equipment revenues amounted to $6,907 in 2Q21 &#150;equivalent to 7.8% of consolidated revenues&#150;.</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;">Mobile services revenues amounted to $33,364 in 2Q21 &#150;equivalent to 40.9% of consolidated services revenues&#150; which were mainly generated by Personal&#146;s customers in Argentina.</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;">Internet services revenues amounted to $18,163 in 2Q21 &#150;equivalent to 22.3% of consolidated services revenues&#150;.</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;">Cable television services revenues amounted to $17,105 in 2Q21 &#150;equivalent to 21% of consolidated service revenues&#150; and they are mainly composed of services revenues provided in Argentina and Uruguay.</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, Fixed and data services revenues amounted to $12,755 in 2Q21 &#150;equivalent to 15.6% of consolidated service revenues&#150;.</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;">Operating costs without depreciation, amortization and impairment of fixed assets amounted to $60,512 in 2Q21, being the main components, employee benefit expenses and severance payments (amounted to $18,193); fees for services, maintenance, materials and supplies (amounted to $10,170); taxes and fees with the Regulatory Authority (amounted to $6,814); programming and content costs (amounted to $5,799); and commissions and advertising (amounted to $5,188).</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;">Financial results, net amounted to a gain of $11,077 in 2Q21, mainly due to net foreign exchange gains, measured in real terms, amounting to $13,969, and the net gain on restatement in current currency amounting to $3,696, partially offset by losses on: interests on financial debts amounting to $3,655, other interests, net and other investments results amounting to $567, $555 on operations with notes and bonds and other financial results amounting to $1,811.</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;">Income tax expense amounted to $22,100 in 2Q21. Therefore, Telecom Argentina obtained a net loss amounting to $11,671 in 2Q21, which represents -13.2% of consolidated revenues. Net loss attributable to the controlling shareholders amounted to $11,703 in 2Q21.</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_000315_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="4" width="100%" noshade align="left" style="color:#010101;"></div>
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<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>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">4.</font></i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Summary of comparative consolidated statements of financial position</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="91%" style="border-collapse:collapse;margin-left:5.05pt;">
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.64%;">
<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="55%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:55.36%;">
<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;">June&nbsp;30,</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.64%;">
<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="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" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Current assets</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.24%;">
<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;">81,695</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.24%;">
<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;">115,131</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.24%;">
<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;">92,035</font></p>    </td>
<td width="12%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.66%;">
<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;">99,348</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.64%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">857,719</font></p>    </td>
<td width="14%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">881,584</font></p>    </td>
<td width="14%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">891,888</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<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;">878,375</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.64%;">
<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%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">939,414</font></b></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">996,715</font></b></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">983,923</font></b></p>    </td>
<td width="12%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">977,723</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Current liabilities</font></p>    </td>
<td width="14%" style="padding:0in 0in 0in 0in;width:14.24%;">
<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;">125,737</font></p>    </td>
<td width="14%" style="padding:0in 0in 0in 0in;width:14.24%;">
<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;">192,741</font></p>    </td>
<td width="14%" style="padding:0in 0in 0in 0in;width:14.24%;">
<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;">131,931</font></p>    </td>
<td width="12%" style="padding:0in 0in 0in 0in;width:12.66%;">
<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;">208,964</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.64%;">
<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%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">330,848</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">274,424</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">256,518</font></p>    </td>
<td width="12%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<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;">174,969</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.64%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">456,585</font></b></p>    </td>
<td width="14%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">467,165</font></b></p>    </td>
<td width="14%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">388,449</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">383,933</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.64%;">
<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%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.24%;">
<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;">475,664</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.24%;">
<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;">521,843</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.24%;">
<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;">588,113</font></p>    </td>
<td width="12%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.66%;">
<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;">585,421</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.64%;">
<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%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">7,165</font></p>    </td>
<td width="14%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">7,707</font></p>    </td>
<td width="14%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">7,361</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<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;">8,369</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.64%;">
<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%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">482,829</font></b></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">529,550</font></b></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">595,474</font></b></p>    </td>
<td width="12%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">593,790</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.64%;">
<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%" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">939,414</font></b></p>    </td>
<td width="14%" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">996,715</font></b></p>    </td>
<td width="14%" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">983,923</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">977,723</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>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">5.</font></i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Summary of comparative consolidated income statements</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="91%" style="border-collapse:collapse;margin-left:5.05pt;">
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.64%;">
<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" 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: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;">1H21</font></b></p>    </td>
<td width="14%" 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: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;">1H20</font></b></p>    </td>
<td width="14%" 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: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;">1H19</font></b></p>    </td>
<td width="12%" 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: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;">1H18</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Revenues </font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.24%;">
<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;">180,018</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.24%;">
<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;">196,999</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.24%;">
<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;">203,179</font></p>    </td>
<td width="12%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.66%;">
<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;">229,600</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Operating costs</font></p>    </td>
<td width="14%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">(174,713)</font></p>    </td>
<td width="14%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">(175,234)</font></p>    </td>
<td width="14%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">(183,110)</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<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;">(188,555)</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.64%;">
<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="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.24%;">
<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;">5,305</font></b></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.24%;">
<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;">21,765</font></b></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.24%;">
<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;">20,069</font></b></p>    </td>
<td width="12%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">41,045</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.64%;">
<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%" style="padding:0in 0in 0in 0in;width:14.24%;">
<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;">115</font></p>    </td>
<td width="14%" style="padding:0in 0in 0in 0in;width:14.24%;">
<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;">324</font></p>    </td>
<td width="14%" style="padding:0in 0in 0in 0in;width:14.24%;">
<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;">354</font></p>    </td>
<td width="12%" style="padding:0in 0in 0in 0in;width:12.66%;">
<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;">377</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.64%;">
<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="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">18,590</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">(14,201)</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">10,349</font></p>    </td>
<td width="12%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<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;">(42,065)</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.64%;">
<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 (loss) before income   tax expense</font></b></p>    </td>
<td width="14%" style="padding:0in 0in 0in 0in;width:14.24%;">
<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;">24,010</font></b></p>    </td>
<td width="14%" style="padding:0in 0in 0in 0in;width:14.24%;">
<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;">7,888</font></b></p>    </td>
<td width="14%" style="padding:0in 0in 0in 0in;width:14.24%;">
<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;">30,772</font></b></p>    </td>
<td width="12%" style="padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(643)</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.64%;">
<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="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">(25,682)</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">(4,943)</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">(16,343)</font></p>    </td>
<td width="12%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<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;">7,873</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net (loss) income </font></b></p>    </td>
<td width="14%" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">(1,672)</font></b></p>    </td>
<td width="14%" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">2,945</font></b></p>    </td>
<td width="14%" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">14,429</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">7,230</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.64%;">
<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="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">(2,153)</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">(1,597)</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">(4,547)</font></p>    </td>
<td width="12%" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<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;">4,249</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total comprehensive (loss) income</font></b></p>    </td>
<td width="14%" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">(3,825)</font></b></p>    </td>
<td width="14%" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">1,348</font></b></p>    </td>
<td width="14%" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.24%;">
<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;">9,882</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">11,479</font></b></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:44.64%;">
<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="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.24%;">
<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;">(3,664)</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.24%;">
<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;">1,312</font></p>    </td>
<td width="14%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.24%;">
<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;">10,534</font></p>    </td>
<td width="12%" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.66%;">
<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;">9,936</font></p>    </td>   </tr>
<tr>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.64%;">
<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%" style="padding:0in 0in 0in 0in;width:14.24%;">
<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;">(161)</font></p>    </td>
<td width="14%" style="padding:0in 0in 0in 0in;width:14.24%;">
<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;">36</font></p>    </td>
<td width="14%" style="padding:0in 0in 0in 0in;width:14.24%;">
<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;">(652)</font></p>    </td>
<td width="12%" style="padding:0in 0in 0in 0in;width:12.66%;">
<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;">1,543</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="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">6.</font></i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Summary of comparative consolidated statements of cash flow</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="98%" style="border-collapse:collapse;margin-left:5.05pt;">
<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" style="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;">1H21</font></b></p>    </td>
<td width="10%" height="12" valign="top" style="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;">1H20</font></b></p>    </td>
<td width="9%" height="12" valign="top" style="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;">1H19</font></b></p>    </td>
<td width="9%" height="12" valign="top" style="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;">1H18</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="60%" height="12" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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="#CCEEFF" style="background:#CCEEFF;height:9.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<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;">56,340</font></p>    </td>
<td width="10%" height="12" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:9.0pt;padding:0in 0in 0in 0in;width:10.64%;">
<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;">71,008</font></p>    </td>
<td width="9%" height="12" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:9.0pt;padding:0in 0in 0in 0in;width:9.14%;">
<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;">69,947</font></p>    </td>
<td width="9%" height="12" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:9.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<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;">56,622</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" style="height:4.85pt;padding:0in 0in 0in 0in;width:10.78%;">
<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;">(58,968)</font></p>    </td>
<td width="10%" height="6" valign="bottom" style="height:4.85pt;padding:0in 0in 0in 0in;width:10.64%;">
<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;">(35,404)</font></p>    </td>
<td width="9%" height="6" valign="bottom" style="height:4.85pt;padding:0in 0in 0in 0in;width:9.14%;">
<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;">(38,062)</font></p>    </td>
<td width="9%" height="6" valign="bottom" style="height:4.85pt;padding:0in 0in 0in 0in;width:9.12%;">
<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;">(35,073)</font></p>    </td>   </tr>
<tr height="13" style="height:10.0pt;">
<td width="60%" height="13" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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 financing activities </font></p>    </td>
<td width="10%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<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;">(3,114)</font></p>    </td>
<td width="10%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.0pt;padding:0in 0in 0in 0in;width:10.64%;">
<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;">(7,021)</font></p>    </td>
<td width="9%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.0pt;padding:0in 0in 0in 0in;width:9.14%;">
<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;">(7,777)</font></p>    </td>
<td width="9%" height="13" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;height:10.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<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;">(20,681)</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" style="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 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(1,063)</font></p>    </td>
<td width="10%" height="9" valign="bottom" style="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 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,612</font></p>    </td>
<td width="9%" height="9" valign="bottom" style="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 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(3,075)</font></p>    </td>
<td width="9%" height="9" valign="bottom" style="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 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">4,758</font></p>    </td>   </tr>
<tr height="6" style="height:4.75pt;">
<td width="60%" height="6" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:4.75pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(6,805)</font></b></p>    </td>
<td width="10%" height="6" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:4.75pt;padding:0in 0in 0in 0in;width:10.64%;">
<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;">30,195</font></b></p>    </td>
<td width="9%" height="6" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:4.75pt;padding:0in 0in 0in 0in;width:9.14%;">
<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;">21,033</font></b></p>    </td>
<td width="9%" height="6" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;height:4.75pt;padding:0in 0in 0in 0in;width:9.12%;">
<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;">5,626</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>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;font-size:10.0pt;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">7.</font></i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="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="98%" style="border-collapse:collapse;margin-left:2.9pt;">
<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:8.0pt;font-weight:bold;">06.30.21</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:8.0pt;font-weight:bold;">06.30.20</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:8.0pt;font-weight:bold;">06.30.19</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:8.0pt;font-weight:bold;">06.30.18</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="40%" height="20" bgcolor="#CCEEFF" style="background:#CCEEFF;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 2.9pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cable TV   Subscribers (i)</font></p>    </td>
<td width="14%" height="20" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">101.5%</font></p>    </td>
<td width="14%" height="20" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">100.2%</font></p>    </td>
<td width="14%" height="20" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">99.8%</font></p>    </td>
<td width="14%" height="20" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">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 2.9pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">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:8.0pt;">104.2%</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:8.0pt;">101.1%</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:8.0pt;">101.7%</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:8.0pt;">101.0%</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="40%" height="20" bgcolor="#CCEEFF" style="background:#CCEEFF;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 2.9pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Fixed telephony services lines (ii)</font></p>    </td>
<td width="14%" height="20" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">83.6%</font></p>    </td>
<td width="14%" height="20" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">84.2%</font></p>    </td>
<td width="14%" height="20" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">89.4%</font></p>    </td>
<td width="14%" height="20" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">96.9%</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 2.9pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">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:8.0pt;">101.5%</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:8.0pt;">99.1%</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:8.0pt;">97.0%</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:8.0pt;">98.2%</font></p>    </td>   </tr>
<tr height="21" style="height:15.75pt;">
<td width="40%" height="21" bgcolor="#CCEEFF" style="background:#CCEEFF;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 2.9pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">N&#250;cleo&#146;s customers   (ii)</font></p>    </td>
<td width="14%" height="21" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">96.0%</font></p>    </td>
<td width="14%" height="21" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">95.4%</font></p>    </td>
<td width="14%" height="21" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">97.5%</font></p>    </td>
<td width="14%" height="21" bgcolor="#CCEEFF" style="background:#CCEEFF;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:8.0pt;">97.2%</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 48.0pt;text-indent:-.25in;"><font size="1" face="Times New Roman" 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="Times New Roman" 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="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;font-size:10.0pt;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">8.</font></i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Consolidated ratios</font></i></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="41%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:double black 2.25pt;border-right:solid windowtext 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:41.08%;">
<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="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.54%;">
<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;">06.30.21</font></b></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:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.54%;">
<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;">06.30.20</font></b></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:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.54%;">
<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;">06.30.19</font></b></p>    </td>
<td width="15%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.3%;">
<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;">06.30.18</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;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:41.08%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Liquidity (1)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.65</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.60</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.70</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.48</font></p>    </td>   </tr>
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<td width="41%" 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:41.08%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">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:14.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.06</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:14.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.13</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:14.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.53</font></p>    </td>
<td width="15%" 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:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">1.55</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:double windowtext 2.25pt;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:41.08%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Locked-up capital (3)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.91</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.88</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.91</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:double windowtext 2.25pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">0.90</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 .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" 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="Times New Roman" 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="Times New Roman" 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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><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 face="Arial" style="font-weight:bold;">VIII</font></b><a name="PB_VIII_005227_9984"></a></p>
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<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;font-size:10.0pt;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">9.</font></i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Outlook</font></i></b></p>
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<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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The COVID 19 health emergency complex scenario continues presenting challenges all around the world in 2021. Although large-scale vaccination plans advanced in the first half of 2021 in Argentina and in the rest of the world, the pandemic continuity - due to the threat of new variants of the virus &#150; continues presenting a complex panorama for this year. N</font><font face="Arial">ot 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="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;">The impact of the epidemiological situation on the world&#146;s macro-economy was particularly aggravated in our country by the recessive effects generated by the economic paralysis resulting from isolation. Health uncertainty and price tensions create a scenario that is far from a recovery one. Additionally, there is a need to reactivate the economy in an electoral year in which a greater monetary expansion policy is expected.</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;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><font face="Arial"> not only to grow but also to maintain the quality of service that we provide to our more than 29 million customers.</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;">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="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 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 that ICT services are considered as public services provided on a competitive basis.</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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom, as well as the whole ICT services industry, consider that this change of rules&nbsp;in the regulatory framework of the industry </font><font face="Arial">is harmful. </font><font face="Arial">This arbitrary and unnecessary regulation is subject of administrative and legal 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="2" face="Times New Roman" style="font-size:10.0pt;">&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;">In the last months, different courts ordered the suspension of Decree No.&nbsp;690/20 and all the </font><font face="Arial">resolutions </font><font face="Arial">issued subsequently and derived from it. The preliminary injunctions that are repeated in various parts of the country cover virtually the entire ICT industry, both large operators and SMEs. In this way, it was ratified that the entire ICT industry must have the capacity to set its trade policies and prices. Maintaining and encouraging competition instead of setting artificial barriers is the only and best way for users to continue accessing to more and better services.</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;">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 the 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="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 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="2" face="Times New Roman" style="font-size:10.0pt;">&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;">Our sense of permanent innovation drives us not only to maintain current services, but also to expand towards new solutions, enablers and platforms that empower people&#146;s lives and organizations. </font><font face="Arial">We are building a more attractive brand for new digital talents, fundamental in the development of services related to the digital economy, and a new work experience for Telecom&#146;s 23,000 employees.</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, maintaining not only the quality of the service and satisfaction level of our customers, but also minimizing the possible negative impact on the Company&#146;s results.</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 face="Arial" style="font-weight:bold;">IX</font></b><a name="PB_IX_021531_5988"></a></p>
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<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 style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Finally, from a financial point of view, during this first half of 2021, thanks to the confidence of the national and international markets in the company&#146;s credit strength and in our business strategy, we issued new Series&nbsp;8 Notes for a nominal value of $8,709 and Series&nbsp;9 for a nominal value of $8,699 maturing in 2025 and 2024, respectively. Also, during this period, we canceled the remaining balance of the Series&nbsp;&#147;A&#148; Notes for US$106 million. Additionally, our subsidiary in Paraguay, N&#250;cleo, also entered the financial market by issuing two series of notes maturing in 2028 and 2031 for a total of approximately $3,406. These issuances have allowed us to considerably improve our capital structure.</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 process, 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 the growth of digital economy in our country 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>
<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>
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<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>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<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 align="center" style="margin:0in 0in .0001pt 14.2pt;text-align:center;text-indent:-14.2pt;"><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 face="Arial" style="font-weight:bold;">X</font></b><a name="PB_X_021656_7056"></a></p>
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<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: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_032552"></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="74%" style="border:none;border-collapse:collapse;margin-left:.2in;">
<tr>
<td width="22%" 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:22.12%;">
<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="42%" colspan="2" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:42.48%;">
<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="35%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:35.4%;">
<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="22%" 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:22.12%;">
<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="21%" 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:21.24%;">
<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="21%" 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:21.24%;">
<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="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0.375pt 0in;width:35.4%;">
<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="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.12%;">
<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="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">259.35</font></p>    </td>
<td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">151.95</font></p>    </td>
<td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.4%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.7</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.12%;">
<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="21%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">235.00</font></p>    </td>
<td width="21%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">166.15</font></p>    </td>
<td width="35%" 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:35.4%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.7</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.12%;">
<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="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">269.95</font></p>    </td>
<td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">189.00</font></p>    </td>
<td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.4%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.7</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.12%;">
<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="21%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">206.65</font></p>    </td>
<td width="21%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">157.00</font></p>    </td>
<td width="35%" 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:35.4%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.5</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.12%;">
<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;">2Q21</font></b></p>    </td>
<td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">215.95</font></p>    </td>
<td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">139.55</font></p>    </td>
<td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 1pt 0in;width:35.4%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9.9</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 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="74%" style="border:none;border-collapse:collapse;margin-left:.2in;">
<tr>
<td width="22%" 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:22.12%;">
<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="42%" colspan="2" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:42.48%;">
<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="35%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:35.4%;">
<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="22%" 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:22.12%;">
<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="21%" 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:21.24%;">
<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="21%" 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:21.24%;">
<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="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0.375pt 0in;width:35.4%;">
<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="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.12%;">
<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="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">11.44</font></p>    </td>
<td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.64</font></p>    </td>
<td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.4%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14.1</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.12%;">
<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="21%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">10.26</font></p>    </td>
<td width="21%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.47</font></p>    </td>
<td width="35%" 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:35.4%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">12.4</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.12%;">
<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="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9.12</font></p>    </td>
<td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.41</font></p>    </td>
<td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.4%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16.6</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.12%;">
<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="21%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.76</font></p>    </td>
<td width="21%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.35</font></p>    </td>
<td width="35%" 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:35.4%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">18.7</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.12%;">
<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;">2Q21</font></b></p>    </td>
<td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6.52</font></p>    </td>
<td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:21.24%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.40</font></p>    </td>
<td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 1pt 0in;width:35.4%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">36.4</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 .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>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">In Argentina</font></b></p>    </td>   </tr>
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<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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina S.A.</font></p>    </td>   </tr>
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<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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Investor Relations Division</font></p>    </td>   </tr>
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<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;text-align:justify;"><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>
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<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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(1107) Autonomous City of Buenos Aires</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Argentina</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><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;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Outside   Argentina</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">JPMorgan Chase Bank N.A.</font></p>    </td>   </tr>
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<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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">383 Madison Avenue, Floor 11</font><font face="Arial">.</font></p>    </td>   </tr>
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<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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">New York, NY10179</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Attn: Depositary Receipts Group</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><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:15.85pt;">
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">JPMorgan Chase Bank N.A.</font></p>    </td>   </tr>
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<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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">383 Madison Avenue, Floor 11</font></p>    </td>   </tr>
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<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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">New York, NY10179</font></p>    </td>   </tr>
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<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;text-align:justify;"><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;text-align:justify;"><u><font size="2" color="blue" face="Arial" style="color:blue;font-size:10.0pt;">adr@jpmorgan.com</font></u><font face="Arial"> &#150; </font><u><font color="blue" face="Arial" style="color:blue;">www.adr.com</font></u></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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August&nbsp;13, 2021</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<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>
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<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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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